Guidewire Software Inc (GWRE) 2025 Q3 法說會逐字稿

Greetings and welcome to the Guidewire third 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. I would now like to turn the call over to Alex Hughes, Vice President of Investor Relations.

大家好，歡迎參加 Guidewire 2025 財年第三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。現在我想將電話轉給投資者關係副總裁 Alex Hughes。

Thank you, Alex. You may begin.

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, and Jeff Cooper, Chief Financial Officer, as well as John Mullen, President and Chief Revenue Officer, who will be available for the Q&A portion of today's call. 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。今天與我一起出席的是執行長 Mike Rosenbaum、財務長傑夫庫柏 (Jeff Cooper) 以及總裁兼首席營收長約翰馬倫 (John Mullen)，他們將參加今天電話會議的問答環節。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 that 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 and are based on management's current expectation as of today and should not be relied upon.

這些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，並且基於管理層目前的預期，不應依賴。

Please refer to the press release and the risk factors and documents we filed 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提交的風險因素和文件，包括我們最新的 10-k 表格年度報告。我們先前和即將向美國證券交易委員會提交的 10-Q 表季度報告，其中包含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、不確定性和假設資訊。

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

我們也參考某些非公認會計準則財務指標來向投資者提供更多資訊。除非另有說明，所有關於利潤率、盈利能力、費用的評論均基於非 GAAP 基礎。我們的新聞稿中提供了非 GAAP 與 GAAP 指標的對帳。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, some of the last quarter, we're conducting this earnings call via Zoom audio rather than Nutella bridge. This means we'll manage to keep a portion of today's call internally. With the help of Grace, who you just heard from, and me managing Q&A. Please be patient if we encounter a short pause in any of the handoffs during Q&A.

最後，在上個季度的部分時間裡，我們透過 Zoom 音訊而不是 Nutella 橋接器進行此次收益電話會議。這意味著我們將設法在內部保留今天電話會議的一部分內容。在 Grace（您剛剛聽到的）和我負責問答的幫助下。如果我們在問答過程中遇到任何交接的短暫停頓，​​請耐心等待。

And with that, I'll now turn it over to Mike.

現在，我將把發言權交給麥克。

Thanks, Alex. Good afternoon, everyone, and thanks for joining us today. Before we get started, I want to take a moment to acknowledge and congratulate the entire Jaguar team for the hard work and exceptional execution that went into delivering another amazing quarter.

謝謝，亞歷克斯。大家下午好，感謝大家今天的參與。在我們開始之前，我想花點時間感謝並祝賀整個捷豹團隊的辛勤工作和出色執行，創造了另一個令人驚嘆的季度。

Our results in Q3 and year data clearly demonstrate the accelerating momentum we're seeing as more insurers recognize how critical it is. To have a flexible and agile core system. Guide to our cloud platform is now well established and proven, and we're in an excellent position to continue driving growth, efficiencies, innovation, and better insurance outcomes for our customers.

我們的第三季和年度數據結果清楚地表明，隨著越來越多的保險公司認識到這一點的重要性，我們看到了加速發展的勢頭。擁有靈活敏捷的核心系統。我們的雲端平台指南現已完善並得到驗證，我們處於有利地位，可以繼續為客戶推動成長、效率、創新和更好的保險結果。

Let me start by sharing some highlights from the quarter. First, I'll touch on sales, where we had a record 23. The sales activity we delivered was actually the third best quarter in our history. We closed 17 cloud deals, 14 for at least 1 of our insurance suite applications, and three for insurance now.

首先，我想分享本季的一些亮點。首先，我要談談銷售額，我們的銷售額創下了 23 億美元的紀錄。我們實現的銷售業績其實是我們史上第三好的季度。我們完成了 17 筆雲端交易，其中 14 筆涉及至少 1 款保險套件應用程序，3 筆涉及現有保險。

We saw a particular strength at the high end of the market, closing 7 core system deals with tier 1 insurers and 3 with tier 2 insurers. Again, proving the maturity and robustness of our platform and validating our long-standing strategy to focus on the unique demands of this segment of the market.

我們看到高階市場的特殊優勢，與一級保險公司達成了 7 項核心系統交易，與二級保險公司達成了 3 項核心系統交易。再次證明了我們平台的成熟度和穩健性，並驗證了我們長期以來專注於這一細分市場獨特需求的策略。

Our sales success resulted in an ARR of $960 million allowing us to raise our full year outlook. We are solidly on track to exceed a billion dollars in ARR this year, which was a collective ambition we established a number of years ago but more excited about the overall momentum in the business.

我們的銷售成功帶來了 9.6 億美元的 ARR，這讓我們提高了全年預期。我們今年的 ARR 預計將突破 10 億美元，這是我們多年前設定的共同目標，但我們對業務的整體發展勢頭更感到興奮。

Our growth this quarter was broad-based and multi-dimensional, with nine cloud migrations, five net new deals, and three expansions. I'm also excited about the traction we've established with Insurance Now. This quarter, we closed three net new Insurance now wins, including two of the largest ever on this product. Our success with Insurance Now highlights our ability to effectively serve insurers across all segments and tiers.

本季我們的成長是廣泛且多維的，其中包括 9 次雲端遷移、5 筆淨新交易和 3 筆擴充。我也對我們透過 Insurance Now 所取得的進展感到興奮。本季度，我們完成了三筆新的保險淨贏單，其中包括該產品有史以來最大的兩筆。我們與 Insurance Now 合作的成功凸顯了我們能夠有效地為各個細分市場和層級的保險公司提供服務的能力。

Additionally, our international momentum continues to build with a significant cloud expansion in Canada and cloud winds in APAC and EMEA. With respect to the deals we close in the quarter, I'd like to point out a few encouraging themes.

此外，我們的國際化發展動能持續增強，加拿大的雲端業務大幅擴張，亞太地區和歐洲、中東和非洲地區的雲端業務也呈現成長動能。關於我們在本季完成的交易，我想指出幾個令人鼓舞的主題。

We continue to see insurers looking to replace rigid systems with more agile platforms that allow them to deploy new products and lines of business faster. Advanced product designer, along with pre-integrated solutions from our marketplace, were key to winning multiple deals this quarter, including several large insurers in the United States with a great new win in Latin America.

我們繼續看到保險公司希望用更靈活的平台取代僵化的系統，以便他們可以更快地部署新產品和業務線。先進的產品設計器以及我們市場中預先整合的解決方案是本季度贏得多筆交易的關鍵，其中包括美國的幾家大型保險公司以及在拉丁美洲的巨大勝利。

Our consistent positive referenceability continues to spur both expansion activity and new cloud winds. This included a tier one personal lines insurer in the United States, who, after successfully deploying Claim Center on cloud, is now expanding to Insurance Suite. We also had great new expansion winds in Europe, and I was pleased to see a new cloud win in Japan where the success of another local cloud project played a key role.

我們一貫的積極參考性繼續刺激擴張活動和新的雲風。其中包括美國一家一級個人險保險公司，該公司在雲端成功部署理賠中心後，目前正在擴展到保險套件。我們在歐洲也迎來了強勁的擴張勢頭，我很高興看到我們在日本取得了新的雲端運算勝利，而另一個本地雲端專案的成功發揮了關鍵作用。

And finally, the work we did previously to establish a large framework deal with Zurich Group is now paying off, where we executed two more deals, one with Zurich Switzerland, who adopted Policy Center and Billing Center. We also continue to make progress with our data and analytics offerings.

最後，我們先前與蘇黎世集團達成的大型框架協議現在得到了回報，我們又執行了兩筆協議，其中一筆是與瑞士蘇黎世達成的，他們採用了政策中心和計費中心。我們的數據和分析產品也不斷取得進展。

In three, we secured our first Guidewire industry intelligence sale. This is a new pre-built market validated predictive model embedded directly into our claim center workflow. This is a model trained and validated based on contributed anonymized data and only possible based on our cloud deployments.

第三，我們獲得了第一份 Guidewire 產業情報銷售合約。這是一個新的預先建立的、經過市場驗證的預測模型，直接嵌入到我們的索賠中心工作流程中。這是一個基於貢獻的匿名資料進行訓練和驗證的模型，僅基於我們的雲端部署才有可能實現。

This is a first important step towards what we believe will ultimately not just be a great source of new revenue, but more so an added and unique benefit associated with running on our cloud platform. A second highlight from the quarter is the continued momentum across our customer success, cloud ops, and professional services orgs, which is helping to drive excellent platform reference ability.

這是邁出的重要的第一步，我們相信這不僅會成為我們新的收入來源，而且會成為在我們的雲端平台上運作所帶來的額外和獨特的好處。本季的第二個亮點是我們的客戶成功、雲端營運和專業服務組織持續保持強勁勢頭，這有助於推動卓越的平台參考能力。

We had another 10 customers go live on Guidewire cloud platform in the quarter, including Saint Lucia's leading family protection insurer, and Cincinnati Insurance Company, the flagship subsidiary of Cincinnati Financial.

本季度，我們又有 10 位客戶在 Guidewire 雲端平台上線，其中包括聖露西亞領先的家庭保護保險公司和辛辛那提金融的旗艦子公司辛辛那提保險公司。

The last few months, have also been busy for us in the marketing and international event front. In March, we kicked off the first of three regional insurance forums in Paris, welcoming more than 200 attendees from customers and prospects across 16 countries.

過去幾個月，我們在行銷和國際活動方面也一直很忙碌。3 月，我們在巴黎啟動了三個區域保險論壇中的第一個，歡迎來自 16 個國家的 200 多名客戶和潛在客戶的出席。

This gathering, our largest ever in Europe, focused on discussing the future of insurance and exploring ways the industry can continue to innovate and improve. Several customers shared their experiences. Including Lee Dainty, commercial claims director at RSA Insurance, who described how RSA's move to Guidewire cloud has streamlined claims processing, improved transparency, and positioned RSA ahead of its peers in the UK.

這次聚會是我們在歐洲舉行的有史以來規模最大的一次，重點討論了保險業的未來，並探索了該行業繼續創新和改進的方式。幾位顧客分享了他們的經驗。其中包括 RSA 保險公司商業索賠總監 Lee Dainty，他描述了 RSA 轉向 Guidewire 雲端如何簡化索賠處理、提高透明度並使 RSA 在英國領先於同業。

We also heard from Bella, a multi-line insurer headquartered in Switzerland, who spoke about how Guidewire Cloud has driven better service and increased efficiency in its K2 program. We're over 99% straight through processing. And be Safe, a Polish microinsurance specialist, shared how they utilized advanced product designer to rapidly launch a new product in four days, fulfilling a critical commitment to their distribution partner.

我們也聽取了總部位於瑞士的多元化保險公司 Bella 的發言，他們談到了 Guidewire Cloud 如何在其 K2 計畫中提供更好的服務並提高效率。我們的直通式處理率超過 99%。波蘭小額保險專家 And be Safe 分享了他們如何利用先進的產品設計器在四天內快速推出新產品，以履行對分銷合作夥伴的重要承諾。

The forum was an opportunity for us to reaffirm our commitment to the European market, our commitment to partnering with European marketplace providers to drive local innovation, and our commitment to maintaining a rigorous comp to maintaining rigorous compliance with evolving European regulations like Solvency II, GDPR, and Dora.

這次論壇為我們提供了一個機會，讓我們重申對歐洲市場的承諾、與歐洲市場供應商合作推動本地創新的承諾，以及保持嚴格遵守不斷發展的歐洲法規（如償付能力 II、GDPR 和 Dora）的承諾。

In May, we hosted two more regional insurance forums, one in Tokyo and one in Sydney, welcoming more than 150 and 170 attendees respectively, making them also our largest ever events in these regions. At the Tokyo forum, we announced a major step forward in our commitment to the Japanese market. An investment of approximately $60 million over the next five years that extends and enhances our existing local operations, talent, innovation, and partnerships.

五月，我們又舉辦了兩場區域保險論壇，一場在東京，一場在悉尼，分別吸引了超過 150 名和 170 名與會者，這也是我們在這些地區舉辦的規模最大的活動。在東京論壇上，我們宣布了對日本市場承諾的重大進展。未來五年內投資約 6,000 萬美元，用於擴展和增強我們現有的本地營運、人才、創新和合作夥伴關係。

We were also excited to hear from our first cloud customer from Japan who shared how they are using Guidewire cloud to drive innovation and modernize their operations. At our forum in Sydney, Neil Morgan, COO of IAG, shared a powerful story about the role of technology in crisis.

我們也很高興聽到來自日本的第一位雲端客戶分享他們如何使用 Guidewire 雲端來推動創新和實現營運現代化。在我們於雪梨舉行的論壇上，IAG 營運長 Neil Morgan 分享了一個關於科技在危機中扮演的角色的有力故事。

After a series of severe weather events in Auckland, IAG faced a surge of 48,000 claims, including 4,000 written off vehicles. One team member using Guidewire Claims Center integrated with an intelligent automation tool to build a bot that cut claim processing time from 20 minutes to just ninety seconds, a change that freed up teams to focus on supporting customers when it mattered most.

奧克蘭遭遇一系列惡劣天氣事件後，IAG 面臨 48,000 起索賠，其中包括 4,000 輛報廢車輛。一名團隊成員使用 Guidewire Claims Center 與智慧自動化工具整合來建立一個機器人，將索賠處理時間從 20 分鐘縮短到僅 90 秒，這項變更使團隊能夠在最重要的時刻專注於為客戶提供支援。

Together, these three events demonstrated how we're delivering on our global strategy through deep local partnerships, innovation. But for me, the real highlight of the past few months was a developer summit we held in Bangalore, India.

這三項活動共同展示了我們如何透過深入的在地合作夥伴關係和創新來實現我們的全球策略。但對我來說，過去幾個月真正的亮點是我們在印度班加羅爾舉辦的開發者高峰會。

We put on our first developer event last year in Bangalore, and we're surprised at the positive reception and interest. This year, we were blown away with over 1,500 developers attending from nearly 60 partners and customers.

我們去年在班加羅爾舉辦了第一屆開發者活動，我們對積極的反響和興趣感到驚訝。今年，來自近 60 個合作夥伴和客戶的 1,500 多名開發人員參加了這次會議，令我們非常震驚。

The size of this event is something I think worth noting. We talk about the scale of our partner community and the scale of our certified ecosystem of developers and Guidewire professionals, but to see 1,500 people together in one room to learn and enhance their careers and ability to support Guidewire programs more effectively was inspiring. Every attendee was encouraged to bring a laptop, and we had the opportunity to share in a very hands-on keyboard sort of way the new platform advancements.

我認為這次活動的規模值得關注。我們談論合作夥伴社群的規模以及由開發人員和 Guidewire 專業人員組成的認證生態系統的規模，但看到 1,500 人聚集在一個房間裡學習和提升他們的職業生涯以及更有效地支持 Guidewire 計畫的能力，令人鼓舞。我們鼓勵每位與會者攜帶一台筆記型電腦，並且我們有機會以非常實際的鍵盤方式分享新平台的進步。

And features with the technical practitioners really driving the innovation and execution in our community. We shared new capabilities around upgrade safe development for insurance suite extensions, new migration technology to support upgrades to our advanced product designer, new components and capabilities in our GTR front and web experience platform, new AI codegen capabilities supporting GTR, integration applications and [Gosu] extensions.

技術從業人員的特質真正推動了我們社區的創新和執行。我們分享了圍繞保險套件擴展的升級安全開發的新功能、支援高級產品設計器升級的新遷移技術、GTR 前端和 Web 體驗平台中的新組件和功能、支援 GTR 的新 AI 代碼生成功能、集成應用程式和 [Gosu] 擴展。

We shared new approaches to full cycle business intelligence with our cloud data platform, Data Studio and explore dashboard and reporting suite, to easily generate, test, and deploy predictive models on our platform.

我們透過雲端資料平台、Data Studio 和探索儀表板和報告套件分享了全週期商業智慧的新方法，以便在我們的平台上輕鬆產生、測試和部署預測模型。

Finally, we showed developers where we're headed in terms of supporting virtual cloud-based instances of Guidewire. They can use to develop against our complete cloud platform or even host custom applications and workloads all on the Guidewire cloud platform.

最後，我們向開發人員展示了我們在支援基於虛擬雲端的 Guidewire 實例方面的發展方向。他們可以使用我們的完整雲端平台進行開發，甚至可以在 Guidewire 雲端平台上託管自訂應用程式和工作負載。

I have been very focused lately on the potential positive impacts generative AI will have on Guidewire in the insurance industry, and I think generally this event encapsulated a lot of the potential for increased program velocity that might provide a boost to Guidewire, but more so the innovation agenda in the insurance industry.

最近，我一直非常關註生成式人工智慧對 Guidewire 在保險業可能產生的積極影響，我認為，總體而言，這次活動體現出了許多提高程序速度的潛力，這可能會給 Guidewire 帶來推動作用，但更重要的是，它對保險業的創新議程產生了推動作用。

And in the midst of all of this, we completed our acquisition of Quanti, a cutting edge provider of pricing and rating technology based in Poland. Since closing the acquisition, we've been hard at work planning the integration of Quanti into our broader technology portfolio and expect to share more specific plans about this area of our product strategy and future calls.

在此過程中，我們完成了對 Quanti 的收購，Quanti 是一家總部位於波蘭的尖端定價和評級技術提供商。自完成收購以來，我們一直在努力規劃將 Quanti 整合到我們更廣泛的技術組合中，並希望分享有關我們產品策略和未來呼籲的這一領域的更多具體計劃。

In summary, Q3 was a historic quarter for Guidewire and highlights strong market momentum across every tier and every region of the PNC industry. Insurers all over the world are increasingly recognizing the maturity, flexibility, and proven capabilities of Guidewire cloud platform.

總而言之，第三季度對於 Guidewire 來說是一個歷史性的季度，凸顯了 PNC 行業各個層級和各個地區的強勁市場勢頭。世界各地的保險公司越來越認可 Guidewire 雲端平台的成熟度、靈活性和經過驗證的功能。

I could not be more pleased with our strategic position heading into our Q4, as I think we are well placed to continue our cloud transformation and mission to support efforts to modernize and power innovation in our industry. So, with that, I'll turn it over to Jeff to discuss the financials in more detail.

我對我們進入第四季度的戰略地位感到非常滿意，因為我認為我們已準備好繼續我們的雲端轉型和使命，以支持我們行業的現代化和創新努力。因此，我將把話題交給傑夫，讓他更詳細地討論財務問題。

Thanks, Mike. We had an incredible Q3, and we look forward to building on this positive momentum. Strong demand for our cloud offering helped ARR finish at $960 million ahead of expectations.

謝謝，麥克。我們度過了一個令人難以置信的第三季度，我們期待在這一積極勢頭的基礎上繼續努力。市場對我們雲端產品的強勁需求幫助 ARR 超出預期，達到 9.6 億美元。

Additionally, as Mike noted, we had a strong sales quarter, both in terms of deal counts and deal sizes. It is clear, as our market our cloud market leadership position is now established, this is a strong vote of confidence, and we aspire to exceed customer expectations and drive successful outcomes with this critical work.

此外，正如麥克所說，無論從交易數量還是交易規模來看，我們本季的銷售表現都很強勁。顯然，隨著我們的市場、我們的雲端市場領導地位的確立，這是一個強有力的信任投票，我們渴望透過這項關鍵工作超越客戶期望並取得成功的結果。

Total revenue was $294 million up 22% year-over-year and above the high end of our outlook. Subscription and support revenue finished Q3 at 182 million, reflecting 32% year-over-year growth and our continued insurance sweet cloud momentum.

總收入為 2.94 億美元，年增 22%，高於我們預期的最高值。第三季訂閱和支援收入達到 1.82 億美元，年增 32%，並維持了我們持續的保險雲成長勢頭。

Services revenue finished at $54 million and benefited from strong services bookings that translated into higher utilization rates. Profitability for the third quarter, which we will discuss on a non-GAAP basis, gross profit was $192 million. Subscription and support gross margin was 71% compared to 66% a year ago.

服務收入最終達到 5,400 萬美元，受益於強勁的服務預訂，從而提高了利用率。我們將以非 GAAP 為基礎討論第三季的獲利能力，毛利為 1.92 億美元。訂閱和支持毛利率為 71%，而去年同期為 66%。

In the quarter, we benefited from approximately $4 million in credits from our cloud service provider, which positively impacted our gross margin. More generally, and I know I've been saying this for a while, I am thrilled with our progression on the gross margin line and the benefits of the platform investments that are now being realized to a healthy degree.

本季度，我們從雲端服務供應商獲得了約 400 萬美元的信貸，這對我們的毛利率產生了積極影響。更普遍地說，我知道我已經說了一段時間了，我對我們在毛利率方面的進步以及現在正在健康程度上實現的平台投資收益感到非常興奮。

Service's gross margin was 13% compared to 10% a year ago. We were very pleased with our profitability progression and our services org. Most importantly, the services org in combination with our partners and our customers continues to deliver successful outcomes in the form of go lives and cloud updates.

服務業務的毛利率為 13%，而去年同期為 10%。我們對我們的盈利能力進步和服務組織感到非常滿意。最重要的是，服務組織與我們的合作夥伴和客戶結合，繼續以以上線和雲端更新的形式取得成功的成果。

We finished Q3 with operating profit of $46 million. This finished ahead of our expectations, primarily due to higher revenue and higher gross profit than expectations. Last quarter, we mentioned that we expected some hiring acceleration in the back half of the year, and we have seen this materialize.

我們第三季的營業利潤為 4,600 萬美元。這結果超出了我們的預期，主要是因為收入和毛利都高於預期。上個季度，我們提到，我們預計今年下半年招募將會加速，而且我們已經看到這一情況實現了。

This growth includes our new employees from the acquisition of Quanti. We're excited about adding the team at Quanti to accelerate our ambition in the pricing domain. This acquisition added an immaterial amount of ARR in the quarter and 23 employees, with the majority of the new employees located in Poland.

這一增長包括我們收購 Quanti 後招募的新員工。我們很高興加入 Quanti 團隊，以加速我們在定價領域的雄心壯志。此次收購為本季增加了少量的 ARR 和 23 名員工，其中大多數新員工位於波蘭。

As you may know, Poland was already an important development center for us, and we now have over 140 employees in Poland. We're excited about the expertise that we are adding and the fit with our existing product development motion. We ended the quarter with over $1.2 billion in cash equivalents, and investments.

您可能知道，波蘭已經是我們的重要開發中心，目前我們在波蘭擁有 140 多名員工。我們對所增加的專業知識以及與我們現有產品開發動向的契合度感到非常興奮。本季結束時，我們的現金等價物和投資超過 12 億美元。

Operating cash flow ended the quarter at $32 million, which was ahead of our expectations due to strong collections in the quarter. We settled at maturity, our 2025 converts, which resulted in a $100 million cash outlay, including accrued interest.

本季末的營運現金流為 3,200 萬美元，由於本季的強勁回款，這一數字超出了我們的預期。我們在到期時結算了 2025 年的轉換，這導致了 1 億美元的現金支出，包括應計利息。

And we realized net share accretion of approximately 26,000 shares, as the shares issued to bondholders upon maturity were less than the shares we received from the call spread we purchased in 2018, in conjunction with issuing our 2025 converts.

我們實現了淨增股約 26,000 股，因為到期發行給債券持有人的股票少於我們在 2018 年購買的看漲期權價差中獲得的股票，同時發行了 2025 年可轉換債券。

Now let me go through our updated outlook for fiscal year 2025. Starting with the top line, given our strong performance year-to-date, we are raising our ARR outlook to $1.012 billion to $1.022 billion, which reflects growth of 17% to 18% year-over-year.

現在讓我來介紹一下我們對 2025 財年的最新展望。從營收開始，鑑於我們今年迄今的強勁表現，我們將 ARR 預期上調至 10.12 億美元至 10.22 億美元，這反映出同比增長 17% 至 18%。

In addition to higher sales momentum, we are also seeing record low ARR attrition percentages and record high ARR ranking activity. As a reminder, our ARR outlook assumes foreign currency exchange rates as of the end of our last fiscal year, and we update ARR exchange rates at year end.

除了銷售勢頭增強之外，我們還看到 ARR 流失率創歷史新低，ARR 排名活動也創歷史新高。提醒一下，我們的 ARR 展望假設外幣匯率截至我們上一財年末，並且我們會在年底更新 ARR 匯率。

If we update ARR today based on current exchange rates, then we would see an approximately $8 million positive adjustment. We will certainly quantify this at year end and we'll continue to monitor FX rates throughout the remainder of the fiscal year.

如果我們今天根據當前匯率更新 ARR，那麼我們將看到大約 800 萬美元的正調整。我們肯定會在年底量化這一點，並且我們將在本財年剩餘時間內繼續監測外匯匯率。

For total revenue in fiscal 2025, we now expect between $1.178 million and $1.186 billion. We expect approximately $660 million in subscription revenue and $724 million in subscription and support revenue. Given higher than expected services bookings year-to-date, we now expect services revenue to be approximately $215 million.

對於 2025 財年的總收入，我們目前預計在 117.8 萬美元至 11.86 億美元之間。我們預計訂閱收入約為 6.6 億美元，訂閱和支援收入約為 7.24 億美元。鑑於今年迄今的服務預訂量高於預期，我們現在預計服務收入約為 2.15 億美元。

Turing the margins and profitability, which we'll discuss on a non-GAAP basis, we now expect subscription support gross margin be between 69% and 70% for the year. In Q4 we are expecting 68% subscription and support gross margins as we are seeing the impacts of recent [Golab] events, and we do not expect to realize any material credits from our cloud service provider.

關於利潤率和盈利能力（我們將在非 GAAP 基礎上進行討論），我們現在預計今年的訂閱支持毛利率將在 69％ 至 70％ 之間。由於我們看到最近 [Golab] 事件的影響，我們預計第四季度的訂閱和支援毛利率為 68%，並且我們預計不會從我們的雲端服務供應商那裡獲得任何實質的信貸。

In general, we remain a bit ahead of schedule as we work towards our longer term margin targets and continue to feel confident in our gross margin progression. Our FY '25 expectations for services margin and total gross margins remain unchanged at 12% and 65% respectively.

總體而言，我們在努力實現長期利潤目標的過程中仍比計劃提前了一點，並且我們繼續對我們的毛利率增長充滿信心。我們對 25 財年服務利潤率和總毛利率的預期保持不變，分別為 12% 和 65%。

We are lifting our outlook for operating income primarily as a result of our revenue outlook. We expect GAAP operating income of between $20 million and $28 million, and non-GAAP operating income of between $187 million and $195 million for the fiscal year.

我們上調營業收入預期主要是因為我們的收入預期。我們預計本財年的 GAAP 營業收入將在 2,000 萬美元至 2,800 萬美元之間，非 GAAP 營業收入將在 1.87 億美元至 1.95 億美元之間。

We expect stock-based compensation to be approximately $162 million, representing 11% year-over-year growth. This is a bit higher than our prior forecast due to the acquisition of quantity and lower employee attrition than our model assumed.

我們預計股票薪酬約為 1.62 億美元，年增 11%。由於收購數量和員工流失率低於我們的模型假設，這一數字略高於我們先前的預測。

We are increasing our outlook for cash flow from operations for the year to be between $255 million and $275 million due to stronger than expected revenue and collections, combined with strong expense discipline. In summary, it was a fantastic third quarter, and we're excited for Q4. Alex, you can now open the call for questions.

由於收入和收款額強於預期，加上嚴格的費用控制，我們將全年經營現金流量預期上調至 2.55 億美元至 2.75 億美元之間。總而言之，第三季表現非常出色，我們對第四季充滿期待。亞歷克斯，你現在可以開始提問了。

(Operator Instructions)

（操作員指示）

Alexei Gogolev, J.P. Morgan.

阿列克謝‧戈戈列夫，J.P. 摩根。

Thank you, Alex and Jeff my congratulations with amazing results. Jeff, it has now become, almost like a tradition for you to provide your view on fully ramped AR outlook, during 3Q earnings, I think you've done it two years in a row. Would you be able to share your thoughts, this year? What do you expect for free rent ARR?

謝謝，亞歷克斯和傑夫，我祝賀你們取得了驚人的成績。傑夫，現在，這幾乎已經成為一種傳統，在第三季度收益期間，你會提供對全面提升的 AR 前景的看法，我想你已經連續兩年這樣做了。能分享一下今年您的想法嗎？您對免費租賃 ARR 有何期望？

Yeah, so, thanks, Alexei. Yeah, momentum is really strong, and we feel great about our position going into Q4. As Q4 is always critical as we close out the year and calculate fully ramped ARR results, and I think most folks understand kind of how important Q4 is.

是的，謝謝，阿列克謝。是的，勢頭確實強勁，我們對進入第四季度的狀況感到非常滿意。由於第四季度在我們結束今年併計算全面提升的 ARR 結果時始終至關重要，我認為大多數人都明白第四季度的重要性。

That said, I feel confident that we can see fully ramped ARR grow at levels consistent with what we've seen more recently. As a reminder, we grew fully ramped ARR 17% and 19% on a constant currency basis and fiscal '23 and fiscal '24 respectively.

話雖如此，我相信我們可以看到 ARR 全面增長，並達到與我們最近看到的水平一致的水平。提醒一下，以固定匯率計算，我們的 ARR 成長率在 23 財年和 24 財年分別達到 17% 和 19%。

So, kind of maintaining that upper 10s level of fully ramped ARR growth, it feels like we're heading in that direction, but, I just want to make sure I add that Q4 is always our largest sales quarter, fully ramped ARR in particular depends on larger commitments, multi-year commitments.

因此，保持 10% 以上的 ARR 全面增長水平，感覺我們正朝著這個方向前進，但是，我只想確保補充一點，第四季度始終是我們最大的銷售季度，特別是 ARR 的全面增長取決於更大的承諾，多年的承諾。

And those large deals can be very binary in nature and so we have a range of outcomes that can be quite wide as we model out different scenarios. But kind of getting into that maintaining upper 10s ramped Aar growth will be a tremendous outcome for us to do that three years in a row, and that's the direction we're working towards.

這些大型交易的性質可能非常二元，因此，當我們模擬不同的情境時，我們會得到一系列可能非常廣泛的結果。但是，連續三年保持 10% 以上的 AAR 成長對我們來說將是一個巨大的成果，這也是我們努力的方向。

Mike, could I ask you a question about the Japanese market? It seems that you're progressing really well. What is the secret sauce, what is helping you to win cloud deals in that market, and how are those customers, viewing US software?

麥克，我可以問你一個關於日本市場的問題嗎？看來你的進步非常大。秘訣是什麼？什麼幫助您在該市場贏得雲端運算交易？那些客戶如何看待美國軟體？

Yeah, thanks for the question. I appreciate it because the trip to Japan this quarter in the event that I described, it was a real highlight for us. It was also exciting for us to be able to announce this financial commitment to the region. I think that's probably the key word. I think we see a tremendous opportunity in the Japanese market.

是的，謝謝你的提問。我對此表示感激，因為正如我所描述的，本季的日本之行對我們來說是一次真正的亮點。我們很高興能夠宣布對該地區做出這項財務承諾。我認為這可能是關鍵字。我認為我們在日本市場看到了巨大的機會。

Both directly for direct rate and premium and serving the customers as they operate primarily in that market, but you also have some very concentrated big multinational players that we have relationships with all over the world. We want to make sure that we are serving those customers effectively in every geography in which they operate insurance businesses.

我們既可以直接提供直接費率和保費，也可以為主要在該市場運營的客戶提供服務，但同時也有一些非常集中的大型跨國公司，我們與它們在世界各地都有合作關係。我們希望確保在客戶經營保險業務的每個地區都能有效地為他們提供服務。

I think the key word is commitment. We're committed to this market for the long haul, I can't say whatever it takes, but that's the attitude, is we're going to show up, we're going to show up with the best possible platform, and we're going to make the investments necessary to ensure that that platform is fit for purpose, in what those companies need.

我認為關鍵字是承諾。我們致力於長期耕耘這個市場，我不能說我們需要付出什麼，但我們的態度是，我們會出現，我們會出現最好的平台，我們會進行必要的投資，以確保該平台適合這些公司的需求。

For the next 1,020, 30 years of their existence in the Japanese market, and I think we're uniquely positioned to do that. I don't think that there's any other PNC platform, core system platform that is, honestly capable of serving the market the way Guidewire is.

在接下來的 1,020 年、30 年的時間裡，我們將在日本市場上生存，我認為我們擁有獨特的優勢來做到這一點。我認為沒有其他 PNC 平台、核心系統平台能夠像 Guidewire 一樣真正服務市場。

It takes a very significant investment for us to, show up year after year after year and deliver this for them, but we're going to do it, and I think that that's what was behind that press release and the commitment that we made. It's also about delivering successfully, right?

我們需要投入大量的資金，年復一年地為他們提供這項服務，但我們會做到的，我認為這就是那份新聞稿和我們所做的承諾背後的原因。這也與成功交付有關，對嗎？

It's about being there with those partners as they do these projects and ensuring, especially now with cloud. That these that we have the follow through and that it's successful. The Japanese market doesn't move as fast as other markets, but when they move with determination, and I intend to ensure that Guidewire is positioned to be there when they're ready. And like I said, I want to be the PNC platform for Japan for the next 20-30 years.

這是為了與這些合作夥伴一起完成這些項目並確保其安全，尤其是現在有了雲端。我們已經完成了這些並且取得了成功。日本市場的發展速度不如其他市場快，但當他們堅定地採取行動時，我打算確保 Guidewire 能夠在他們準備好時出現。正如我所說，我希望成為未來 20 至 30 年日本的 PNC 平台。

Thank you for the answer.

謝謝你的回答。

Yeah, thank you.

是的，謝謝。

I think, so our next question comes from.

我想，我們的下一個問題來自於。

Great, thanks so much for taking the questions guys. I guess just to start, I know when we had it, in the past talked about fiscal '25 ARR guidance, it felt like you had messaged that the ARR cadence was substantially weighted towards Q4 given your visibility on the backlog and when that was coming live in the total ARR.

太好了，非常感謝你們回答這些問題。我想首先，我知道當我們談到 25 財年的 ARR 指導時，感覺您已經表示 ARR 節奏在很大程度上偏向第四季度，因為您對積壓訂單的了解以及積壓訂單在總 ARR 中何時生效。

Obviously with the Q3 out performance would be just good to understand. Whether there was any pull forward from Q4 relative to your relative to your expectations, or if it was just a stronger quarter, given more demand at the top of the funnel, would appreciate any color there?

顯然，了解第三季的表現是件好事。相對於您的預期，第四季度是否有任何拉動，或者僅僅是一個更強勁的季度，考慮到漏斗頂部的需求增加，您會對此有何看法？

Yeah, I'll give you my perspective quickly and then Jeff can chime in if he wants. It was obviously a great Q3, and, but we have momentum across every tier and every component of the business right now. We, feel good about the potential in Q4 and that relates to being able to pass through.

是的，我會快速地告訴你我的觀點，然後傑夫可以根據自己的意願加入。顯然，第三季表現非常出色，而且，目前我們業務的各個層面和各個組成部分都保持著良好的發展勢頭。我們對第四季度的潛力感到樂觀，這與能夠通過有關。

A portion of the outperforming Q3 and the increased guidance for Q4 and so I just would say like we feel we've got a lot of work to do. We needed to execute and, execute these transactions and it's a very big quarter for us, but generally we feel great about the momentum, so. Yeah, let me actually, John's here and we pointed that out in the at the beginning of the call. He's cap he's here and I'll give you a perspective on the Q4 outlook.

第三季的表現優異，第四季的預期也有所提高，所以我想說，我們覺得我們還有很多工作要做。我們需要執行這些交易，這對我們來說是一個非常重要的季度，但總的來說，我們對這種勢頭感到滿意，所以。是的，實際上，約翰在這裡，我們在通話開始時就指出了這一點。他現在就在這裡，我會給你關於第四季度前景的看法。

Yeah, I'll just add that, Mike mentioned that the quarter was broad-based and multidimensional. I think it's really about execution. I'll comment that the as the as the quarter came to a close. The execution, I would expect a couple of the deals to find their way into Q4, quite frankly.

是的，我只想補充一點，麥克提到本季是廣泛而多維的。我認為這確實與執行有關。隨著本季的結束，我會評論說。坦白說，我預計其中幾筆交易將在第四季完成。

But David Laker and his team, sales team around the globe, and the solution advisory team just did a really good job of executing all the way up to the last minute of the quarter and making sure that what was available within the quarter stayed within the quarter. So, I don't, I didn't see or feel any pull forward nor any singular outsized event.

但是 David Laker 和他的團隊、全球銷售團隊以及解決方案諮詢團隊在本季度的最後一分鐘一直執行得非常出色，並確保了本季度內可用的產品仍保留在本季度內。所以，我沒有看到或感覺到任何向前的拉力，也沒有看到或感覺到任何單一的超大事件。

Yeah, and just a pile on there a little bit from how we modeled it, Adam is, as John hit it on the head. It's, my view and kind of how I was expecting the quarter to play out. There were some of these deals that I expected to slide into Q4, and we're just seeing very high close rates and a very strong execution.

是的，從我們對它的建模來看，這只是一堆東西，亞當就是這樣，就像約翰擊中了它的頭一樣。這是我的觀點以及我對本季業績的預期。我預計其中一些交易將會進入第四季度，但我們看到的成交率非常高，執行力也非常強勁。

So we saw a bit less of that. So, kind of not necessarily pull forwards, but kind of those deals didn't kind of naturally pass into Q4.

所以我們很少看到這種情況。因此，不一定是向前推進，而是這些交易並沒有自然地進入第四季度。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

Hey, gentlemen, I appreciate the question and congrats on the terrific results here. Maybe Mike or John for you. I know Jeff called out kind of the larger contracts, and we've seen kind of the validation of the platform starting to play out here.

嘿，先生們，我很感謝你的提問，並祝賀你取得如此出色的成績。對你來說也許是 Mike 或 John。我知道傑夫提到了更大的合同，我們已經看到平台的驗證開始在這裡發揮作用。

I wonder to what extent are your conversations starting to have that kind of more holistic consolidation type of story around it, where you can be kind of that singular end to end a vendor to help solve a lot of that kind of disparate legacy complexity, that we, we've become so accustomed to knowing here.

我想知道，你們的談話在多大程度上開始涉及這種更全面的整合類型的故事，在這種故事中，你可以成為那種單一的端到端供應商，幫助解決許多我們已經習慣了解的那種不同的遺留複雜性問題。

Great. Dylan, thanks for the question. I would harken back to the conversation on proof points. Now with many of these carriers with that first cloud proof point and the cloud updates that follow fast behind that, it really opens up this conversation around what's the next line of business, what's the next geography, what's the next segment of business to go after.

偉大的。迪倫，謝謝你的提問。我想回顧一下關於證據點的討論。現在，許多營運商都擁有了第一個雲端證明點，並且緊接著進行雲端更新，這真正開啟了關於下一個業務線是什麼、下一個地理區域是什麼、下一個業務領域是什麼的討論。

And in the quarter we saw takeouts of what would have been more modern competitors. And it plays to that question you're asking, which is earning the right to broaden the broaden the, the reach of the conversation, to get warm introductions into other lines of business and other segments, and other geographies is proving out.

在本季度，我們看到了原本更現代化的競爭對手的退出。它回答了你所問的問題，即贏得擴大對話範圍的權利，獲得對其他業務線、其他領域和其他地區的熱情介紹，這一點已經得到證實。

In a few cases, it starts to become very much a conversation about at some point in the future what does a, what does an aligned destination look like where Guidewire is really part of the strategic fabric of that carrier's planning going forward and more and more we're having those stations and more and more, we're putting the teams in place in the geographies to meet the, meet those carriers where they are to have that conversation.

在少數情況下，它開始成為關於未來某個時刻的對話，一個一致的目的地是什麼樣的，Guidewire 實際上是該運營商未來規劃戰略結構的一部分，我們越來越多地擁有這些站點，我們越來越多地在各個地區派遣團隊與這些運營商會面，在他們所在的地方進行對話。

So it's a good point. We're seeing some momentum there. It's still a long way to go, a lot of opportunity and a lot of hard work ahead.

所以這是一個很好的觀點。我們看到了那裡的一些勢頭。我們還有很長的路要走，還有很多機會和辛苦的工作要做。

Sure, no, totally fair and appreciate the color there, John. Maybe, for you, Mike, as there's been a lot of talk around kind of the different insurance segments as well to do right, but the hardening rate environment and the inflationary pressures that that are being put on Consumers and risk exposure.

當然，不，非常公平，並且欣賞那裡的色彩，約翰。也許，對你來說，麥克，因為關於不同保險領域也有很多討論，但利率環境的加強和通膨壓力正在給消費者和風險敞口帶來影響。

How do you think about the opportunity for a system like Guidewire to help kind of narrow what seems to be maybe a widening coverage GAAP to help solve that problem and maybe how that plays into another lever of potential kind of premium growth from an industry perspective?

您如何看待 Guidewire 這樣的系統有機會幫助縮小看似擴大的 GAAP 覆蓋範圍，從而幫助解決這一問題，以及從行業角度來看，這如何成為潛在保費增長的另一個槓桿？

Yeah, it's a great question. I think what the word I like to use with respect to this question is agility. The more agility that we can provide insurance companies and the developers, actuaries, IT teams that are thinking about how do they structure their products, how do they take their products to market, how are they pricing their products, and how, what kinds of rate structures are they applying to these products.

是的，這是一個很好的問題。我認為針對這個問題我喜歡使用的字是敏捷。我們可以為保險公司和開發人員、精算師、IT 團隊提供更多的靈活性，他們正在思考如何建立他們的產品，如何將他們的產品推向市場，如何為他們的產品定價，以及如何對這些產品應用什麼樣的費率結構。

Being able to do that faster is going to enable the insurance industry to learn more about how to best close that coverage GAAP, how to best take this like incredible financial instrument to market as effectively as possible. We are seeing a pretty significant shifts towards ex access and specialty in a helpful way from admitted lines, and this is also kind of puts pressure on the technology structures within these insurance companies.

能夠更快地做到這一點將使保險業能夠更多地了解如何最好地關閉該覆蓋範圍 GAAP，如何最好地將這種令人難以置信的金融工具盡可能有效地推向市場。我們看到，從承認的險種向准入和專業化轉變的趨勢非常顯著，這也給這些保險公司的技術結構帶來了壓力。

And so when we can provide a platform that basically takes that IT risk, that technology execution risk out of the equation, it allows those companies to just execute like insurance companies. And it allows us to play a role, honestly, that makes a lot of people pretty excited here at Guidewire around bringing insurance to every com every business, homeowner, state, locale in the world that needs it, and that's pretty exciting.

因此，當我們能夠提供一個平台，從根本上消除 IT 風險和技術執行風險時，這些公司就可以像保險公司一樣運作。老實說，它使我們能夠發揮作用，這讓 Guidewire 的許多人都非常興奮，因為我們致力於將保險帶給世界上每個需要保險的公司、企業、房主、州和地區，這非常令人興奮。

So I think that, behind what we call like the reference ability and the success stories of all these cloud implementations, there's a degree of agility that we're delivering that is genuinely new and unique in the industry, and that's going to continue to help close the coverage GAAP that you described. So that's a big part of it.

因此我認為，在我們所謂的參考能力和所有這些雲端實施的成功案例背後，我們提供的靈活性是業內真正新穎和獨特的，這將繼續幫助我們縮小您所描述的 GAAP 覆蓋範圍。這是其中很重要的一部分。

Thanks for the question.

謝謝你的提問。

Ken Wong, Oppenheimer and Company.

Ken Wong，奧本海默公司。

Great. A question for John or Mike. I think earlier it was mentioned record low attrition, record high ramping activity. How much of that do you think is a dynamic of, your core market just really leaning in to modernizing versus, perhaps internal initiatives and execution that you guys have been laying the groundwork on?

偉大的。向約翰或麥克提問。我認為之前提到過創紀錄的低人員流失率和創紀錄的高產能提升活動。您認為這其中有多少是您的核心市場真正傾向於現代化，還是您一直在奠定基礎的內部舉措和執行？

Let me give you a quick answer, and I don't want, I want to let John comment on it. I would say they're kind of separate. The ramp activity is associated with the success of prior years and just the follow through of the agreements kind of flowing into the business model. The most important thing in Guidewire is customer success. It's ensuring that no matter what, we're doing everything that we can possibly do to ensure that these programs are successful.

讓我快速回答你一下，我不想，我想讓約翰對此發表評論。我想說，它們有點不同。此次擴張活動與前幾年的成功有關，並且只是協議的後續執行融入了商業模式。Guidewire 最重要的是客戶的成功。這確保了無論發生什麼，我們都會盡一切努力確保這些專案成功。

These, this is an incredibly durable industry with an incredibly durable use case, and if we can deliver software that works on a platform that works, we're going to end up with a durable revenue stream supporting that value for a customer. That's the most important thing in our company and it will, it has been part of the company since day one. It will be part of the company forever, and that's what my take on what's driving that financial measure.

這是一個極其持久的行業，有著極其持久的用例，如果我們能夠提供在可運行的平台上運行的軟體，我們最終將獲得持久的收入流來支援客戶的價值。這是我們公司最重要的事情，從第一天起它就是公司的一部分。它將永遠是公司的一部分，這就是我對推動該財務措施的看法。

Now, we oftentimes talk about the maturing cloud platform, but sometimes we don't talk enough about the maturing cloud operations and the and the professionals and the teams that work every day to be as responsive as possible around the world to work with customers, solve issues and unlock new opportunities.

現在，我們經常談論成熟的雲端平台，但有時我們對成熟的雲端營運以及每天在全球範圍內盡可能快速回應客戶、解決問題和釋放新機會的專業人員和團隊的討論還不夠。

And our ability to work with run the core systems of these companies and that team's development and cloud ops customer success and our technical advisory team has really come a long way and working closer and closer with customers to remove any data between interpretation of issues and opportunity to solve problems and that's really helped a ton.

我們與這些公司的核心系統合作運行的能力以及該團隊的開發和雲端操作客戶成功以及我們的技術顧問團隊確實取得了長足的進步，並且與客戶越來越緊密地合作以消除問題解釋和解決問題機會之間的任何數據，這確實有很大幫助。

Got it, fantastic. And Jeff, just in terms of the pace of investments, talked about how the second half will continue. What the investment levels, how are you thinking about going forward?

明白了，太棒了。傑夫就投資步伐談到了下半年將如何繼續。投資水準如何？您打算如何開展未來投資？

Are you guys seeing the ROI where it might make sense to extend the investment cycle, or is this more of a kind of a one year catch up after years of putting investments in the cloud platform?

你們是否看到了投資報酬率，延長投資週期是否有意義，或者這更像是在對雲端平台進行多年投資之後，用一年時間進行的追趕？

Yeah, I mean, I think that this year has played out pretty consistently with how we planned, although the hiring was a little bit more back end weighted than we originally expected. The addition of the quantity team is exciting for us as the pricing ambition has been something we've been thinking about for a long time.

是的，我的意思是，我認為今年的進展與我們的計劃非常一致，儘管招聘比我們最初預期的要多一些後端工作。數量團隊的加入讓我們感到很興奮，因為定價目標是我們長期以來一直在考慮的事情。

We certainly see a very healthy backdrop for investment as we look at our market. The way we've thought about this and approached this is that we already have the largest investments in the industry. We have the biggest engineering team.

當我們觀察我們的市場時，我們確實看到了非常健康的投資背景。我們思考和處理這個問題的方式是，我們已經在業界進行了最大的投資。我們擁有最大的工程團隊。

We have the biggest and most professional sales team, and we're appropriately resourced to address the market opportunity in front of us and still deliver new products and capabilities to the market. We still foundationally believe that we're always assessing our plans and this this quarter is when we do a kind of a deeper dive into how we think about some of the long range planning, and we'll assess kind of how we think about our investment posture.

我們擁有最大、最專業的銷售團隊，並擁有適當的資源來應對眼前的市場機遇，並向市場提供新產品和新功能。我們仍然從根本上相信，我們始終在評估我們的計劃，而本季度我們將更深入地研究我們如何看待一些長期規劃，我們將評估我們如何看待我們的投資態勢。

But as of now, the message is, as you think through how we've talked about our longer term goals historically. We feel very confident that we can, operate and kind of meet the moment while kind of maintaining those existing, investment profiles that we've talked about previously.

但截至目前，當你思考我們過去是如何談論我們的長期目標時，你會發現資訊是這樣的。我們非常有信心，我們可以運作並滿足當前形勢，同時保持我們之前談到的現有投資狀況。

I appreciate the color there, Jeff.

我很欣賞那裡的色彩，傑夫。

Michael Turrin, Wells Fargo.

富國銀行的邁克爾·圖林。

Thanks. Hi, it's David [Ing] on for Michael Turrin tonight. You guys touched on the Gen AI possibilities and prepared remarks and the benefits that could trickle down to Guidewire. Is there anything specific worth highlighting here that has resonated most with customers as of today?

謝謝。大家好，今晚我是 David [Ing]，為 Michael Turrin 主持節目。你們談到了 Gen AI 的可能性，並準備了評論以及可能為 Guidewire 帶來的好處。截至目前，有什麼特別值得強調且最能引起客戶共鳴的事物嗎？

As opposed to call out particular features, I would say, we're taking a very broad, call it a broad-based, broad spectrum approach to facilitating generative AI use cases across the product suite across claim center, across policy center. There’re numerous opportunities in the claims workflow for applying and building and applying these features to improve process efficiency for insurance companies. There's also like a very clear use case around what's called submission intake.

與強調特定功能相反，我想說的是，我們採取了一種非常廣泛的方法，可以稱之為廣泛的、廣泛的方法來促進整個產品套件、整個索賠中心、整個政策中心的生成性人工智慧用例。在索賠工作流程中，有大量機會可以應用、建構和應用這些功能來提高保險公司的流程效率。關於所謂的提交攝入，還有一個非常明確的用例。

And the triage of inbound interest for underwriting processes and where generative AI can play a role in, call it summarizing and assessing an inbound request for a quote relative to a carrier's ability to write that risk, but then probably another area that's worth highlighting that's just obviously very clear is developer productivity and using the, using LLMs to facilitate the creation of, maybe not just specifically code.

核保流程中對入站興趣的分類以及生成式人工智慧可以發揮作用的地方，稱之為總結和評估相對於承運人承擔該風險的能力的報價入站請求，但可能另一個值得強調的領域顯然非常清楚，那就是開發人員的生產力和使用 LLM 來促進創建，也許不僅僅是特定的程式碼。

But test cases and the other kind of components of what goes into a development project on a platform like Guidewire. Across all of those three things. We're seeing a lot of positive feedback from our customer base and our developers about, what they'd like to see from us and what they're, where these things could be put to use in order to drive efficiencies into the programs and also the operations of our customers.

但是測試用例和其他類型的元件都是在 Guidewire 等平台上進行開發專案的。涵蓋所有這三件事。我們從客戶群和開發人員那裡看到了很多正面的回饋，他們想知道我們能為他們提供什麼，以及他們可以在哪裡使用這些東西來提高程式和客戶營運的效率。

So there's a lot of areas and, but those are the three things that I'd say are probably most interesting right now.

因此有很多領域，但我認為這三件事可能是目前最有趣的。

Aaron Kimson.

亞倫金森。

Thanks guys. Can you help us think about the pricing methodology and possible uplift for Guidewire industry intelligence, whether that first sale is a beta version or it's something available to all customers, and if that's something you anticipate landing with smaller insurers improving out or something where you can land with tier ones and tier two's off the bat.

謝謝大家。您能否幫助我們思考 Guidewire 行業情報的定價方法和可能的提升，無論首次銷售的是測試版還是面向所有客戶的產品，以及您是否預計小型保險公司會逐步改進，或者您是否可以立即與一級和二級保險公司合作。

Yeah, so great question, and I think first of all, the applicability of it relates to, what's the model predict and whether or not it lines up to the line of business and the specifics of what that customer writes, we took a pretty broad approach to this first one and to try to, touch as many of the, as much of the customer base as we could.

是的，這個問題問得很好，我認為首先，它的適用性與模型預測的內容有關，以及它是否符合業務線和客戶所寫內容的具體情況，我們對第一個問題採取了相當廣泛的方法，並嘗試盡可能多地接觸客戶群。

But we have a long kind of pipeline for different predictive models that we think might work and are working through the process of validating those and building those out and so over time there'll be more models that might be more applicable to different use cases, different lines of business across the customer base.

但是，我們為我們認為可能有效的不同預測模型建立了一系列的流程，並且正在驗證和建立這些模型，因此隨著時間的推移，將會有更多的模型可能更適用於不同的用例、客戶群中的不同業務線。

For sure, this is something that, there, there's this sort of there's a sort of like ability to target smaller insurance companies with a larger collective data asset than they have on their own, so if you're a huge insurance company, you've got a lot of data, you've got enough data to be able to create one of these predictive models on your own. But if you're a smaller insurance company and you don't have that scope of data, you're kind of stuck.

當然，這是一種能力，可以針對擁有比他們自己擁有的更大的集體數據資產的小型保險公司，所以如果你是一家大型保險公司，你就有大量的數據，你就有足夠的數據能夠自己創建其中一個預測模型。但如果你是一家規模較小的保險公司，而且沒有那麼多數據，那麼你就會陷入困境。

And this is where Guidewire and this Intel model can really play a positive role and give them a sort of head start [zeroda] capability that otherwise would take years to develop. So that helps in terms of Our carriers, it also helps for bigger carriers who are jumping into new lines of business or new territories where they don't have that data track record to draw from and create the predictive models they need to be as efficient as possible.

而這正是 Guidewire 和英特爾模型能夠發揮積極作用的地方，並賦予他們一種領先 [zeroda] 的能力，否則這種能力將需要數年時間才能開發出來。因此，這對我們的承運商有幫助，也對那些進入新業務線或新領域的大型承運商有幫助，因為他們沒有數據記錄可供借鑒，無法創建盡可能高效的預測模型。

And so hopefully that gives you a sense of, like where we are and how this is going to roll out and the applicability of it. Over time, I'd be, I'm very hopeful that this is something that we've got enough models and enough use cases where the majority of cloud customers are finding a way to participate in this product line with us.

希望這能讓您了解我們目前所處的位置、這將如何開展以及它的適用性。隨著時間的推移，我非常希望我們已經擁有足夠的模型和足夠的用例，大多數雲端客戶都能找到與我們一起參與該產品線的方法。

I'll just add one thing there, which is, the field team and the way we interact with customers, there's a lot of optimism about where industry intel can go for us because where we've got real foundational proof points on operations and agility and running core systems, getting closer to the pricing.

我只想補充一點，那就是現場團隊以及我們與客戶互動的方式，人們對行業情報可以為我們提供什麼充滿信心，因為我們在營運、敏捷性和運行核心系統方面擁有真正的基礎證明點，並且越來越接近定價。

And the indemnity management of our customers puts us more in the C-suite conversation and that's really an area where we can push the envelope a little bit, talk more about insurance results rather than operational outcomes, and that's opened up a whole new channel of conversation for us and access to maybe buyers we haven't traditionally sold to as often.

客戶的賠償管理使我們更參與高階主管的對話中，這實際上是一個我們可以稍微突破界限的領域，更多地談論保險結果而不是營運結果，這為我們開闢了一個全新的對話管道，讓我們能夠接觸到那些我們傳統上不經常銷售的買家。

That's really helpful. And then I want to follow up on Alexei's question on the Japanese market. Can you talk a little bit about the regulatory changes in the Japanese market related to cross holding that are expected to lead to PNC insurers having more capital on hand and what the potential benefits to Guidewire are, whether through an increased willingness to make transformational technological investments with that additional capital or for you to win market share through M&A if that's how they choose to utilize the additional capital?

這真的很有幫助。然後我想跟進 Alexei 關於日本市場的問題。您能否談談日本市場與交叉持股相關的監管變化？這些變化預計會使 PNC 保險公司擁有更多資本，而 Guidewire 可能因此受益，是願意利用這些額外資本進行轉型技術投資，還是透過併購贏得市場份額（如果他們選擇透過併購來利用這些額外資本）？

Thank you.

謝謝。

Yeah, thanks for the question. I think, as Mike mentioned, Japan, we're going to be in that market relevant, investing with the talent and the capabilities and the solutions to be relevant in that market for the long haul. Really pleased with how that team has developed.

是的，謝謝你的提問。我認為，正如麥克所提到的，日本，我們將在這個市場上保持相關性，投資人才、能力和解決方案，以便長期在這個市場上保持相關性。我真的很高興看到這個團隊的發展。

I'm not in a position to really get too deep into the into the regulatory environment there. I'd have to pull in the Japanese team to answer that question specifically, but I do believe that our ability to answer with our investments in policy core processing, our ability to answer both the core processing problem there and the capital allocation opportunity there is very real.

我無法真正深入了解那裡的監管環境。我必須請日本團隊來具體回答這個問題，但我相信，憑藉我們在政策核心處理方面的投資，我們有能力回答那裡的核心處理問題和那裡的資本配置機會。

It is the acquisitions that come from Japan will continue to be a big part of the global insurance market. And the dynamics of the Japanese market will, to your point, influence and increase the rate of investment outside of Japan. And we think we're in a really good position given multi-currency, multi multi-location, and multi-line of business capabilities to be that partner for them going forward.

來自日本的收購將繼續成為全球保險市場的重要組成部分。正如您所說，日本市場的動態將影響並增加日本以外的投資率。我們認為，鑑於多幣種、多地點和多業務線能力，我們處於非常有利的地位，可以成為他們未來的合作夥伴。

Alex Glar, RBC.

亞歷克斯·格拉爾（Alex Glar），加拿大皇家銀行。

Thank you. Jeff, question for you. Just looking at that mix of ARR growth, you called up the strong ramp activity. Can you talk about how this year's bookings have looked from a ramp shape standpoint relative to the last couple of years? How much of that third quarter ARR growth actually came from ramps versus that record activity and then I had a follow up?

謝謝。傑夫，問你一個問題。只要看一下 ARR 成長的組合，您就會發現強勁的成長活動。您能否從坡道形狀的角度談談今年的預訂情況與過去幾年相比如何？第三季的 ARR 成長中有多少實際上來自於成長坡度而不是創紀錄的活動，然後我進行了跟進？

Yeah, so, in terms of the overall ramp activity, it's always very hard to comment, and on the year until we get to Q4 because Q4 will drive kind of how we think about that cohort. In general, if you look at the activity in Q3, the one thing of note is that we are seeing. Some longer degraded activities.

是的，就整體的成長活動而言，我們很難發表評論，直到第四季度，因為第四季度將決定我們如何看待這個群體。總的來說，如果你看一下第三季的活動，你會發現有一件值得注意的事情。一些較長時間的退化活動。

So we did see a couple of deals that were longer than five years and in some cases, we have ramps that extend even beyond year 5 year 5. Our definition of fully ramped ARR, it caps at year five, so we don't consider things that occur after year 5, until that moves into the next five year window.

因此，我們確實看到了一些超過五年的交易，在某些情況下，我們的貸款期限甚至超過五年。我們對完全提升的 ARR 的定義是，它在第​​五年達到上限，因此我們不會考慮第五年之後發生的事情，直到進入下一個五年窗口。

But in general, ramps are kind of similar to what we'd expect bigger commitments, longer duratedd deals, but the overall slope of the ramps, there's nothing to highlight and Q4 will have a large impact on it. With respect to ARR growth and where it's coming from, it was pretty balanced.

但總的來說，成長坡度有點類似於我們預期的更大的承諾、更長持續時間的交易，但成長坡度的整體斜率沒有什麼值得強調的，第四季度將對其產生很大影響。就 ARR 成長及其來源而言，它是相當平衡的。

We are seeing very healthy. ARR coming off of the backlog in Q4. We talked a bit about that last quarter, so that dynamic is still very real for us. And then in Q3, I saw some very healthy contribution from New Deal activity in the quarter that, as Mike noted, it was a record Q3 for us.

我們看到的情況非常健康。ARR 在第四季度擺脫了積壓。我們在上個季度討論過這個問題，所以這種動態對我們來說仍然非常真實。然後在第三季度，我看到了新政活動對本季做出的非常健康的貢獻，正如麥克所說，這對我們來說是創紀錄的第三季度。

Matthew Kikkert, Stifel.

馬修·基克特（Matthew Kikkert），Stifel。

Thank you very much for taking my questions and congratulations on the quarter. I'm wondering if you could talk a little bit about the Quanti acquisition. What's the incremental functionality that you see them bringing to the table? And is it something that should appeal to all of your customers or just a subset of some?

非常感謝您回答我的問題，並祝賀本季度取得的成績。我想知道您是否可以談談 Quanti 收購案。您認為他們會帶來哪些增量功能？它是否應該吸引所有客戶，還是只吸引部分客戶？

Yeah, thanks for the thanks very much for the question. As I said on the prepared remarks, I think, what you should expect us to be, to provide more detail over time about where this will fit into the company's product strategy, but I'll give you a quick answer. They provide a pricing and rating technology that we think is going to be ultimately applicable to every customer exactly how that rolls out across all the lines of business at Guidewire and how it fits into the existing projects we, like I said, that's work we're still doing right now.

是的，非常感謝您的提問。正如我在準備好的演講中所說的那樣，我認為，您應該期望我們隨著時間的推移提供更多細節，說明這將如何融入公司的產品策略，但我會給您一個簡短的答案。他們提供的定價和評級技術我們認為最終將適用於每一位客戶，具體如何將其推廣到 Guidewire 的所有業務線，以及如何將其融入現有項目，就像我說的，這是我們現在仍在做的工作。

But you know this is a great team of people who are really excited about supporting a use case that's a little bit beyond what we traditionally have focused on with Guidewire. Think of like what we've done traditionally as taking the output, the pricing strategy from an actuary and running it efficiently in production to provide real-time rates when you need to rate a new quote.

但你知道，這是一支很棒的團隊，他們真的很高興能夠支援一個稍微超出我們傳統上 Guidewire 所關注範圍的用例。想想我們傳統上所做的，從精算師那裡獲取輸出、定價策略，並在生產中高效運行，以便在您需要評估新報價時提供即時費率。

This pushes us into the design of the pricing strategy and then seamlessly connects the output of what those actuarial teams want to run in production to the actual production rating system. That provides a huge amount of flexibility and agility to those teams and to those Insurance companies that want to make more real-time changes.

這促使我們設計定價策略，然後將精算團隊想要在生產中運行的輸出與實際生產評級系統無縫連接。這為那些想要進行更多即時變革的團隊和保險公司提供了巨大的靈活性和敏捷性。

Now, the applicability of that specifically depends, kind of on what region you're operating in and the different lines of business that you're supporting. But the general technology in terms of like providing a workbench for actuaries to build prices with, bring in lots of different data sources and run scenarios and come up with rate routines and rate strategies.

現在，它的適用性取決於您在哪個地區運作以及您支援的不同業務線。但一般的技術就像為精算師提供一個工作台來制定價格，引入大量不同的資料來源和運行場景，並提出費率例程和費率策略。

That makes sense for the risks that they want to underwrite. That's what we're really excited about, and that's a key component to us delivering on this kind of concept that we're going to bring more agility to an insurance company, enable them to change their rates, change the rules, change their prices, change their product definitions as fast as the businesses want them to be changed and kind of take away.

對於他們想要承保的風險來說，這是有意義的。這才是我們真正興奮的地方，也是我們實現這一理念的關鍵要素，我們將為保險公司帶來更多的靈活性，使他們能夠按照企業希望改變的速度改變費率、改變規則、改變價格、改變產品定義，並將其帶走。

The concept that there's a bottleneck on the technology side. We think we can deliver a platform, a seamless platform, using Quantine and the rest of the Guidewire cloud platform to deliver that agility to the market. So hopefully that gives you a little bit of a sense and like I said, there's going to be a lot more to come from us over the next few months and quarters on this subject.

技術方面存在瓶頸的概念。我們認為我們可以提供一個平台，一個無縫平台，利用 Quantine 和 Guidewire 雲端平台的其餘部分為市場提供這種敏捷性。所以希望這能讓你有點了解，就像我說的，在接下來的幾個月和幾個季度裡，我們將會在這個主題上發布更多內容。

Okay, terrific. And then secondly, you continue to show nice subscription gross margin expansion over 70%, once again, but still a long way from the 80% long term target. What incremental steps do you think could be made to add basis points to that margin over time?

好的，太棒了。其次，您繼續顯示出良好的訂閱毛利率擴張，再次超過 70%，但距離 80% 的長期目標還有很長的路要走。您認為可以採取哪些漸進措施來隨著時間的推移增加該利潤率的基點？

Yeah, sure, we're continuing to invest in our platform. The engineering team is continuing to build more and more automation. And then it's just some of this is just a function of us adding scale or getting to fully ramped outcomes from an ARR perspective and the model just maturing.

是的，當然，我們會繼續投資我們的平台。工程團隊正在繼續建立越來越多的自動化。然後，這只是我們增加規模或從 ARR 角度獲得完全成果的功能，模型正在逐漸成熟。

So, as we look through, I don't think there's any heroic steps that needs to take place in order for us to get there. It's just the continued blocking and tackling and kind of adding more and more scale to the platform that we've already built.

因此，當我們回顧時，我認為我們不需要採取任何英勇的舉措就能實現這一目標。這只是持續的阻止和解決問題，並為我們已經建立的平台增加越來越多的規模。

Tyler Radke, Citi.

花旗銀行的泰勒拉德克（Tyler Radke）。

And you hit on your, developer day that you hosted. Sounds like it was a good success, earlier this year, and I'm just curious seeing your customers, leverage, AI agenttic AI specifically around some of the, code completion for modernizing these legacims.

您在自己舉辦的開發者日上取得了成功。聽起來今年早些時候取得了很大的成功，我只是好奇看到您的客戶利用 AI 代理 AI，特別是圍繞一些程式碼完成來實現這些遺留系統的現代化。

Obviously a lot of the big tier ones have, cobalt and mainframe systems with a ton of legacy codes, but like what type of improvements in that modernization process have you seen thus far and, what I guess what are you doing from a product perspective, to sort of enable some of those features in your own?

顯然，許多大型企業都有鈷和大型機系統，其中包含大量遺留程式碼，但到目前為止，您在現代化過程中看到了哪些類型的改進，我想從產品角度來看，您正在做什麼，以便在您自己的系統中啟用其中的一些功能？

Yeah, thanks very much for the question. So, yeah, there, there's a lot of, I'd say, interesting, theoretical assessment of whether or not generative AI can tackle these mainframe conversions, and I think, you should, we think of these things, I think of these things, maybe you should think of these things as potentials, and certainly there's positive signal that this might occur.

是的，非常感謝您的提問。所以，是的，我想說，有很多有趣的理論評估，關於生成式人工智慧是否可以解決這些大型機轉換問題，我認為，你應該，我們考慮這些事情，我認為這些事情，也許你應該把這些事情看作是潛力，當然有積極的信號表明這可能會發生。

I would say practically. You know what's really happening right now is things that are more surface level, so think like building the scaffolding for integration between Guidewire and another public or private API, something that's more just.

我想說的是實際上。您知道現在真正發生的事情是更表面層面的事情，所以想想為 Guidewire 和另一個公共或私人 API 之間的整合建立腳手架，這是更公正的事情。

And this is something like just works, building the front end code associated with portals or our [jutro] development framework where you're taking Guidewire and exposing it to a public website, this is, creating test cases associated with code that you're writing on our platform, and these kinds of use cases are driving a tremendous, it drives a tremendous amount of cost in the ecosystem and in the implementation programs, and it's, really directly pointing towards positive outcomes in terms of actually deploying these techniques against these types of use cases.

這就像是工作一樣，建立與入口網站或我們的 [jutro] 開發框架相關的前端程式碼，您將使用 Guidewire 並將其公開到公共網站上，也就是創建與您在我們的平台上編寫的程式碼相關的測試案例，這些類型的用例正在推動巨大的增長，它會在生態系統和實施計劃中產生巨大的成本，並且它實際上直接針對這些成果類型的實際部署。

So certainly like the cobalt mainframe conversion. Those kinds of things are, like I said, there's signal pointing towards that potential, but we're also seeing a lot of other use cases that do represent very significant components of a Guidewire line implementation that we're seeing a lot of positive results from, and I would say like that's as much of where the excitement is right now as anything else.

所以肯定喜歡鈷大型機轉換。正如我所說，這些事情都有指向這種潛力的信號，但我們也看到很多其他用例，它們確實代表了 Guidewire 線路實施中非常重要的組成部分，我們從中看到了很多積極的結果，我想說，這就是現在令人興奮的地方。

The other thing that you just have to generally be careful of with respect to these modernization programs is Very often what we are doing with Guidewire is we are helping a company reinvent their business process to be more modern and enable them to break the mold of what they're tied to with their cobalt-based mainframe.

對於這些現代化計劃，你通常需要注意的另一件事是，我們與 Guidewire 合作經常做的事情是幫助公司重塑其業務流程，使其更加現代化，並使他們能夠打破與鈷基大型機綁定的模式。

And so you don't necessarily want a magic button that substantiates the broken business process into a modern system, you do actually want to take the time to think about what's the new way that we're going to architect our products, what's the new way that we're going to architect our claims processes, what's the new way we're going to engage with our customers with new digital channels.

因此，您不一定需要用一個神奇的按鈕將破碎的業務流程轉化為現代系統，您實際上需要花時間思考我們將以什麼新的方式構建我們的產品，我們將以什麼新的方式構建我們的索賠流程，我們將以什麼新的方式通過新的數位管道與客戶互動。

And to do that, you need a modern platform, but you need to take the time to rethink your business process and modernize your company holistically. And so, yeah, that magic press a button and everything converts is maybe tantalizing, but it isn't necessarily going to deliver the agile modern insurance company that everybody really wants.

要做到這一點，您需要一個現代化的平台，但您需要花時間重新思考您的業務流程並全面實現公司現代化。所以，是的，只需按下一個按鈕，一切都會改變，這也許很誘人，但它並不一定能帶來每個人真正想要的敏捷的現代保險公司。

Great

偉大的

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

Oh, wonderful. Thanks so much for squeezing me in. Really great to see, continued momentum in the business, especially in a tough macro environment. Maybe I want to start, Mike, you've made some comments on some of the success you're seeing in insurance now. I recall when you kind of started as CEO that was one of your priorities of kind of rebuilding the product and modernizing it.

噢，太棒了。非常感謝您邀請我加入。真的很高興看到業務繼續保持良好勢頭，尤其是在艱難的宏觀環境下。也許我想首先，麥克，你對你現在看到的保險業的一些成功發表了一些評論。我記得當您剛開始擔任執行長時，您的首要任務之一就是重建產品並使其現代化。

Maybe can you talk about what's driving some of the success that you're seeing in insurance now, whether that's Products specifically go to market execution, just the industry itself, being ready for that.

也許您可以談談目前保險業取得的一些成功的推動因素，無論是產品的具體市場執行，還是產業本身為此做好的準備。

And maybe just alongside that as we think about kind of the potential handoff, how do you balance the strategy of wanting to work with those customers, but at a certain point, should they grow up to be big enough to maybe be classified as tier 1, tier 2, or even, tier 3 kind of at the borderlines, what that handoff to, IS cloud looks like?

也許就在我們考慮潛在的交接時，您如何平衡與這些客戶合作的策略，但在某個時候，他們是否應該發展到足夠大，可能被歸類為第 1 層、第 2 層，甚至是第 3 層的邊界，那麼向 IS 雲的交接是什麼樣的呢？

Yeah, thanks for the question. First, just touching on the last part of your question, we actually have a number of customers that are running both insurance now and insurance suite for different lines of business, different use cases where it's more suited, let's say for a smaller line of business that, wants less customization, less configuration capabilities. It's just the insurance now platform fits.

是的，謝謝你的提問。首先，談談你問題的最後一部分，我們實際上有許多客戶現在都在為不同的業務線和不同的用例運行保險和保險套件，例如對於較小的業務線來說，它更適合於更少的定制和更少的配置功能。現在只是保險平台適合。

So we see all kinds of use cases in the customer base. I think that, we just, we've had the team, our team, and it has executed extremely well I mean with respect to the Insurance now products. We've done a great job getting the product where it needs to be. We've done a great job collaborating with our teams on the platform side to be able to run insurance now on the Guidewire cloud platform and drive efficiencies there.

因此我們在客戶群中看到了各種各樣的用例。我認為，我們只是擁有一個團隊，我們的團隊，並且執行得非常好，我的意思是就保險現在的產品而言。我們已出色地將產品送到了需要的地方。我們與平台方面的團隊進行了出色的合作，現在能夠在 Guidewire 雲端平台上運行保險並提高效率。

That gives us some confidence that we can take that product to market aggressively in that, in the, lower tiers of the US insurance market strategically that gives us a lot, gives me a lot of confidence It's that we're basically not, we don't have any blind spots.

這給了我們一些信心，我們可以在美國保險市場的較低層次上積極地將該產品推向市場，這在戰略上給了我們很大的信心，給了我很大的信心，我們基本上沒有任何盲點。

We're paying attention to every single segment of the market and every single potential competitor and making sure we're competitive in winning business and not leaving ourselves exposed to some sort of smaller insurance focused startup product that that's ultimately could be a threat to Guidewire. I feel great about all that. Like we've executed really well the product works.

我們專注於每一個細分市場和每一個潛在競爭對手，確保我們在贏得業務方面具有競爭力，並且不會讓自己暴露於某種規模較小的專注於保險的初創產品，因為這些產品最終可能對 Guidewire 構成威脅。我對於這一切感覺非常好。就像我們執行得非常好一樣，產品運作良好。

The customers are happy. That reference ability also matters a lot in this segment. It's like ultimately you just want, I, my perspective of a buyer of GuideWire is somebody, they just want confidence that this is going to work. That's why I talk so much about reference disability and customer success. They're taking such a risk with these decisions and these programs.

顧客們很高興。在這個領域，參考能力也非常重要。就像最終你只是想要的，我，從 GuideWire 買家的角度來看，他們只是想要相信這會起作用。這就是我如此多地談論參考障礙和客戶成功的原因。他們做出這些決定、制定這些計劃時冒了很大的風險。

That like you can't rev it's not easily reversed and so our ability to say, hey, we've got these customers, they're successfully running insurance now, this product works. That's really helping us win. And then, so anyway, just great execution generally and we'll, we feel great about that is super dynamic and it's not just in the US where the small carriers are both dynamic and also becoming much more technology native.

就像你不能逆轉它一樣，它不容易逆轉，所以我們有能力說，嘿，我們有這些客戶，他們現在成功地運行保險，這個產品有效。這確實有助於我們取得勝利。然後，無論如何，整體來說執行得很好，我們對此感到非常高興，這是非常有活力的，而且不僅僅是在美國，小型航空公司既有活力，也變得更加技術本土化。

But also in Australia, the distribution space and the MGA space and the small of the market in Australia is super dynamic in that I really love the pressure that that part of the market puts on Guidewire to think about not just core processing, but where the world distribution is going and where the world of dynamic product manufacturing is going, and it's just a really good exchange of information and thought patterns with that in the market.

但在澳大利亞，分銷領域、MGA 領域以及澳大利亞的小型市場都非常活躍，我真的很喜歡這部分市場給 Guidewire 帶來的壓力，它不僅要考慮核心處理，還要考慮世界分銷的發展方向以及動態產品製造領域的發展方向，這只是市場上信息和思維模式的良好交流。

Really helpful. Thank you so much, guys.

真的很有幫助。非常感謝你們，夥伴們。

Thanks, Rishi. Well, with that that actually is our last question. Do you have any closing remarks.

謝謝，Rishi。好吧，這實際上是我們的最後一個問題。您還有什麼結束語嗎？

Right now, it was an incredible quarter and we're looking forward to having a great quarter in Q4 wrapping up the year. We see a tremendous amount of momentum and potential. Obviously, we need to execute, but we're incredibly excited about the position, the strategic position of the company.

現在，這是一個令人難以置信的季度，我們期待在第四季度取得出色的成績，為今年畫下完美的句點。我們看到了巨大的動力和潛力。顯然，我們需要執行，但我們對公司的定位、策略地位感到無比興奮。

So thanks everybody for joining us and we'll see you on the Q4 call.

感謝大家的參與，我們將在第四季電話會議上見到你們。