Guidewire Software Inc (GWRE) 2025 Q4 法說會逐字稿

Greetings, and welcome to the Guidewire fourth-quarter 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 財年第四季財務業績電話會議。提醒一下，本次通話正在錄音，並將於今天晚些時候發佈在我們的投資者關係頁面上。

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

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

Thank you, Grace. Hello, everyone. With me today is Mike Rosenbaum, Chief Executive Officer; John Mullen, President; and Jeff Cooper, Chief Financial Officer.

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)、總裁約翰·馬倫 (John Mullen) 和首席財務官傑夫·庫珀 (Jeff Cooper)。

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.

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 and are based on management's current expectations as of today and should not be relied upon as representing our views as of any subsequent date.

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，並且基於管理層截至今天的當前預期，不應被視為代表我們在任何後續日期的觀點。

Please refer to the press release and the risk factors and other documents we file with the SEC, including our annual report quarterly reports on Forms 10-K and 10-Q for information on risks, uncertainties, and assumptions that may cause actual results to differ materially.

有關可能導致實際結果大不相同的風險、不確定性和假設的信息，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其他文件，包括我們的 10-K 和 10-Q 表格年度報告季度報告。

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

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

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

現在，我將把電話轉給麥克。

Thanks, Alex. Good afternoon, everyone, and thanks for joining us today. To begin, I want to take a moment to acknowledge and congratulate the entire Guidewire team across every function in our company on a truly outstanding year. We've all worked tirelessly to build a cloud platform that serves the P&C industry. We have engaged with customers and prospects often for multiple years to listen to feedback and help connect their imperatives and aspirations to our product capabilities.

謝謝，亞歷克斯。大家下午好，感謝大家今天的參與。首先，我想花點時間感謝並祝賀公司各個職能部門的整個 Guidewire 團隊度過了非常出色的一年。我們一直不懈努力，致力於建構服務於財產保險和意外險產業的雲端平台。多年來，我們經常與客戶和潛在客戶接觸，聽取回饋並幫助將他們的要求和願望與我們的產品功能聯繫起來。

To create an ecosystem of certified professionals capable of successfully modernizing the core systems that power our industry and help our customers and partners realize the benefits of moving to our cloud-based model. All this hard work is paying off for customers, partners, and the industry overall. It has also yielded tremendous financial results this year with both ARR and fully ramped ARR growth rates accelerating.

創建一個由認證專業人員組成的生態系統，能夠成功地實現推動我們行業發展的核心系統的現代化，並幫助我們的客戶和合作夥伴實現向基於雲端的模型遷移的好處。所有這些努力都為客戶、合作夥伴和整個產業帶來了回報。今年，該公司還取得了巨大的財務業績，ARR 和全面 ARR 成長率都在加速。

ARR in fiscal 2025 grew 19%, and fully ramped ARR grew 22% on a constant currency basis. We emphatically surpassed the $1 billion ARR milestone and collectively feel great about the future potential in the business.

2025 財年的 ARR 成長了 19%，以固定匯率計算，全面成長的 ARR 成長了 22%。我們順利超越了 10 億美元的 ARR 里程碑，並且對該業務的未來潛力充滿信心。

Before I hand it over to John, I just want to summarize my key takeaways from the quarter and fiscal year and why I think we're well-positioned to continue building on our current momentum.

在將其交給約翰之前，我只想總結一下本季和財政年度的主要收穫，以及為什麼我認為我們有能力繼續保持目前的勢頭。

First, demand for Guidewire Cloud platform is strong and continues to grow. Q4 was a record quarter, driven by deal volume, deal size, and a milestone win for our company. Liberty Mutual, a major Tier 1 insurer, chose to migrate their on-premise ClaimCenter instance to the cloud and also made a 10-year commitment to Guidewire to adopt PolicyCenter on our Guidewire Cloud platform. This is one of the most strategic partnerships in our history. Everything we have been talking about in prior quarters about platform maturity, referenceability, and flexibility really played out to drive this win and the overall results this quarter.

首先，對 Guidewire Cloud 平台的需求強勁且持續成長。第四季創下了紀錄，這得益於交易量、交易規模以及我們公司的里程碑式勝利。大型一級保險公司 Liberty Mutual 選擇將其本地 ClaimCenter 執行個體遷移到雲端，並向 Guidewire 做出 10 年承諾，在我們的 Guidewire Cloud 平台上採用 PolicyCenter。這是我們歷史上最具戰略意義的夥伴關係之一。我們在前幾個季度討論的有關平台成熟度、可參考性和靈活性的所有內容都確實推動了這一勝利以及本季度的整體業績。

Second, our pipeline entering fiscal 2026 remains very healthy. This durable demand environment is being driven by the success and referenceability of our cloud customers, which continues to generate great engagement and conversations with insurers of all sizes across all worldwide regions.

其次，進入 2026 財年，我們的管道仍然非常健康。這種持久的需求環境是由我們的雲端客戶的成功和可參考性所驅動的，這繼續與全球各個地區各種規模的保險公司產生良好的互動和對話。

Third, cloud margins are improving ahead of schedule. Guidewire Cloud Platform continues to scale very well reflected in subscription and support gross margins finishing the year at 70%. Jeff will talk more about this, but I'll just say that this increases our confidence that we can run a best-in-class cloud service and continue to grow into our target profile. But as proud as we are about our financial performance, it's important to recognize that what really drives us is delivering value and innovation to the P&C insurance industry.

第三，雲端利潤率正在提前提升。Guidewire 雲端平台繼續保持良好的擴展勢頭，訂閱和支援毛利率在今年年底達到 70%。傑夫將會就此進行更多討論，但我只想說，這增強了我們的信心，讓我們能夠運行一流的雲端服務，並繼續發展成為我們的目標。儘管我們對自己的財務表現感到自豪，但我們必須認識到，真正推動我們前進的動力是為財產和意外保險業提供價值和創新。

While there is still a lot of important work ahead in continuing the cloud transformation for our customers and the industry as a whole, I am increasingly energized by data-driven analytics and AI-focused applications that will truly deliver on the modernization potential we see. Our performance over the last few quarters has allowed us to begin to invest more in this incremental potential we see in the industry. Our acquisition of Quantee is a great example of this. where we believe we can modernize pricing operations and product management across the industry, and as a result, help insurers grow.

雖然在為我們的客戶和整個行業繼續進行雲端轉型方面仍有許多重要的工作要做，但我對數據驅動的分析和以人工智慧為中心的應用程式越來越充滿信心，這些應用程式將真正發揮我們所看到的現代化潛力。過去幾季的表現使我們能夠開始對產業中看到的這種增量潛力進行更多投資。我們對 Quantee 的收購就是一個很好的例子。我們相信我們可以實現整個行業的定價營運和產品管理的現代化，從而幫助保險公司發展。

We also see tremendous potential with our industry intelligence offering delivering predictive models and claims operations that will help drive down loss and expense ratios for our customers. We see opportunity in underwriting and intelligent ingestion of documents and data that will power a step change in commercial underwriting efficiency.

我們也看到了產業情報服務的巨大潛力，它提供的預測模型和索賠操作將有助於降低客戶的損失和費用率。我們看到了核保和文件及資料智慧提取方面的機遇，這將推動商業承保效率的顯著提高。

The successful transformation of our company to cloud puts us in a very unique strategic position, especially when you consider the possibilities for generative AI in our industry, our cloud platform, cloud installed base, ecosystem, and collective expertise and experience provides the general industry and line of business context needed to unlock the potential in large language models in generative AI.

我們公司向雲端的成功轉型使我們處於非常獨特的戰略地位，特別是當你考慮到我們行業中生成人工智慧的可能性時，我們的雲端平台、雲端安裝基礎、生態系統以及集體的專業知識和經驗提供了釋放生成人工智慧中大型語言模型潛力所需的一般產業和業務線環境。

By combining mission-critical core systems of record with cloud native services and modern APIs, we're in a position to focus directly and incrementally on these new applications that I think will genuinely improve the industry.

透過將關鍵任務核心記錄系統與雲端原生服務和現代 API 結合，我們能夠直接、逐步地關注這些我認為將真正改善行業的新應用程式。

We are excited to share more about this vision at our Connections user conference in Las Vegas in October, which will include a session specifically for financial analysts and our investor community.

我們很高興在十月份於拉斯維加斯舉行的 Connections 用戶大會上分享更多有關這一願景的信息，其中將包括一個專門針對金融分析師和投資者社區的會議。

And with that, I'll hand it over to John.

說完這些，我就把它交給約翰。

Good afternoon, everyone. As Mike said, it was another record quarter and fiscal year for Guidewire. We continue to see growing demand, signing 19 core cloud deals in Q4, totaling 57 for the year, representing healthy annual growth in deal count. We saw the maturity and referenceability of Guidewire Cloud Platform drive larger deal sizes. This was underscored by the Q4 landmark signing with Liberty Mutual for ClaimCenter and PolicyCenter that Mike mentioned. These points of strategic alignment culminate in the context of the quarter. But it's important to recognize the countless hours that went into establishing this level of shared commitment and alignment to a path forward. We're humbled by the opportunity to partner with leading insurers on their journeys and grateful for the depth, rigor, and commitment that customers and Guidewire teams put into this.

大家下午好。正如 Mike 所說，對於 Guidewire 來說，這又是一個創紀錄的季度和財政年度。我們繼續看到需求不斷增長，第四季度簽署了 19 筆核心雲端交易，全年總計 57 筆，代表著交易數量的健康年度成長。我們看到 Guidewire 雲端平台的成熟度和可參考性推動了交易規模的擴大。Mike 提到的與 Liberty Mutual 簽署的關於 ClaimCenter 和 PolicyCenter 的第四季度里程碑式的協議就強調了這一點。這些戰略協調點在本季度達到了頂峰。但重要的是要認識到，建立這種程度的共同承諾和對前進道路的協調需要投入無數的時間。我們很榮幸有機會與領先的保險公司合作，並感謝客戶和 Guidewire 團隊為此付出的深度、嚴謹性和承諾。

We did nine deals with Tier 1 brands in the fourth quarter. We continue to build on our referential proof points with the world's leading global insurance brands. This manifested itself again in the fourth quarter with three deals at separate subsidiaries of a Tier 1 multinational insurance brand.

我們在第四季度與一線品牌達成了九項交易。我們將繼續與世界領先的全球保險品牌一起建立參考證明點。這一現像在第四季再次體現，一家一級跨國保險品牌的獨立子公司達成了三筆交易。

In the fourth quarter, we saw broad-based strength by geography, line of business across migrations, expansions, and net new deals.

在第四季度，我們看到各地區、各業務線在遷移、擴展和淨新交易方面都表現出廣泛優勢。

Starting with geographic strength. North America had a great year, an exceptional win rate that was very stable throughout the year and through Q4.

從地理優勢開始。北美今年表現出色，全年及第四季的勝率都非常穩定。

Our European team closed two meaningful deals in the quarter, bringing their total for the year to 11, which shows a great return on the investments we've made in Europe. This EMEA team is very effectively advancing our strategic alignment with the market.

我們的歐洲團隊在本季度完成了兩筆有意義的交易，使他們全年的交易總數達到 11 筆，這表明我們在歐洲的投資獲得了豐厚的回報。這個 EMEA 團隊正在非常有效地推動我們與市場的策略協調。

In Latin America, we saw a sharp increase in market momentum, closing three deals in the fourth quarter. This team is making a massive impact.

在拉丁美洲，我們看到市場勢頭急劇增長，第四季度完成了三筆交易。這支球隊正在產生巨大的影響。

In Asia Pacific, our success in Australia and New Zealand combined with our long-term bets in Japan put us in a great long-term position.

在亞太地區，我們在澳洲和紐西蘭的成功，加上我們在日本的長期投資，使我們處於良好的長期地位。

Turning to deal type. We saw eight migrations in the quarter and six meaningful expansions to new lines of business or new modules at existing customers. Our account alignment motion is absolutely critical in the SaaS context. This is showing results for us, but more importantly, for our customers and aligning our activities with their strategic plans and business results.

轉向交易類型。本季度，我們看到了八次遷移，以及現有客戶向新業務線或新模組進行的六次有意義的擴展。在 SaaS 環境中，我們的帳戶協調動作絕對至關重要。這不僅為我們帶來了成果，更重要的是，也為我們的客戶帶來了成果，使我們的活動與他們的策略計畫和業務成果保持一致。

We also won six net new customers in the quarter, including four for full InsuranceSuite. It was great to see insurance now have another good quarter, closing a total of three deals in the fourth quarter, two of which were net new, showing that we can cover all ends of the market.

本季我們也贏得了 6 位新客戶，其中 4 位是全套 InsuranceSuite 客戶。很高興看到保險業現在又迎來了一個良好的季度，第四季度共完成三筆交易，其中兩筆是淨新增交易，這表明我們可以覆蓋市場的各個方面。

We're seeing continued traction with our focus on industry intel and our data and analytics portfolio of products. We closed another two deals for Industry Intel in Q4 and 16 of our core deals in the quarter included one or more of our analytics and data offerings. This momentum is fueled by the successful programs driven by our professional services teams and the depth of our partnership with the SI community and broader ecosystem.

我們看到，我們對產業情報以及數據和分析產品組合的關注持續受到關注。我們在第四季為 Industry Intel 完成了另外兩筆交易，本季我們的 16 筆核心交易包含一項或多項分析和數據產品。這一勢頭得益於我們的專業服務團隊推動的成功計劃以及我們與 SI 社區和更廣泛的生態系統的深度合作。

Our SI community expanded by 11% to over 27,000 professionals and a 24% increase in cloud certified consultants. These relationships continue to increase the strategic nature of how we face the market together. We will be working within professional services and with the SI community to drive increasing pace and predictability in programs leveraging AI.

我們的 SI 社群擴大了 11%，專業人員數量超過 27,000 名，雲端認證顧問數量增加了 24%。這些關係不斷增強我們共同面對市場的策略性。我們將與專業服務部門以及 SI 社群合作，推動利用 AI 的專案的速度和可預測性不斷提高。

There is also an increasing focus with these SIs and our advisory partners in the identification of business value for insurers and the critical importance of modern core systems to unlock the promise of agility and precision that is emerging with the possibilities of generative and agentic AI.

這些 SI 和我們的諮詢合作夥伴也越來越關注確定保險公司的商業價值，以及現代核心系統對於釋放生成性和代理性 AI 所帶來的敏捷性和精確性的潛力的關鍵性。

Our technology partner ecosystem remains healthy and growing. We focused on managing and nurturing this ecosystem, which has increased to over 300 third-party applications on our marketplace, driven by over 200 technology partners. We continue to focus on aligning these partners and applications for impact to customer outcomes.

我們的技術合作夥伴生態系統保持健康且不斷發展。我們專注於管理和培育這個生態系統，在 200 多個技術合作夥伴的推動下，我們的市場上的第三方應用程式已增加到 300 多個。我們將繼續致力於協調這些合作夥伴和應用程式以對客戶成果產生影響。

Reflecting on the quarter, I'm truly proud of the team's commitment and execution. We carry strong market momentum and pipeline into this next fiscal year. We will continue to tirelessly run and improve the platform and applications. We will continue to drive our effort, investments, and focus of our ecosystem to be closer to the strategic needs and business outcomes of our customers and the industry at large. This includes operating in their geographic and regulatory context, addressing their specific line of business needs, and investing to address the increasing pressure our customers face in the areas of risk selection, pricing, agility, and products feed to market. We're optimistic for the year ahead.

回顧本季，我為團隊的承諾和執行力感到由衷的自豪。我們將帶著強勁的市場動能和銷售管道進入下一個財年。我們將繼續不懈地運行和改進平台和應用程式。我們將繼續推動我們的努力、投資和生態系統的重點，以更貼近我們客戶和整個產業的策略需求和業務成果。這包括在其地理和監管環境下開展營運、滿足其特定的業務需求，以及投資以應對客戶在風險選擇、定價、敏捷性和產品上市方面面臨的日益增加的壓力。我們對未來一年充滿樂觀。

With that, I'll hand it over to Jeff.

說完這些，我就把它交給傑夫。

Thanks, John. We had an incredible finish to the year, highlighted by 19% ARR growth, 22% fully ramped ARR growth and 25% cash flow from operations margin. I'm so proud of what the Guidewire team delivered in Q4 and the fiscal year.

謝謝，約翰。我們今年取得了令人難以置信的成績，其中突出的是 ARR 成長率為 19%，ARR 全面成長為 22%，營運現金流利潤率為 25%。我為 Guidewire 團隊在第四季和整個財年取得的成績感到非常自豪。

With that, let me jump into the details. ARR ended the year at $1.032 billion, up 19% year over year on a constant currency basis and ahead of our expectations. As a reminder, we measure ARR on a constant currency basis throughout the year and then update ARR for year-end FX rates, making this update impacted ARR by $9 million, resulting in ARR of $1.041 billion. In general, ARR benefited from strong sales activity throughout the year and the lowest ARR attrition rate on record since we started disclosing ARR as a key metric.

好了，讓我來詳細講講。年度平均經常性收入 (ARR) 年底達到 10.32 億美元，以固定匯率計算年增 19%，超出我們的預期。提醒一下，我們全年以固定貨幣為基礎衡量 ARR，然後根據年末外匯匯率更新 ARR，因此此次更新對 ARR 的影響為 900 萬美元，最終 ARR 為 10.41 億美元。總體而言，ARR 受益於全年強勁的銷售活動，以及自我們開始揭露 ARR 作為關鍵指標以來記錄的最低 ARR 流失率。

Fully ramped ARR, which we define as the fully ramped annual price outlined in customer contracts, grew 22% year over year on a constant currency basis. We are seeing an increased willingness from insurers to make big commitments to Guidewire Cloud.

我們將全面上調的 ARR 定義為客戶合約中概述的全面上調的年度價格，按固定匯率計算同比增長 22%。我們看到保險公司越來越願意對 Guidewire Cloud 做出重大承諾。

Total Cloud ARR, which includes ARR for all of our cloud products and for customers that have contracted to move to the cloud, grew 36% year over year and comprised 74% of total ARR.

總雲 ARR（包括我們所有雲端產品和已簽約遷移到雲端的客戶的 ARR）年增 36%，佔總 ARR 的 74%。

Total revenue for the year was $1.2 billion, ahead of our expectations due to strong performance across all components of revenue. Subscription revenue finished the year at $667 million, up 40% year over year. Subscription and support revenue was $731 million, up 33% year over year. Despite the strong cloud migration activity we have seen, license revenue for the year was $252 million, up 1% year over year due to healthy direct written premium and CPI adjustments. As migrations continue to accelerate, it will positively impact subscription revenue would cause license revenue to decline over time.

全年總收入為 12 億美元，由於所有收入組成部分的強勁表現，超出了我們的預期。全年訂閱收入達 6.67 億美元，年增 40%。訂閱和支援收入為 7.31 億美元，年增 33%。儘管我們看到了強勁的雲端遷移活動，但由於健康的直接承保保費和 CPI 調整，今年的授權收入為 2.52 億美元，較去年同期成長 1%。隨著遷移的不斷加速，它將對訂閱收入產生積極影響，並導致授權收入隨著時間的推移而下降。

Services revenue finished at $219 million, up 21% year over year. We experienced strong services revenue growth as we work to balance healthy utilization for Guidewire resources with continued strong partnership and alignment with the SI community on cloud programs. I think we achieved a healthy balance this year, and the team has done a great job managing this part of our business.

服務收入達到 2.19 億美元，年增 21%。我們致力於在 Guidewire 資源的健康使用率與在雲端計劃上與 SI 社群持續保持緊密的合作夥伴關係和協調之間取得平衡，從而實現了強勁的服務收入成長。我認為我們今年實現了健康的平衡，團隊在管理這部分業務方面做得很好。

Turning to profitability for the fiscal year, which we will discuss on a non-GAAP basis, gross profit was $789 million, up 28% year over year. Overall gross margin was 66% compared to 63% a year ago. Subscription and support gross margin was 70%, up 4 percentage points year over year. Services gross margin was 13% compared with 7% a year ago. We improved billable utilization rates and continued to achieve successful outcomes with cloud programs. Implementation programs are benefiting from improved predictability and efficiency, platform maturity, combined with more experience with cloud is improving outcomes.

談到本財年的獲利能力，我們將以非 GAAP 為基礎進行討論，毛利為 7.89 億美元，年增 28%。整體毛利率為 66%，去年同期為 63%。訂閱和支持毛利率為70%，較去年同期成長4個百分點。服務毛利率為 13%，而去年同期為 7%。我們提高了計費利用率，並繼續透過雲端計畫取得成功的成果。實施方案受益於可預測性和效率的提高、平台的成熟度以及雲端運算經驗的增加，從而改善了結果。

Operating income was $208 million, up 109% year over year and above the high end of our outlook by $13 million. The positive impact of higher-than-expected revenue was partially offset by the employee bonus accruals, which was higher than our expectations due to outperformance of key financial targets. Overall stock-based compensation was $162 million, up 10% year over year.

營業收入為 2.08 億美元，年增 109%，比我們預期的最高值高出 1,300 萬美元。高於預期的收入帶來的正面影響被員工獎金應計額部分抵消，由於關鍵財務目標的出色表現，員工獎金應計額高於我們的預期。整體股票薪酬為 1.62 億美元，較去年同期成長 10%。

Operating cash flow ended the year at $301 million. We are thrilled with the continued profitability and cash flow progression. We ended the quarter with $1.5 billion in cash, cash equivalents, and investments.

年底經營現金流為 3.01 億美元。我們對持續的獲利能力和現金流成長感到非常興奮。本季末，我們的現金、現金等價物和投資為 15 億美元。

Now, let me turn to our outlook. For fiscal 2026, we expect ARR of between $1.21 billion and $1.22 billion, representing 17% constant currency growth at the midpoint. Our confidence to deliver durable ARR growth is being supported by multiple years of strong fully ramped ARR growth rates punctuated by 22% growth in fiscal '25. The cohort of ramping events sold in fiscal '25 will flow into our ARR number over the next five years. We are thrilled to see durable growth move up off of our historical pattern of mid-teens growth.

現在，讓我談談我們的展望。對於 2026 財年，我們預計 ARR 將在 12.1 億美元至 12.2 億美元之間，以中間值計算，相當於 17% 的恆定貨幣成長率。我們對實現持久 ARR 成長的信心源於多年來強勁的 ARR 成長率，其中 25 財年成長率達到 22%。25 財年銷售的一系列成長活動將在未來五年內流入我們的 ARR 數字。我們很高興看到持久成長擺脫了歷史上十幾歲的成長模式。

Total revenue for the year is expected to be between $1.385 billion and $1.405 billion. We expect that subscription revenue will be approximately $888 million, representing 34% growth and we expect subscription and support revenue to be around $945 million in fiscal 2026, which assumes support revenue will decline about $7 million as a result of the continued migration of our installed base to the cloud. As a reminder, support revenue attaches to term license customers for cloud customers support activities are included in the subscription fee.

預計全年總收入將在 13.85 億美元至 14.05 億美元之間。我們預計訂閱收入將達到約 8.88 億美元，成長 34%，我們預計 2026 財年的訂閱和支援收入將達到約 9.45 億美元，其中假設由於我們的安裝基礎繼續遷移到雲端，支援收入將下降約 700 萬美元。提醒一下，定期授權客戶的支援收入對於雲端客戶來說，支援活動包含在訂閱費用中。

We expect license revenue to decline by over $30 million due to continued progress on cloud migrations. This also assumes a bit lower DWP and CPI adjustment activity this year in our on-prem customer base. Our outlook for services revenue is approximately $232 million as we expect to experience more modest growth this year off of a healthy services revenue base experienced in fiscal 2025.

由於雲端遷移的持續進展，我們預計授權收入將下降 3,000 多萬美元。這也假設今年我們內部客群的 DWP 和 CPI 調整活動會略低。我們對服務收入的預期約為 2.32 億美元，因為我們預計在 2025 財年健康的服務收入基礎上，今年將實現更溫和的成長。

Turning to gross margins. We expect subscription and support gross margins to be between 71% and 72%. We continue to track ahead of our targets and feel incrementally more confident in our ability to deliver on our long-term margin targets that we discussed at our Analyst Day last year. We anticipate professional services gross margins to be approximately 13%, we expect total gross margins for the year to be approximately 66%.

談到毛利率。我們預計訂閱和支援毛利率將在 71% 至 72% 之間。我們將繼續朝著目標前進，並且對我們實現去年分析師日討論的長期利潤目標的能力越來越有信心。我們預計專業服務的毛利率約為 13%，預計全年總毛利率約為 66%。

With respect to operating income, we expect non-GAAP operating income of between $259 million and $279 million for the fiscal year. We also expect GAAP operating income of between $68 million and $88 million.

關於營業收入，我們預計本財年非 GAAP 營業收入將介於 2.59 億至 2.79 億美元之間。我們也預期 GAAP 營業收入將在 6,800 萬美元至 8,800 萬美元之間。

Our stock-based compensation expense is expected to be approximately $185 million and this includes $10 million in assumed SBC costs associated with our employee stock purchase plan that we initiated in late fiscal 2025. Cash flow from operations in fiscal 2026 is expected to be between $350 million and $370 million. Our CapEx expectations for the year are between $25 million and $30 million, including approximately $16 million in capitalized software development costs.

我們的股票薪酬費用預計約為 1.85 億美元，其中包括與我們在 2025 財年末啟動的員工股票購買計劃相關的 1000 萬美元假設 SBC 成本。預計2026財年的經營現金流將在3.5億美元至3.7億美元之間。我們今年的資本支出預計在 2,500 萬美元至 3,000 萬美元之間，其中包括約 1,600 萬美元的資本化軟體開發成本。

Our Q1 outlook can be found in our press release, but let me provide a bit more color. Even with strong sales activity in Q4, we have a healthy pipeline in Q1. We are expecting ARR to be between $1.048 billion and $1.054 billion. We expect subscription and support revenue of approximately $218 million and services revenue of approximately $60 million.

我們的第一季展望可以在我們的新聞稿中找到，但請允許我提供更多細節。即使第四季的銷售活動強勁，我們在第一季也擁有健康的銷售管道。我們預計 ARR 將在 10.48 億美元至 10.54 億美元之間。我們預計訂閱和支援收入約為 2.18 億美元，服務收入約為 6,000 萬美元。

We expect subscription and support margin between 71% and 72% and services margins of around 15%, and total gross margins of approximately 64%. Also annual employee bonuses and commission expenses related to Q4 sales are paid out in Q1, which impacts cash flow. As a result, we expect Q1 cash flow from operations to follow a similar pattern to what we experienced last year.

我們預計訂閱和支援利潤率在 71% 至 72% 之間，服務利潤率約為 15%，總毛利率約為 64%。此外，與第四季度銷售相關的年度員工獎金和佣金費用在第一季支付，這會影響現金流。因此，我們預計第一季的經營現金流將遵循與去年類似的模式。

In summary, Q4 capped off a tremendous fiscal year, and it's a reflection of the team's strong execution as we have started to unlock the potential of the market opportunity in front of us.

總而言之，第四季度為輝煌的財年畫上了圓滿的句號，這反映了團隊強大的執行力，因為我們已經開始釋放擺在我們面前的市場機會的潛力。

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

現在，讓我們開始提問。

Rishi Jaluria, RBC.

Rishi Jaluria，RBC。

All right. Perfect. Really nice to see this sort of acceleration at scale. Maybe just two for me. First, I comment that record low ARR attrition in the year really stood out to me. Maybe can you talk what's been the drivers? Has it been product maturity and certain things in your control, focus on customer success as well as some macro events within the industry, maybe less consolidation than expected better insurance environment. Maybe walk us though what you're seeing there?

好的。完美的。真的很高興看到這種規模的加速。對我來說可能只有兩個。首先，我認為今年創紀錄的低 ARR 流失率確實讓我印象深刻。能談談驅動因素是什麼嗎？產品是否成熟，以及某些事情是否在您的掌控之中，是否專注於客戶的成功以及行業內的一些宏觀事件，也許整合程度低於預期，保險環境會更好。也許可以跟我們講講你在那裡看到了什麼？

And then I've got a quick follow-up.

然後我有一個快速的跟進。

Yeah. I'll take it, and then I'll let John and Jeff comment if they want to. I think certainly, the company just generally benefits from having an extremely durable customer base, extremely durable use case. But I would say the focus we've had on ensuring project success, pushing to make sure that projects go live, pushing the -- ensure that customers no matter what see positive results from the decision to go with Guidewire benefits our ability to ensure that we continue to renew and that every single one of these contracts. And we've just had an extreme focus on this, and you could describe it as a focus on customer success, a focus on quality implementations with our partner programs.

是的。我會接受它，然後我會讓約翰和傑夫發表評論（如果他們願意的話）。我認為，公司確實受益於擁有極其持久的客戶群和極其持久的用例。但我想說，我們一直致力於確保專案成功，推動專案上線，推動——確保客戶無論如何都能從選擇 Guidewire 的決定中看到積極的結果，這有利於我們確保繼續續約每一份合約。我們對此極為關注，您可以將其描述為對客戶成功的關注，對合作夥伴計劃的品質實施的關注。

I think that all of that plays into what was a really remarkable outcome for attrition. It's pretty unique. I've worked in enterprise software for a long time, and this was a very, very good year. In terms of what we were able to renew relative to what we started with and -- so focus across the board is generally my answer.

我認為所有這些都導致​​了人員減員這真正顯著的結果。它非常獨特。我從事企業軟體工作已經很久了，今年是非常非常好的一年。就我們相對於開始時能夠更新的內容而言——因此，我的答案通常是全面關注。

Yeah. The only thing I would add is, I mean, you're right to note that drivers of attrition can be things like M&A events and things that are in some way out of our control. And we didn't experience any large events like that this year, which benefited the number. I just also want to call out the team's focus on this. I think the customer success team has done a tremendous job just building focus and getting in front of any type of attrition event and having very healthy conversations with customers to kind of ensure we're working hand-in-hand on resolving issues early.

是的。我唯一想補充的是，您說得對，人員流失的驅動因素可能是併購事件以及我們無法控制的事情。今年我們沒有經歷任何類似的大型事件，這對數字有利。我只是想呼籲團隊關注這一點。我認為客戶成功團隊已經做了大量工作，他們集中精力、應對任何類型的客戶流失事件，並與客戶進行非常健康的對話，以確保我們攜手儘早解決問題。

Got it. That's really helpful. And then maybe just as a quick follow-up. If I really think about the next act, right? I mean, clearly, it's been a very successful cloud transition. The metrics speak for themselves in terms of cloud as a percent of ARR accelerating ARR growth, et cetera, how should we be thinking now with kind of a focus on platform expansion?

知道了。這真的很有幫助。然後也許只是作為一個快速的後續行動。如果我真的考慮下一個行為，對嗎？我的意思是，顯然，這是一次非常成功的雲端轉型。這些指標不言而喻，雲端運算佔 ARR 的百分比加速了 ARR 的成長等等，我們現在該如何思考如何專注於平台擴展？

I know in the past, you've kind of hinted it doing more on the underwriting side and becoming broader and going deeper within the customer base. Not to get too much ahead of connections next month, but just love to get a little bit of color for how we should be thinking about kind of that act to as we start to get through the cloud transition, and there's maybe a little bit more focus on platform expansion, which I'm sure you've been working on as well.

我知道，過去您曾暗示過它會在承保方面做更多的事情，並在客戶群中變得更廣泛、更深入。我們不想在下個月的連接問題上說太多，只是想了解一下當我們開始經歷雲端轉換時我們應該如何考慮這種行為，也許我們應該更加關注平台擴展，我相信你們也一直在努力。

Yeah. Let me put -- I'd like to -- you could call it Act 3 maybe because Act 1 was establishing the success of the company in the first place, Act 2 maybe was turning it into a cloud platform. Act 3 is all about data and analytics and more innovative application use cases that we can uniquely build. I just think I would position this all around the strategic position we're in. We have an access and permission from an incredible customer base to apply these innovative use cases to positive insurance outcomes that I think is very unique in the world. And we're very, very excited to go attack that opportunity. And it's honestly just complete luck.

是的。讓我說一下——我想——你可以稱之為第三幕，也許是因為第一幕首先確立了公司的成功，而第二幕也許是將其轉變為雲端平台。第三幕是關於數據和分析以及我們可以獨特構建的更多創新應用用例。我只是認為我會根據我們所處的戰略地位來定位這一切。我們擁有龐大的客戶群和許可，可以將這些創新用例應用於積極的保險成果，我認為這在世界上是非常獨特的。我們非常非常高興能夠抓住這個機會。說實話這完全是運氣問題。

We didn't plan it, but generative AI creates this incredible opportunity to differentiate these applications and bring additional value to an industry that I think is traditionally just less structured, less automatable. But with generative AI, there is so much potential for us to improve the efficiencies that underlie a lot of these workflows in the industry, and we're very, very excited about it.

我們沒有計劃這樣做，但生成性人工智慧創造了這個令人難以置信的機會來區分這些應用程序，並為我認為傳統上結構性較差、自動化程度較低的行業帶來額外的價值。但藉助生成式人工智慧，我們有很大潛力來提高產業中許多工作流程的效率，我們對此感到非常興奮。

I think Connections, as you said, will be a great opportunity for us to talk about that in more detail. But we see potential, like I called out in the discussion points, we see potential in pricing. We see potential in underwriting. We see potential in claims. It's really across the board.

我認為，正如您所說，Connections 將為我們提供一個更詳細討論這一問題的絕佳機會。但我們看到了潛力，就像我在討論要點中提到的那樣，我們看到了定價的潛力。我們看到了承保的潛力。我們看到了索賠的潛力。這確實是全面的。

And the strength of the business, the strength of the execution so far really gives us, call it, some slack or some ability to focus additional resources in the business at these use cases. It's the confidence that we have in the baseline execution of the cloud transformation, the continued modernization activity that gives us the ability to say, hey, let's carve out some people that can really go focus on these new products, work with customers and bring these new products to market.

到目前為止，業務的實力和執行的實力確實給了我們一些鬆懈或一些能力，讓我們能夠在這些用例中集中額外的業務資源。我們對雲端轉型的基線執行充滿信心，持續的現代化活動讓我們有能力說，嘿，讓我們挑選一些能夠真正專注於這些新產品、與客戶合作並將這些新產品推向市場的人。

So hopefully, that's maybe Chapter 3 that you should expect from us to talk more and more about as we go into the future. I don't know, John, you probably have a good perspective on this, too.

所以希望，這也許是第 3 章，隨著我們走向未來，您應該會越來越多地談論這個內容。我不知道，約翰，你可能對此也有一個很好的看法。

The only thing I'd add is you mentioned the proximity to a customer. With the location we have in the market, with the work we've done, the ability to get closer and closer to our customers' strategic intentions for growth, for product speed to market for agility is something that we're wired for. And we're really excited about having more of those conversations and I think we have a right to have those, and we are building the team and the account motion that really turns our years on for that and the product team that can really get after that. So a lot of optimism around that Act 3.

我唯一要補充的是，您提到了與客戶的距離。憑藉我們在市場中的地位和所做的工作，我們有能力越來越接近客戶的成長策略意圖，加快產品上市速度，並提高敏捷性。我們真的很高興能有更多這樣的對話，我認為我們有權進行這些對話，我們正在建立團隊和帳戶動議，這確實讓我們為此而努力，產品團隊也確實能夠實現這一點。因此，人們對第三幕充滿樂觀。

Dylan Becker, William Blair.

迪倫貝克爾、威廉布萊爾。

A really nice job here. I appreciate the question. Maybe, Mike, starting for you -- you or John, I think there's been kind of this misperception around what premium growth -- or how that kind of impacts the model to some extent. So we love the opportunity for you to kind of address that. And maybe in that context of a more normalized premium backdrop, maybe the importance that, that places on more efficient pricing and underwriting. And again, we've talked about catalysts in the past, but maybe if that's even a further kind of validation of why now is the time to modernize, we can't just traditionally lean on price.

這裡的工作確實很棒。我很感謝你提出這個問題。麥克，也許，從你或約翰開始，我認為人們對保費成長有某種誤解——或者這種成長在某種程度上對模型有何影響。因此我們很高興您能有機會解決這個問題。也許在保費更標準化的背景下，更有效的定價和核保可能更為重要。再說一次，我們過去曾討論過催化劑，但也許如果這進一步驗證了為什麼現在是現代化的時候了，我們就不能僅僅依靠傳統上的價格。

Sure. So the first thing that I would say is premium growth, direct written premium growth generally benefits Guidewire but it is maybe -- you introduced the concept of it being slightly misunderstood. We have a lot of complicated structures that we create with our customers that often give them periods of time in which they can have price certainty before things like premium growth kick in and caused resets in what they're paying us.

當然。因此，我想說的第一件事是保費增長，直接承保保費增長通常對 Guidewire 有利，但也許——你引入的概念有點被誤解了。我們與客戶一起創建了許多複雜的結構，這些結構通常會為客戶在保費增長等因素開始並導致他們向我們支付的費用重置之前提供一段時間的價格確定性。

And so as that -- as you look at that across our entire customer base, there may be changes that are going on in the industry related to premium growth that don't directly flow into our revenue model, as you might imagine they would just base on the complexity of those contract structures.

因此，從整個客戶群來看，行業中與保費成長相關的變化可能不會直接影響我們的收入模式，正如您可能想像的那樣，這些變化只是基於這些合約結構的複雜性。

But generally, this is beneficial for us. It's also beneficial in the context that the industry -- it creates an incentive in the industry for them to, as you say, get more focused on pricing risks, get more focused on their efficiencies in order to be able to bring great change to market. And that helps create more of a compelling event for us in terms of making the argument that they should have modern core systems and modern platforms around which to operate their insurance company.

但總的來說，這對我們有利。這對整個產業來說也是有益的——它為整個產業創造了一種激勵，正如你所說，讓他們更加關注定價風險，並更加關注效率，以便能夠為市場帶來巨大的變化。這有助於為我們創造更引人注目的事件，讓我們認識到他們應該擁有現代核心系統和現代平台來經營他們的保險公司。

So look, both of these things are beneficial to us. I think that there's a story that like any sort of slowdown in that growth rate in the industry is a headwind to Guidewire, but I really think that, that overstates the issue for us. We just see -- we continue to see a lot of demand for system modernization and we don't see a slowdown in premium growth really having a dramatic impact on that demand.

所以看，這兩件事對我們都有好處。我認為有一種說法是，行業成長率的任何放緩都會對 Guidewire 造成不利影響，但我真的認為，這種說法誇大了我們的問題。我們只是看到——我們繼續看到對系統現代化的大量需求，我們也不認為保費成長放緩會對這種需求產生巨大影響。

And so as Jeff said in the remarks, we modeled in a slight kind of reduction in the growth rates associated with the license component of our ARR or the term license component of our ARR. But relative to the other drivers of our business, this is pretty minimal. The industry needs to modernize. The industry is more and more dynamic every quarter, and systems like Guidewire are only helping drive that.

正如傑夫在評論中所說，我們模擬了與我們的 ARR 的授權部分或 ARR 的定期授權部分相關的成長率略有下降。但相對於我們業務的其他驅動因素而言，這相當小。該行業需要現代化。該行業每個季度都變得越來越活躍，而 Guidewire 等系統只會幫助推動這一趨勢。

That's perfect. Thank you, Mike. And maybe it's a good segue to Jeff, too. Obviously, the 22% fully ramped is exceptional here. I think people -- we've always kind of thought about the industry as a consistent kind of mid-teens grower that didn't really move or fluctuate too much, I guess, given kind of the market momentum, what you guys are seeing kind of the inflection, referenceability and maturity here. Is there any way to rethink about kind of what the structural growth profile of the business is here going forward?

那很完美。謝謝你，麥克。或許這對傑夫來說也是一個很好的過渡。顯然，22% 的全面提昇在這裡是例外。我認為人們——我們一直認為這個行業是一種穩定的中期成長，並沒有太大的變動或波動，我想，考慮到市場的勢頭，你們在這裡看到的是轉折點、可參考性和成熟度。有沒有辦法重新思考未來業務的結構性成長概況？

Yeah. Thanks for the question. We're thrilled to deliver 19% ARR growth this year. We're guiding to 17% next year, so seeing that tick up in the overall growth rate is exciting for us to watch. And given the dynamics that we're seeing in the demand profile and the willingness to make large commitments and the ramped agreements that we see, it gives us confidence that, that elevated level kind of ticking up off of mid-teens has the potential to be durable. But this industry does have its own rhythm and cadence, and so we'll be measured as we think through that, but obviously thrilled to see the growth rate tick up a bit.

是的。謝謝你的提問。我們很高興今年實現了 19% 的 ARR 成長。我們預計明年的成長率將達到 17%，因此看到整體成長率的上升讓我們感到興奮。鑑於我們在需求概況中看到的動態以及做出重大承諾的意願和我們看到的逐步增加的協議，這讓我們有信心，這種從十幾歲開始上升的較高水平有可能持續下去。但這個行業確實有其自身的節奏和韻律，因此我們會在思考這個問題時保持謹慎，但顯然很高興看到成長率略有上升。

Alexei Gogolev, JPMorgan.

摩根大通的 Alexei Gogolev。

Mike, I wanted to ask you about competition. Obviously, we always appreciate your measured comments, but from what we can understand, one of your competitors, which went prior recently suggesting their ARR is growing at 9%. And obviously much, much lower than what Guidewire is experiencing. Do you think that is more company specific? Or are you seeing any challenges in the industry where they operate and what do you think is the trajectory of DWP.

麥克，我想問你關於競爭的問題。顯然，我們始終感謝您的審慎評論，但據我們了解，您的一位競爭對手最近表示，他們的 ARR 成長率為 9%。顯然，這比 Guidewire 所經歷的要低得多。您認為這更針對公司嗎？或者您是否看到他們所處的行業面臨任何挑戰，以及您認為 DWP 的發展軌跡是什麼。

So yes, let me -- this is my general take of Guidewire and our growth rates is almost every single customer prospect I speak to recognizes that it would be beneficial to modernize their core system to a platform like Guidewire. And the biggest question, the biggest thing holding them back is the possibility of failure, the possibility that, that project doesn't work, the possibility of that project takes twice as long as they expected to and the ROI associated with the assumptions don't hold. And so to the extent that we can minimize that risk, and I guess I can't say that it's yet 0, but certainly, that's our aspiration that, that risk is 0. This increases our potential to grow this company because there is so much demand, there's so much unmodernized system out there.

是的，這是我對 Guidewire 的整體看法，我們的成長率幾乎與我交談過的每位潛在客戶都認識到，將他們的核心系統現代化為 Guidewire 這樣的平台將是有益的。而最大的問題，阻礙他們前進的最大因素是失敗的可能性，專案可能無法成功的可能性，專案可能需要花費預期兩倍的時間，並且與假設相關的投資回報率不成立。因此，我們可以將風險降至最低，雖然我不能說風險已經是 0，但可以肯定的是，我們的願望是將風險降至 0。這增加了我們公司發展的潛力，因為需求很大，而且還有很多未現代化的系統。

There's so much potential in this industry that if we can create the confidence that this decision is going to work and it's going to pay off and the assumptions that they have about the impact it's going to have on their business are going to come true. And it's all -- like I said, it's all about minimizing the risk of failure. That can drive our success. And so I don't like to compare us versus anybody else, but it's like when we engage and we can convince these customers that they can follow in the footsteps of all these other success stories, that's what's really driving our growth.

這個行業有如此大的潛力，如果我們能夠相信這個決定將會奏效並帶來回報，那麼他們對這個決定將對其業務產生的影響的假設就會成真。正如我所說，這一切都是為了盡量降低失敗的風險。這可以推動我們的成功。因此，我不喜歡將我們與任何其他人進行比較，但就像當我們參與其中並能夠說服這些客戶，他們可以追隨所有其他成功故事的腳步時，這才是真正推動我們成長的動力。

And I think this is -- it's not just core to our technology platform, but the attitude in the company about how we will stop at nothing to ensure that every single customer is successful. This is what is really helping to drive that growth rate. And I think kind of you look at our guide for next year, it gives us a lot of confidence in the out years as well.

我認為這不僅是我們技術平台的核心，也是公司不遺餘力確保每位客戶成功的態度。這才是真正推動成長率的因素。而且我認為，如果您看一下我們明年的指南，它也會讓我們對未來幾年充滿信心。

Thank you, Mike. And a quick follow-up on some of your generative AI comments. Obviously, a huge opportunity, as you say. How about internal software development do you think you're approaching a stage where you can move from or software updates per year versus three currently?

謝謝你，麥克。並對您的一些生成性人工智慧評論進行快速跟進。顯然，正如您所說，這是一個巨大的機會。對於內部軟體開發，您認為您是否已經接近可以從每年一次軟體更新（而不是目前的三次）轉向每年一次的階段？

That's a good question. I don't know -- yeah, I'm going to have to talk to our tech leaders about this and see what Diego thinks. I would say this about this tooling.

這是個好問題。我不知道——是的，我必須與我們的技術領導人討論這個問題，看看迭戈怎麼想。我想說一下這個工具。

We're incredibly excited about it, okay? We have done the proof of concepts that I think a lot of software companies have done. We have seen the signal that this has the potential to accelerate our throughput and give us a path to producing more innovative products.

我們對此感到無比興奮，好嗎？我們已經完成了概念驗證，我認為很多軟體公司都已經完成了。我們已經看到了這樣的訊號：這有可能加速我們的生產能力，並為我們生產更多創新產品提供途徑。

We're in the early stages of like extending these proof of concepts, and it's probably premature for me to say that the claim that we are seeing X amount of increase in productivity, but we certainly see the potential, and we're very, very excited about it.

我們正處於擴展這些概念驗證的早期階段，現在就斷言我們看到了生產率的 X 倍增長可能還為時過早，但我們確實看到了潛力，並且對此感到非常非常興奮。

Now, as it relates to how often we'll release to our customers, that's more complicated and probably has to do with us validating with customers that they're prepared to receive updates more frequently versus just putting more into each release. That's kind of a debate we'll have with customers. But we are very, very excited right now about these tools and how they'll be used to build product at Guidewire, how they'll be used to help customers do implementations more efficiently, how our own professional services will use them to do implementations more efficiently. So very bullish in the long run about the potential that we see here.

現在，由於這與我們向客戶發布更新的頻率有關，因此情況變得更加複雜，可能與我們向客戶確認他們願意更頻繁地接收更新有關，而不是僅僅在每次發佈時添加更多更新。這是我們與客戶進行的辯論。但我們現在對這些工具感到非常興奮，以及如何使用它們在 Guidewire 建立產品、如何使用它們來幫助客戶更有效率地實施、如何使用它們來讓我們自己的專業服務更有效率地實施。因此，從長遠來看，我們對這裡的潛力非常樂觀。

Aaron Kimson, Citizens Bank.

亞倫金森 (Aaron Kimson)，公民銀行。

I want to touch on Liberty Mutual. Do you think the 10-year term of that deal is unique? Is it potentially going to be emblematic of cloud migrations where you have to get you a proof point and then these very long-term deals start to come over time. Or are you already having conversations with other large Tier 1s on these types of longer-term strategic partnerships?

我想談談利寶互助保險公司 (Liberty Mutual)。您認為該協議的 10 年期限是否很獨特？這是否有可能成為雲端遷移的象徵，你必須獲得一個證明點，然後這些長期交易就會隨著時間的推移而開始出現。或者您已經與其他大型一級企業就此類長期策略夥伴關係進行對話？

I think the -- as it pertains to the Liberty Mutual conversation is really around the size and scale of the partnership and how we think about the long-term commitment. I don't see this yet as a pattern for all the conversations that we have with Tier 1s.

我認為——就 Liberty Mutual 而言，談話內容實際上是圍繞著合作夥伴關係的規模和範圍，以及我們如何看待長期承諾。我還沒有將此視為我們與一級供應商進行的所有對話的模式。

We're having a lot of -- we have had for some time and continue to progress down the conversation with Tier 1s on what that commitment looks like, what's the right cadence for how they roll out. And really, if you think about how these play out with Tier 1s, what it's really going to be about when will be -- when they will plan for the release of claims, the release of policy across multiple lines of business will really be the underlying fact -- the underlying facet of how long that term commitment is.

我們有很多事情要做——我們已經與一級供應商進行了一段時間的討論，並將繼續推進對話，討論承諾是什麼樣的，以及他們推出承諾的正確節奏是什麼。實際上，如果您考慮一下這些措施如何與一級保險相結合，那麼它真正要考慮的是何時——他們何時計劃發布索賠，跨多個業務線發布保單，這才是根本事實——這一長期承諾的根本方面。

And yes, we want to be flexible with that. We want to make sure that we're aligned with them. But we really want to tie them up with the business value that they realize and the cadence of their programs and their strategic plans over time.

是的，我們希望對此採取靈活態度。我們希望確保我們與他們保持一致。但我們真正希望的是將他們與他們實現的商業價值以及他們的計劃節奏和策略計劃聯繫起來。

Got it. That's helpful. And then Mike, you launched the Guidewire app marketplace in 2021, I believe. Today, you mentioned it has over 300 third-party apps and 200 tech partners. A lot of people are skeptical of its potential when you launched it. Can you talk about what you learned at Salesforce that allowed you to be successful in building out the app market versus the Guidewire and the similarities and differences between doing sort of horizontal vendor and vertical vendor?

知道了。這很有幫助。然後 Mike，我相信您在 2021 年推出了 Guidewire 應用程式市場。今天，您提到它有超過 300 個第三方應用程式和 200 個技術合作夥伴。當你推出它時，很多人對它的潛力持懷疑態度。您能否談談在 Salesforce 學到了什麼，使您能夠成功建立應用程式市場而不是 Guidewire，以及作為橫向供應商和垂直供應商之間的異同？

Yeah, sure. Great question. So the first thing I learned at Salesforce was the immense potential in opening up the platform to third-party development is not having the attitude that all the innovation needs to come from the primary software vendor, but really just embracing the concept that if we get these core implementations done and then open up the systems in terms of SDKs and APIs and create an opportunity for third parties to connect that you can create something that's just far, far more beneficial to customers than you can do on your own.

是的，當然。好問題。因此，我在 Salesforce 學到的第一件事就是，向第三方開發開放平台的巨大潛力並不在於抱有所有創新都必須來自主要軟體供應商的態度，而在於真正接受這樣的理念：如果我們完成這些核心實現，然後以 SDK 和 API 的形式開放系統，為第三方創造連接機會，那麼你就可以創造出對客戶更有益的東西，而這遠比你自己能做到的東西，而這遠比你能做到的東西，而這遠比你自己能做到的東西，這遠比你自己能做到的東西，而這遠比你自己能做到的東西，而這遠比你能做到的東西，而這遠比你自己能做到更好的東西，而這遠比你自己能做到的東西，而這遠比你能做到的東西，而這遠比你能做到的東西，而這遠比你自己能做到更好的東西，而這遠比你自己能做到的東西，而這遠比你能做到的東西，而這遠比你能做到的東西，而這遠比你自己能做到更好的東西，而這遠比你自己能做到的。

And you don't -- it's not just Salesforce, you see this certainly in the Apple and Google consumer marketplaces with respect to phones. You see this at Salesforce. And you see this at Guidewire. It's different. We have a smaller number of customers. We have more specific use cases. We have a smaller number of partners, but the potential is still there. And I think when we -- and I think I have to be clear, this existed before I joined Guidewire.

而且你不會看到——這不僅僅是 Salesforce，在蘋果和谷歌的手機消費者市場上你也一定會看到這種情況。您可以在 Salesforce 上看到這一點。您可以在 Guidewire 上看到這一點。這是不同的。我們的客戶數量較少。我們有更多具體的用例。我們的合作夥伴數量較少，但潛力仍然存在。我認為當我們——我想我必須明確一點，這在我加入 Guidewire 之前就存在了。

I think we invested in it when I joined Guidewire and really made a big -- put a bigger focus on it, maybe, but it had existed prior to me joining the company. I think the thing that we recognized in 2021 was that our focus needed to be on our cloud transformation that we needed to put -- we bet the company on that this was going to be successful, and we needed to put all resources onto those objectives. And so that created room for application innovation, third-party innovation that we wanted to be open to, and that's the vision. It's worked very well in a variety of other contexts, and I see it working here extremely well.

我認為我們在我加入 Guidewire 時就對它進行了投資，並且確實對它進行了很大的關注，但也許它在我加入公司之前就已經存在了。我認為我們在 2021 年認識到的是，我們需要把重點放在我們需要投入的雲端轉型上——我們向公司打賭這會成功，我們需要把所有資源投入到這些目標上。這為應用程式創新、第三方創新創造了空間，我們希望對此持開放態度，這就是我們的願景。它在其他各種情況下都運行良好，而且我發現它在這裡運行得非常好。

I think, again, I said a couple of minutes ago, that the generative AI use cases that exist in our industry are not going to be fulfilled 100% by Guidewire. And I'd like to put myself in the perspective of a customer. With a customer, what I would want from Guidewire if I was a customer is I want to buy a platform that I can choose to integrate with whatever Insurtech start-up comes along that fits the bill and solves my problem. And if Guidewire embraces that sort of use case, that's going to create more value for me.

我認為，幾分鐘前我再次說過，我們行業中存在的生成式 AI 用例不會由 Guidewire 100% 實現。我想把自己置於顧客的角度。對於客戶來說，如果我是 Guidewire 的客戶，我希望購買一個平台，我可以選擇與任何符合要求並能解決我問題的 Insurtech 新創公司進行整合。如果 Guidewire 接受這種用例，那將為我創造更多價值。

That's going to give me the confidence to like, say, do a 10-year commitment with Guidewire and put my whole operation on it. And that's the circumstances we want to create here, and I couldn't be happier with how this thing has progressed so far.

這會給我信心，比如說，與 Guidewire 簽訂 10 年承諾，並將我的整個業務投入其中。這就是我們想要創造的環境，我對目前事情的進展感到非常高興。

Ken Wong, Oppenheimer & Company.

奧本海默公司 Ken Wong。

Fantastic. Question for either Mike or John, we touched a lot on AI. Mike, you just mentioned how fear is what's holding customers back from modernizing more aggressively. Do you see an opportunity here to perhaps infuse your service organization with AI, helped streamline deployments, potentially minimize some of that risk to modernization?

極好的。無論是問 Mike 還是 John，我們都在談論很多關於人工智慧的事情。麥克，你剛才提到恐懼是阻礙客戶更積極地實現現代化的因素。您是否看到了一個機會，可以將人工智慧融入您的服務組織，幫助簡化部署，並盡可能降低現代化風險？

Yeah, Ken, great question. Absolutely yes. It's one of the primary agendas with our services team this year and not just within our services team, but in collaboration with the SI community to really think about how we can unlock both the pace and the predictability of these programs.

是的，肯，這個問題問得好。絕對是的。這是我們服務團隊今年的主要議程之一，不僅在我們的服務團隊內部，而且還與 SI 社區合作，認真思考如何解鎖這些計劃的速度和可預測性。

And the early returns -- the early returns on the data side, data migration side of things and the technical migration side of things is showing some really promising results as we start to extend more into more templatized approach to the configuration for the specific customer environment, we're going to continue to press on that. It's a great question. And absolutely, it's a focus for us as we go through this year.

早期的回報——資料方面、資料遷移方面和技術遷移方面的早期回報顯示出一些非常有希望的結果，因為我們開始將更多模板化的方法擴展到針對特定客戶環境的配置，我們將繼續在這方面努力。這是一個很好的問題。毫無疑問，這是我們今年關注的重點。

Fantastic color. Jeff, I just wanted to touch on that Liberty Mutual deal. Can you help provide some context in terms of, again, how the compares on a fully ramped basis for a deal of that magnitude works? I recall you guys only have -- you guys only count a certain number of years out for the fully ramped and then to the extent you can provide some color on kind of how that comparability could look as we kind of go out into further years of that particular arrangement.

奇妙的色彩。傑夫，我只是想談談利寶互助保險的交易。您能否再次提供一些背景信息，說明對於如此規模的交易，在全面實施的基礎上，情況如何？我記得你們只計算了全面提升所需的一定年限，然後在一定程度上可以提供一些細節，說明當我們進入該特定安排的進一步年份時，這種可比性會如何。

Yes, Ken. I appreciate the question. And you're right. Thanks for calling out. We do cap our metric fully ramped ARR at five years, and we do have instances where ramping events occur after year five. I really we're not at liberty to disclose any of the terms or any kind of particulars around the Liberty Mutual deal, but it was a very meaningful deal for us.

是的，肯。我很感謝你提出這個問題。你是對的。感謝您的來電。我們確實將 ARR 全面提升指標限制在五年內，而且確實存在五年後發生提升事件的情況。我確實無權透露有關 Liberty Mutual 交易的任何條款或任何細節，但這對我們來說是一筆非常有意義的交易。

They were an early on-prem customer, and their legacy agreement was a perpetual license agreement. So it really does change the nature of the financial arrangement but also the strategic arrangement with that customer.

他們是早期的內部部署客戶，他們的遺留協議是永久授權協議。因此，它確實改變了財務安排的性質，也改變了與客戶的策略安排。

Joe Vruwink, R. W. Baird.

喬·弗魯溫克、R.W.貝爾德。

I want to ask another AI-related topic, but since you brought up being at the point of investing in incremental innovation, this does seem to be coming at a good time, there's incredible attention from your customers and partner community just even on something like claims automation and being able to deploy agents into that setting.

我想問另一個與人工智慧相關的話題，但既然您提到正處於投資漸進式創新的階段，那麼這似乎確實來得正是時候，您的客戶和合作夥伴社區對索賠自動化和能夠將代理部署到該環境中等事情給予了極大的關注。

I guess I wanted to ask, would you envision Guidewire having a lineup of your own agents available for sale? And just related to that, maybe can you speak about what distinguishes the Guidewire Cloud platform and in agentic AI world, that's going to be different relative to what is becoming available in the insurance space.

我想問一下，您是否設想 Guidewire 會推出一系列可供銷售的代理商？與此相關，您能否談談 Guidewire Cloud 平台和代理 AI 世界中的區別，這與保險領域中現有的平台有何不同？

So the baseline that I want everybody to understand is we believe a Guidewire customer running claims or policy running a modern core system is going to be benefited with respect to deploying agentic automation capabilities relative to somebody running a legacy system. I think like we are focused on that as a primary use case. And so I think even if we were not to have our own fleet of Guidewire AI agents, and those AI agents were to come from some third party, I think we just talked about our marketplace strategy.

因此，我希望每個人都明白的基本事實是，我們相信，相對於運行傳統系統的人來說，Guidewire 客戶在運行現代核心系統進行索賠或政策時，在部署代理自動化功能方面將受益匪淺。我認為我們將其作為主要用例進行關注。因此，我認為，即使我們沒有自己的 Guidewire AI 代理團隊，而這些 AI 代理商來自第三方，我想我們只是討論了我們的市場策略。

This is a driver for our core business is that we are embracing that use case directly in that we think there will be human beings that use ClaimCenter and PolicyCenter. There will be agents that use ClaimCenter and PolicyCenter and that's what our customers want. Our customers, I would say, see this potential just like we do and are trying to prepare themselves for that possibility. And the best way to prepare themselves is to get to a modern system to get to Guidewire. So that is a lift to the demand in the baseline business for our company.

這是我們核心業務的驅動力，我們直接接受該用例，因為我們認為將有人使用 ClaimCenter 和 PolicyCenter。將會有代理商使用 ClaimCenter 和 PolicyCenter，這正是我們的客戶想要的。我想說，我們的客戶和我們一樣看到了這種潛力，並正在努力為這種可能性做好準備。做好準備的最佳方式是採用現代化的系統來取得 Guidewire。因此這對我們公司的基礎業務需求來說是一個提升。

Then certainly, I think that you could see us saying there will be automation technologies just like we've had with our workflow and autopilot systems that are embedded in PolicyCenter and claims system already. Those things will become more and more agentic and they will become more and more functional with AI. So I guess, like the message is, yes, that's certainly possible. It's not something that we're ready to talk about the specifics of, but it is definitely possible.

那麼當然，我想你可以看到我們說將會有自動化技術，就像我們已經在 PolicyCenter 和索賠系統中嵌入的工作流程和自動駕駛系統一樣。這些東西將變得越來越具有代理性，並且它們將在人工智慧的幫助下變得越來越實用。所以我想，就像訊息所說的那樣，是的，這當然是可能的。我們還沒有準備好談論具體細節，但這絕對是可能的。

And I would expect customers -- what I would expect is that there's going to be a very disparate and fun and confusing approach to how this deploys into the insurance industry over time. We're still actually very, very early in this game and learning how these systems work and how to deploy them in the various context we support. But yeah, I do think that what you described is a possibility.

我希望客戶——我預計隨著時間的推移，這項技術在保險業的部署將會呈現出一種非常不同、有趣且令人困惑的方式。實際上，我們仍處於這個領域的非常早期階段，正在學習這些系統如何運作以及如何在我們支援的各種環境中部署它們。但是是的，我確實認為您所描述的是可能的。

I'll just -- I'll add two quick points to that. The -- what's going to matter most and what's mattering most in the conversations that we're having with customers today. One is the context, right? So the depth of context of a vertical solution is important to solving the problem together and unlocking and navigating the fun and confusing part that Mike just mentioned.

我只想——我只想補充兩點。在我們今天與客戶的對話中，什麼是最重要的，什麼是最重要的。一個是上下文，對吧？因此，垂直解決方案的背景深度對於共同解決問題以及解鎖和解決 Mike 剛才提到的有趣和令人困惑的部分非常重要。

But the other part of it is building from the platform up. So the agentic AI architecture being for Guidewire built from the platform up allows for us to embed in our existing applications, yes, deploy agents, but I think most importantly, allow for customers to navigate the environment they want to navigate as part of the fabric of their solution.

但另一部分是從平台開始建置。因此，從平台開始為 Guidewire 構建的代理 AI 架構允許我們嵌入到我們現有的應用程式中，是的，部署代理，但我認為最重要的是，允許客戶作為其解決方案結構的一部分來導航他們想要導航的環境。

With SaaS in general, with the move to cloud in general for Guidewire, our ability to inter-operate with the customers' ecosystem is a huge advantage because it's durable and evergreen. And that's the part that is the backbone of most of the conversations I have with customers about the future of agentic.

總體而言，隨著 SaaS 的發展，隨著 Guidewire 向雲端遷移，我們與客戶生態系統互通的能力是一個巨大的優勢，因為它持久且常青。這也是我與客戶就 agentic 的未來進行的大多數對話的核心部分。

That's great color. Thank you, both. Maybe one for Jeff -- and Jeff, I like you're not at liberty to discuss Liberty. Nice play on words there. But aside from Liberty just the fully ramped ARR number. Can you maybe speak to the composition of new cloud sales over the past year, like was it more migration heavy versus new business or expansions? And then anything to call out just about the complexion of the ramp terms that might improve ARR visibility even beyond FY26.

顏色真棒。謝謝你們兩位。也許對傑夫來說是一個——傑夫，我認為你無權討論自由。文字遊戲玩得真棒。但除了 Liberty 之外，ARR 數字也完全上升了。您能否談談過去一年新雲端銷售的組成，例如遷移量是更大還是新業務或擴展量更大？然後，任何有關坡道術語複雜性的事情都可能提高 ARR 可見性，甚至可能在 FY26 之後有所改善。

Yeah. I think the biggest takeaway is that the demand profile was very balanced, healthy mix of new customer wins, expansions attached to migration straight migration. So we saw a nice mix of deals throughout the year.

是的。我認為最大的收穫是需求狀況非常平衡，新客戶贏得、與遷移直接相關的擴展的健康組合。因此，我們看到全年都有各種各樣的交易。

I think as we look at the overall activity this year and look at ramping events and kind of over the next five years, nothing too dramatic to call out, maybe a little bit higher step-up in year three that gives us visibility into the out years, which is always nice. But in general, it's pretty consistent with how we've talked about ramps historically.

我認為，當我們回顧今年的整體活動並展望未來五年的事件時，沒有什麼太引人注目的事情，也許第三年的增幅會稍微高一些，這讓我們能夠預見未來幾年的情況，這總是一件好事。但總的來說，這與我們過去談論坡道的方式非常一致。

Adam Hotchkiss, Goldman Sachs.

高盛的亞當·霍奇基斯。

I think we talked a lot about platform expansion with Rishi's question, but there's also a clear opportunity for you to get more of Guidewire's three core products into insurers. And I think the expansion at Liberty is a great example of that. Are you seeing any changes to the way customers are thinking about expanding whether that's lines of business or across the three core products with you as you're getting more full insurance suite references as a customer like Liberty comes in from a reference perspective?

我認為我們在回答 Rishi 的問題時已經討論了很多有關平台擴展的問題，但您也顯然有機會將 Guidewire 的三種核心產品更多地推向保險公司。我認為 Liberty 的擴張就是一個很好的例子。從參考角度來看，隨著 Liberty 等客戶越來越多地提供全套保險服務，您是否發現客戶在擴展業務線或三大核心產品方面的考慮方式發生了變化？

And then remind us what you're doing, if at all, on your end to engage with folks and keep this sort of conversation top of mind, even when they're not at the end of their renewal cycle.

然後提醒我們您正在做什麼（如果有的話），以便與人們進行交流，並始終將這種對話放在首位，即使他們還沒有到達續約週期的末尾。

Okay. Good question. Thanks. As we think about the full suite context, Q4 did have some nice full suite mix in it. Customers, if I think about the conversations with customers on full suite, it still starts primarily with a specific product or a very specific line of business.

好的。好問題。謝謝。當我們考慮全套件環境時，Q4 確實有一些不錯的全套件組合。客戶，如果我考慮與客戶就全套產品進行的對話，它仍然主要從特定產品或非常具體的業務線開始。

What is happening more and it's a nice evolution. I don't know if I would call it a trend from an instance perspective or a number of units perspective. But really, as they get to the point of decision, we are having more conversation about what will this look like if full suite or if multiple lines of business or if multiple geographies to put a little bit more commercial leverage on their side of the table and the conversation to be blunt. That has -- that starts to align our outcomes very nicely, so we welcome that conversation. We're navigating that conversation. Sometimes that results in the commitment. Sometimes it results in a commitment that follows up with the plan of action or a shared road map towards a destination that will pick up other products in the future.

正在發生的事情越來越多，這是一個很好的演變。我不知道從實例角度還是從單位數量角度將其稱為趨勢。但實際上，當他們到達決策點時，我們會進行更多的討論，如果是全套方案，或者多個業務線，或者多個地區，這將是什麼樣子，以便在他們的談判桌上發揮更多的商業影響力，並且談話要直截了當。這已經開始很好地協調我們的成果，所以我們歡迎這種對話。我們正在引導這場對話。有時這會導致承諾。有時，它會產生一種承諾，該承諾會遵循行動計劃或共享路線圖，以便在未來獲得其他產品。

The only thing I would add is this shows up in the fully ramped number, right? So you see these -- this willingness to make bigger commitments and that is playing through in the deals that we're experiencing -- like three or four years ago, all of our reps are trained to say, hey, you're thinking about a claim center migration, let's also wrap PolicyCenter into this. And three or four years ago, the conversation was, thanks, let's get the ClaimCenter thing right, and then we'll talk. And now we're seeing a much more openness around talking full suite, and I think that, that's a healthy backdrop.

我唯一想補充的是，這會在完全上升的數字中顯示出來，對嗎？所以你看到了這些——這種願意做出更大承諾的意願，這在我們正在經歷的交易中發揮了作用——就像三四年前一樣，我們所有的代表都接受過培訓，說，嘿，你正在考慮索賠中心遷移，讓我們也把 PolicyCenter 納入其中。三、四年前，我們的談話是，謝謝，讓我們先把索賠中心的事情做好，然後我們再談。現在我們看到，人們對於全面討論的態度更加開放，我認為，這是一個健康的背景。

Your other question was around the timing, and we want to make sure that we're not at all event-based, okay? So the -- Jeff mentioned our customer success team and their attention to customer detail and customer shared planning. We very much are focused on regular cadence with customers regardless of any renewal cycle so that we understand the evolution of their business better so we can have thoughtful, proactive conversations, having very little to do actually with any contractual dates we have in place with them.

您的另一個問題是關於時間安排的，我們想確保我們根本不是基於事件的，好嗎？所以——傑夫提到了我們的客戶成功團隊以及他們對客戶細節和客戶共享計劃的關注。無論續約週期如何，我們都非常注重與客戶的定期溝通，以便我們更好地了解他們的業務發展，從而進行深思熟慮、積極主動的對話，而這與我們與他們簽訂的任何合約日期實際上關係不大。

Okay. Very helpful. Thanks for that. And then roughly three-fourth of the business from an ARR perspective on cloud now. Any updates to how you're communicating sort of end of support expectations for on-prem customers going forward? Or is it the same as it has been?

好的。非常有幫助。謝謝。從 ARR 的角度來看，現在大約四分之三的業務來自雲端。關於您未來如何向本地客戶提供終止支援預期，您有何更新資訊？還是跟以前一樣？

It's the same as it has been. We've been more and more clear over the past couple of years, and we feel very, very good now about the dates and the timelines and the communication structure there should be no customer in our installed base at all surprised with respect to our ability to support the service.

和以前一樣。在過去的幾年裡，我們已經越來越清楚，現在我們對日期、時間表和溝通結構感到非常非常滿意，我們安裝的客戶群中不應該有任何客戶對我們支援服務的能力感到驚訝。

And I think John kind of mentioned, I don't know it was like picked up, but we continue to invest in mechanisms to make that migration more and more smooth and less and less risky and less and less of an investment. And so we're committed.

我認為約翰提到過，我不知道這是否像被​​撿起來的一樣，但我們會繼續投資於機制，以使遷移越來越順利，風險越來越小，投資越來越少。因此我們決心這麼做。

I've said it before, like I'm going to say that it's a huge success when we get every single one of our on-prem customers move to our cloud successfully, and we're absolutely committed to doing that.

我之前就說過，就像我要說的那樣，當我們讓每一位本地客戶成功遷移到我們的雲端時，這是一個巨大的成功，我們絕對致力於做到這一點。

Matthew Kikkert, Stifel.

馬修·基克特（Matthew Kikkert），Stifel。

Congratulations on the great year. You mentioned multiple data and analytics wins in the quarter on those data analytics solutions, where are the attach rates sitting stay, or how do you view that subsegment trending into the next fiscal year?

恭喜你度過美好的一年。您提到本季度這些數據分析解決方案在數據和分析方面取得了多項勝利，那麼附加率如何保持，或者您如何看待該子細分市場在下一財年的趨勢？

Well, attach rates were very healthy. And I think the takeaway for me is that we're successfully enabling our teams to communicate the value associated with these other products with the core system sale. And so that's a very, very positive sign.

嗯，附加率非常健康。我認為對我來說，最重要的一點是，我們成功地讓我們的團隊透過核心系統銷售傳達了與這些其他產品相關的價值。這是一個非常非常正面的訊號。

Certainly, this is an area that's growing faster than the core business itself. And so we see increasing potential there. We also are very excited about the product momentum, especially with our industry intelligence product suite, where we've got these predefined predictive models that especially focused on claims. And we continue to build out those models, continue to prove them out with customers in the field. And I think -- so you see this expanding sort of capability to have this discussion in our field and in our sales organizations, but you also have growing confidence in our ability to produce value and get that rolled out.

當然，這個領域的成長速度比核心業務本身更快。因此，我們看到那裡不斷增長的潛力。我們對產品的發展勢頭也感到非常興奮，特別是我們的行業智慧產品套件，其中我們擁有這些特別關注索賠的預定義預測模型。我們將繼續建造這些模型，並繼續向現場客戶證明它們。我認為——您會看到，在我們的領域和銷售組織中進行這種討論的能力正在不斷擴大，但您也對我們創造價值和推廣這種價值的能力越來越有信心。

You also -- I think it's legitimately would consider the quantity pricing platform and analytics product, and we're very, very excited about building that muscle at Guidewire and learning how to have those conversations with the actuarial teams in our customer base. So we're very, very excited about the, call it, that new product line motion accelerating faster than the company overall.

您還 - 我認為合理地考慮數量定價平台和分析產品，我們非常非常高興在 Guidewire 打造這一實力並學習如何與客戶群中的精算團隊進行這些對話。因此，我們對新產品線的推進速度比公司整體的推進速度更快感到非常興奮。

Okay, thank you. And then secondly, how do you view individual operating margin levers shaping out for fiscal year '26. Is there anything unique that you want to call out, or do you view recent trends continuing?

好的，謝謝。其次，您如何看待 26 財年各個營業利潤率槓桿的形成。您想指出什麼獨特之處嗎？或者您認為最近的趨勢會持續下去嗎？

Yeah. No, nothing unique. It's just a continuation of our model playing out in the investments we've made in leveraging those investments over time and just driving more scale. So I think it's just kind of blocking and tackling in terms of how we think about operating margin.

是的。不，沒什麼獨特的。這只是我們投資模式的延續，隨著時間的推移，我們會利用這些投資來擴大規模。所以我認為這只是我們在考慮營業利潤率方面採取的一種阻礙和解決措施。

And I think we noted in the commentary that what we're seeing in our customer base and what we're seeing across the organization just gives us increased confidence in some of the longer-term targets that we've talked about historically.

我認為我們在評論中指出，我們在客戶群中看到的情況以及我們在整個組織中看到的情況讓我們對過去談到的一些長期目標更加有信心。

Michael Turrin, Wells Fargo.

富國銀行的邁克爾·圖林。

Thanks. Appreciate you taking the question. There's a lot of good stuff here throughout. I think it's the Tier 1 strength that particularly stands out. So just hoping to explore more of how much of that is just -- it's the end of the fiscal year versus something specific you're seeing it's helping unlock some of those larger opportunities.

謝謝。感謝您回答這個問題。這裡有很多好東西。我認為一級實力特別突出。因此，我只是希望更多地探索其中有多少只是——它是財政年度的結束，而不是你所看到的具體的事情，它有助於釋放一些更大的機會。

And then I'm also wondering, as you kind of build on the cloud momentum more holistically, do you see opportunity to bring AI to some of those larger insurers based on conversations that you're having? Or is it more the smaller, potentially more nimble Tiers 3 to 5, where you think you could see just earlier adoption of some of those modules as they become a bigger part of the conversation here?

然後我還想知道，當您更全面地利用雲端運算動能時，根據您所進行的對話，您是否看到了將人工智慧引入一些大型保險公司的機會？或者它更小，但可能更靈活的第 3 到第 5 層，您認為您可能會看到其中一些模組的早期採用，因為它們在這裡成為討論的更重要的一部分？

Go ahead, John.

繼續吧，約翰。

Michael, thank you. I'll talk about the kind of the Tier 1 momentum tied to year-end context. If I look at how long some of these deals spend in the time frame we span multiple fiscal years. So I don't think it's tied to the year-end context. I think it's tied really more towards -- and I'll talk about Tier 1s in the broadest context.

邁克爾，謝謝你。我將談論與年末背景相關的一級勢頭。如果我看一下其中一些交易在跨越多個財政年度的時間範圍內花費了多長時間。所以我不認為這與年終背景有關。我認為它實際上與——我將在最廣泛的背景下談論 Tier 1——有更密切的聯繫。

The amount of work that goes in to get into a laboratory environment, prove out, go through the references, do all of the deep, deep, deep early solutioning work, really that volume of work, that intensity of work is not something that's naturally tied to the end of a fiscal year. It's tied more specifically to the cadence and time that the customers can spend to dig deep on the solution, make the decision and line up. There are times when we want to try and tie up more with their budgeting cycle, frankly, than our end of fiscal year.

進入實驗室環境、進行驗證、查閱參考資料、進行所有深入的早期解決方案工作所需的工作量，實際上，這種工作量、這種工作強度並不是自然而然地與財政年度結束掛鉤的。更具體地說，它與客戶深入研究解決方案、做出決策和排隊所花費的節奏和時間有關。坦白說，有時我們希望嘗試與他們的預算週期而不是財政年度結束的更多聯繫。

And we've seen a lot of the work that David Laker and the sales team have done around linearity is really tied to our customers' budget cycles more than our year-end fiscal cycle. But the decisions are big, and they span any quarter deadline or any fiscal year deadline, that's for sure.

我們已經看到，David Laker 和銷售團隊在線性方面所做的大量工作實際上與客戶的預算週期而非我們的年終財務週期息息相關。但這些決定是重大的，而且它們跨越任何季度的最後期限或任何財政年度的最後期限，這是肯定的。

On the AI stuff, I think it's -- I'll let Mike go on that. But it's a very different -- it's for all of these Tier 1s, their agenda on AI can be very different in the way they're thinking about it and then where they're thinking about working with us on it.

關於人工智慧方面，我認為──我會讓麥克繼續討論。但這是非常不同的——對於所有這些一級供應商來說，他們在人工智慧方面的議程可能非常不同，他們思考的方式以及他們考慮與我們合作的方式也不同。

Yeah. And I think it's -- for sure, AI is not one thing. There's going to be hundreds of different things and capabilities and features and products that are powered by or made possible by AI that support Guidewire and support the insurance industry in general. And I'm sure there's going to be plenty of those things that are useful and practical for a Tier 1 insurance company. But there's such a difference in sort of engineering software development horsepower at a Tier 1 insurance company relative to a Tier 3 or a Tier 4, even a Tier 5 insurance company.

是的。我認為，人工智慧肯定不是一件單一的事情。將會有數百種不同的事物、功能、特性和產品由人工智慧驅動或實現，以支援 Guidewire 和整個保險業。我確信，對於一級保險公司來說，有很多東西是有用且實用的。但是一級保險公司的工程軟體開發能力與三級、四級甚至五級保險公司相比有很大差異。

And so the productization of these capabilities that we can provide just as makes it possible for the smaller insurance companies to leverage these things, whereas a larger insurance company with a larger IT organization, with real expertise in software development, they have the capability to do some of these things on their own, which they're certainly welcome to and we're excited to work with them on doing them alongside Guidewire.

因此，我們可以將這些功能產品化，使小型保險公司能夠利用這些功能，而擁有大型 IT 組織、具備軟體開發真正專業知識的大型保險公司則有能力自行完成其中的一些工作，我們當然歡迎他們這樣做，並且很高興與他們合作，與 Guidewire 一起完成這些工作。

And so there's just absolutely going to be a mix. But I really would encourage everybody to just think about it's not just one thing. We're using this to accelerate our development. We're using this to accelerate the configuration of our platforms. We're using this across the claims experience and workflows.

因此絕對會出現混合的情況。但我真的鼓勵大家思考這不僅僅是一件事。我們正在利用它來加速我們的發展。我們正在利用它來加速我們平台的配置。我們在整個索賠體驗和工作流程中都在使用它。

We're using this in underwriting. And so each of those things is going to have a particular fit to a particular insurance company based on size and we're still, like I said, very early on in the evolution of this as it applies to this industry. And I'm excited for it across the breadth of our customer base. But I think it's reasonable to say that it will be different by tier.

我們在承保時使用它。因此，根據規模，上述每一項都將特別適合特定的保險公司，而且正如我所說的那樣，我們仍處於該行業發展的早期階段。我對我們廣大客戶群的這種做法感到非常興奮。但我認為，根據層級的不同，說它有所不同是合理的。

Alex Sklar, Raymond James.

亞歷克斯·斯克拉、雷蒙德·詹姆斯。

Just one for me. Maybe, Jeff, just in some of the building blocks for the FY26 ARR outlook, can you just talk about that 50/50 mix of ramp versus net new still a good rule of thumb, how that looked in FY25?

對我來說只有一個。傑夫，也許只是在 FY26 ARR 前景的一些構建模組中，您能否談談 50/50 的增量與淨新增量的組合仍然是一個很好的經驗法則，這在 FY25 中看起來如何？

And then you spoke to a slightly lower premium growth, maybe embedded in your assumption, any change in terms of what your assumptions were in terms of Guidewire pricing contributing to growth or churn versus this past year?

然後您談到了略微較低的保費成長，這可能包含在您的假設中，那麼與去年相比，您對 Guidewire 定價對成長或客戶流失的貢獻的假設有什麼變化嗎？

Yeah. So in terms of the kind of the building blocks and how we think about that, we talked a little bit about it being balanced between new ARR coming from booking events in the year and then the ARR coming off of the backlog. As we've kind of continue to see FR ARR grow, you'll see that be a little bit more weighted, which provides some nice visibility into kind of how we think about building the forecast. So that's pretty positive.

是的。因此，就建立模組的類型以及我們如何看待這一點而言，我們稍微討論瞭如何在來自年度預訂活動的新 ARR 與來自積壓訂單的 ARR 之間取得平衡。隨著我們繼續看到 FR ARR 的成長，您會發現它的權重更大一些，這為我們如何思考建立預測提供了很好的可見性。這是非常積極的。

We've modeled a little bit more conservatism around how we're thinking about true-up activity, and that's flowing through the model and embedded into our forecast. And with respect to pricing, I think the team is doing a good job, pretty consistently kind of focusing on improving discounting and with the maturity and the referenceability of the platform, that's certainly helping a commercial conversation. So that's the way we thought about it and how we've built it up.

我們對如何看待真實活動建立了更保守的模型，這些模型貫穿整個模型並嵌入我們的預測中。至於定價，我認為團隊做得很好，相當一致地專注於改善折扣，而且隨著平台的成熟和可參考性，這無疑有助於商業對話。這就是我們思考它的方式以及我們建構它的方式。

I am -- we had an amazing year with respect to ARR attrition, not -- those events can be sometimes hard to forecast if there's an M&A event or other things. So my model assumes kind of more rates more aligned with historical averages.

我認為——就 ARR 人員流失而言，我們度過了令人驚嘆的一年，但如果發生併購事件或其他事件，這些事件有時可能很難預測。因此，我的模型假設利率與歷史平均值更加一致。

Hopefully, that's helpful. Did I get everything in there?

希望這會有所幫助。我把所有東西都放進去了嗎？

Okay, our last question goes to Tyler Radke.

好的，我們的最後一個問題是問泰勒·拉德克的。

Thanks for taking the question. So just following up on the Liberty Mutual deal. Obviously, it's a large landmark deal, as you referenced. I was curious, though, if you're able to comment, is this kind of the largest cloud deal from an ARR perspective?

感謝您回答這個問題。所以只是跟進 Liberty Mutual 交易。顯然，正如您所說，這是一項具有里程碑意義的重大交易。不過，我很好奇，如果您能評論一下，從 ARR 的角度來看，這是否是最大的雲端交易？

And then have you seen any other kind of customer conversations and response just in terms of just providing referenceability, it'd be great for you to touch on that. And then I have a quick follow-up.

然後，您是否看到任何其他類型的客戶對話和回應，僅就提供參考而言，如果您能談談這一點就太好了。然後我有一個快速的後續問題。

Well, I would say this is the most strategic deal we've ever done in the history of the company, and we look forward to making sure that this is a smashing success for Guidewire, but especially for Liberty. It has not been public to this point. And so to the extent that it's helpful for us with other customers that we'll see. I think we will learn a lot from this implementation and ensuring that it is successful in the things that we learn and the things that we were able to put into our product and our practices will help with other customers.

我想說這是我們公司歷史上完成的最具戰略意義的交易，我們期待確保這對 Guidewire 來說是一個巨大的成功，尤其是對 Liberty 來說。到目前為止尚未公開。在某種程度上，這對我們與其他客戶合作很有幫助。我認為我們將從這次實施中學到很多東西，並確保我們所學到的東西以及我們能夠融入我們的產品和實踐的東西能夠成功，這將有助於其他客戶。

Certainly, that's been the case with the other Tier 1s that have partnered with us on the evolution of Guidewire in general, but also the evolution of our cloud practices. And so I have every expectation that the ultimate success we're able to achieve here is just going to help build momentum for the company and help us convince other large insurance companies that this is a platform that they can innovate with.

當然，其他一級供應商也與我們合作，共同推動 Guidewire 的整體發展，同時也推動我們的雲端實踐的發展。因此，我完全有信心，我們在這裡取得的最終成功將有助於為公司累積發展動力，並幫助我們說服其他大型保險公司，這是一個他們可以進行創新的平台。

This was a -- as you could probably imagine, a pretty extensive evaluation that lasted a long time and looked into sort of every little nook and cranny of our product suite. I'm incredibly excited to have passed the test. But honestly, more excited about like living up to the potential and seeing this through and making it a success. And when we do that, I think it will be helpful for the company long term.

正如您可能想像的那樣，這是相當廣泛的評估，持續了很長時間，調查了我們產品套件的每個角落。我非常高興通過了考試。但說實話，更讓我興奮的是能夠發揮潛力、實現目標並取得成功。當我們這樣做時，我認為這將對公司的長期發展有幫助。

Our aspiration is to earn the right to prove that with every other Tier 1 in the industry, and we're excited to go do that. And -- so hopefully, that gives you a sense of where this stands and the kind of focus that we intend to apply ensuring that it's a success.

我們的願望是贏得與業內其他一級供應商一起證明這一點的權利，我們很高興能夠做到這一點。希望這能讓您了解這件事的現狀，以及我們打算採取哪些措施來確保它成功。

Yeah. Super helpful. And then just on clearly a strong quarter and guide. And then -- but I thought the Q1 commentary on the pipeline and then just the Q1 implied net new ARR was much stronger than typical seasonality. So could you just talk to that? Are you seeing kind of improved linearity throughout the year? Or maybe is there deals that even push from Q4 to Q1 that's helping you on that?

是的。超有幫助。然後顯然這是一個強勁的季度和指南。然後——但我認為 Q1 對管道的評論以及 Q1 隱含的淨新 ARR 比典型的季節性要強勁得多。那你能談談這個嗎？您是否看到全年的線性有所改善？或者是否有交易可以從第四季度推遲到第一季度，從而對您有所幫助？

I'll let Jeff comment on this. I just want -- look, we have a very strong demand environment right now. And so it's exciting to be able to guide the way we did for the fiscal year, and it's very exciting to be able to say that we didn't sort of clean things out in Q4 and still have a lot of room to go in Q1. There's a lot of opportunity that we see ahead across the industry, and we're very, very excited about it. So -- but go ahead, Jeff.

我會讓傑夫對此發表評論。我只是想——看，我們現在有一個非常強大的需求環境。因此，能夠以這樣的方式指導我們整個財年的工作是令人興奮的，能夠說我們沒有在第四季度清理一些東西，並且在第一季度仍然有很大的發展空間，這也是非常令人興奮的。我們看到整個行業都存在著很多機遇，我們對此感到非常興奮。那麼——但是繼續吧，傑夫。

Just two things. I mean, the main thing is, as Mike noted, is our demand profile is robust enough that we can have an incredible Q4 and still have a very healthy pipeline as we go into Q1. So that's super positive. This Q1, we are seeing some healthy contribution from ARR off of the backlog that's a key dynamic in how you think about modeling seasonality for the business. It isn't always perfectly visible to the analyst community. So Q1 had a pretty healthy step-up from ARR coming off of the backlog and Q4 this year also is very healthy in that regard. Q3 is a little bit of a difficult compare.

只有兩件事。我的意思是，正如麥克所說，最重要的是，我們的需求狀況足夠強勁，以至於我們可以擁有令人難以置信的第四季度業績，並且在進入第一季時仍然擁有非常健康的管道。這是非常積極的。今年第一季度，我們看到積壓訂單的 ARR 做出了一些健康的貢獻，這是您如何思考業務季節性建模的關鍵動力。對於分析師群體來說，它並不總是完全可見的。因此，第一季的 ARR 從積壓訂單中獲得了相當健康的成長，而今年第四季在這方面的表現也非常健康。Q3 有點難以比較。

Last year, we talked about the step-up from Q4 to Q3. That was a pretty healthy step up last year. This year, that step is even more pronounced. So just as you think about seasonality, understanding kind of where that ARR comes off of the backlog is important to understand. So I want to provide that context, and we can give a little bit more color on this at our Analyst Day.

去年，我們討論了從第四季到第三季的提升。去年這是一個相當健康的進步。今年，這項舉措更加明顯。因此，正如您考慮季節性一樣，了解 ARR 從積壓訂單中脫出的方式非常重要。所以我想提供這個背景信息，我們可以在分析師日對此進行更詳細的說明。

But the key point is, as Mike noted, this is that we're just kind of in a robust demand environment. where we're going to have a very strong Q4 and continue to have a healthy new bookings quarter in Q1.

但關鍵在於，正如麥克所說，我們正處於一個強勁的需求環境中。我們將迎來非常強勁的第四季度，並在第一季繼續保持健康的新預訂量。

All right. Great. I think we cleaned up.

好的。偉大的。我想我們已經清理乾淨了。

Okay. So let me say thanks, everybody, for participating. We're incredibly proud of the achievements this year and honestly more excited about the potential for the future and look forward to connecting with everybody that can make it at our Analyst Day in Vegas at our Connections event in October. So thanks, everybody, for joining.

好的。所以請容許我感謝大家的參與。我們為今年的成就感到無比自豪，並且對未來的潛力更加興奮，並期待在十月份的拉斯維加斯分析師日和 Connections 活動中與所有能夠參加的人建立聯繫。感謝大家的參與。