GWRE - Earnings call transcript Q1 2021 | Guidewire Software, Inc.

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Operator

Greetings. And welcome to the Guidewire First Quarter 2021 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. pleasure your my Alex now is to host, introduce Hughes. It Alex. you, Thank

may You begin.

Alex Hughes

disclosure A can well call differ products, uncertainties the based being Good and our those may annual press our Chief to Relations release in customer our conclusion subsequent will Rosenbaum, year Officer; And replay with on risk conference actual recent upon you, on Vice views report and statements is and name demand, complete set financial assumptions, statements. afternoon. results assumptions uncertainties with factors matters. including Thank are Operator. current in available release Mike risks, are management’s XX-Q representing Investor section at includes quarterly of press as SEC, and should I from documents issued Hughes. expectations welcome SEC, following our of and to Financial not and me results, available cause subject on such XX-Q Form on our the be for the the XXst. call. the the forth Jeff and am our and file on be These to our found quarter in are Relations is and call Alex that ended of information call results Please and on most of filed the first COVID-XX Form Executive Guidewire to impact our regarding of of risks, be Form materially on of with operations, of refer and the with forward-looking today SEC Guidewire’s which today, as XX-K the as report date. fiscal XX-K we Investor This and business is Officer. Chief XXXX, other President October our statements recorded a Cooper, which My and for the earnings Software’s call both website. as filed related Today’s this relied any as

measures measures release. We to investors. GAAP now also call in also will provide our is to A that, non-GAAP supplement additional and to With Mike. provided of posted will reconciliation to additional data the non-GAAP I on press certain IR information the Reconciliations in our turn over to are website. refer financial

Mike Rosenbaum

Alex, Thanks, today. everyone jointing and thanks for us

our great with and excited fiscal ARR acquired us quarter the very typically strong to our to happy business. QX of fourth feel off and guidance coming momentum our year all end are established for and have in above both We about ranges. the high we the see is in start come we were quarter, revenue a

business. we areas our importantly, progress key all of made in More significant

and strengthening momentum insurer’s Connections to event year. further Specifically, as mission P&C efficiently. platform to we’re Conference, which the well-positioned done to our our and We innovate you Customer our and know a to be grow was well-positioned virtual this executing the cloud trusts on year engage, for execute continue believe as

trillion on with take Guidewire insurance casualty the this than Cloud our Since of in like Before and The into what P&C we the has $X continue Guidewire in a we inception, I’d we’re mission. getting our opportunity more customer global industry. details serving focused position the established and pursuit to the property on driving focused successful to outcomes have quarter, industry. first see unique back the to review of ahead step

our to written so do of premium, P&C products core rely insurers XX% we’ve direct approximately most and XXX Guidewire in years, Today, the on at XXXX over XX one industry’s as we’ve robust the the insurers. the of software the support P&C implementations complete and most touch Over to world. established we Many of over ourselves capable platform completed least complex at the scale. world and the with environments, last in at and largest

We and industry IT these interactions new competitive, modern bringing to Insurers as still analytics, While stronger for do than this also and market enterprise to is systems is considerable rethinking and our effective as available data both to whitespace rapidly possible and all technology also ease digital is and Insurers stay believe by new for this quickly efficiently insurers possible. to machine presents insurers. P&C in ever. need us intelligence are Guidewire artificial through impressive, of experiences. the a powered and the systems opportunity help tremendous inform speed, which things customers. which to for grow a Guidewire specifically brings and and penetration and core insurance imperative of to expectations that Guidewire considerable solutions level To by responding are P&C Cloud, opportunity user-friendly policyholder there products especially these imperative with upgrade geographically. We metrics believe make technology agility looking agent learning customer evolving and them expanding optimized modern with

our we of and new including win ecosystem marketplace As executing and on momentum capabilities vectors, industry-leading successful and innovate, help leading delivering partners we multiple with live, new customers applications. that a each our faster, adopt cycle and six-month growing modernize P&C to cloud are enables cloud accelerating go release insurers

customer can make areas. where demonstrates have insights. of welcomed for can less of been more of now. introduced capabilities customer business over combination release developers better as it’s making of reality build, Reimagined, builds new to Guidewire developer in here insurance more it has P&C program This in by our our new from developer.guidewire.com, Banff, steady manage these community. the previously major current XX,XXX to and cycle portal measure new the customers. of can Banff program, a We of also held with times, unique empowers been over number support Connections which we so aligned release required on-premise in of example our a of our on our than new Guidewire showcased registered and history. science progress a Guidewire that continue partner recently introduced X,XXX A determined Guidewire six-month progress members first We At tens our viewed discussed already native cloud In in biggest of unveiled by online faster, from to the cloud that the CloudDirect and for accelerate for number come of in to and introduction step we InsuranceSuite. services available conference a Cloud vast event great community. a far has needs the be to XX introduced the the stories represents of Banff third-party more of to InsuranceNow which and which announced sessions, customers of the was the added majority at quickly, and the announced seen event, we is thousands CloudDirect program release the towards the breakthrough gain of apps making We Aspen each systems, customers products and on process the and integration Advanced InsuranceNow of a the to cloud services Platform. designer, the signal in allows API’s native new directly very we investment our upgrade Cloud. new our that development risk and transition where consumer additional engineering The and transformation focused things support announcement important Cloud deploy sales we’ve leverage InsuranceNow. with it insurers expense benefit and product to customers expensive Banff to cloud a are InsuranceNow, upgrade we easier tangible and extended marketplace and supporting and

our through insurance analytics. value to Finally, unlock carriers ability outlined and more we closed-loop help insight

Pekin Data insurance Our hear with using improvements through to integrated in own with customers are customer us efficiency that excited who’s combination, generate Claims Connections policy to potential system will insights platform Connections adjust achieved these insight, for insurance and capabilities model through access to side enable and data they data businesses. their analytics an analytics on we have everyone that year, and experience ClaimCenter. The One in suite enrich from digital predictive the that engine driven time, of We opportunity was and outline pricing. captured grow automation needed company then great better market Cloud vision and a Guidewire our releases. at finally the system analytics data allowing to predictive sciences in our a analytics heard them to a platform in designed focus make claims their create very automation decisions apply of and new approach insight closed-loop core step our that handling I’m ratio. realize absorb lifecycle. the gave to claims leverage In Insurance, side percentage Pekin the approach future Autopilot, smarter usage the every was in and our highlight of behavioral opportunity an to improve our with improve product contextual making Platform, a in our radically is and spent can cycle. also to to also speed management from an Cortina now and also listening last AI, efficiently about over the high time to Guidewire’s customers. core to claim to and our their and double-digit last first customers

the Insurance, first at to a attention the flexible their now Cloud our an journey technology insurance playing PolicyCenter with market perspective. TD, owned for is role old is Platform. important from BillingCenter live modernization subsidiary customer our four CSAA from of was business the all a less position We turn wholly journey PolicyCenter very in which ambition go leg We France Insurance from finally, in Mobilitas signing TD is agreement in-house XXX on leverages heard in for Guidewire saw XX product BillingCenter share we P&C Group important decades lives and has live Group, customer a in their XX seven a best of Platform. of using customers the third to our including live go Aspen offer in with the our This their Farmers USAA, and that on Insurance the of XX with deployments. business. to ClaimCenter Guidewire And customers. ClaimCenter in is release cloud, centric, via live for the years. grow that Aviva customer and on their Bank quarter we themselves family the on Canada. went of systems from notable advances went implementations Insurance, Guidewire a a Guidewire Aspen first by customer seamless the QX customer lines the described key production who also digital Cloud rethink next They by industry focused just effort reference QX handful and to go was transforming insurer projects. a as and an of the Cloud A Cloud where are large another joint were to Toggle, include Guidewire cloud for to on serve one than better to agile Italy, their Cloud we members months customer’s customer way on across upgrading part now of production by the a that and us live also experience leveraging in to TD heard member after products, Macif latest InsuranceSuite went successfully release. significantly

farm personal on a month, part insurer is that went Companies Tier Insurance Greenfield InsuranceNow larger umbrella Cloud went lines. live X And much deployment a Guidewire of and live commercial with just with farm, Guidewire this via modernization. on Cloud Aspen Additionally, finally, a Co-operative Platform umbrella

to to in cloud sales Mutual in on Insurance, an the ClaimCenter their quarter, customer activity new as Turning cloud. existing Guidewire migration selected the on-premise Church step first

quarter insurer see Colonnade capabilities products a integrators, to the supplement to the their to digital include policies be the we Buckle and partners, which continuing consultants built market. months Cloud. systems of partner This ClaimCenter London Guidewire Guidewire continues an our XXX specifically Guidewire required include pleased implementations. offering area drivers be exciting to X Insurance, important adding startup up purchasing with addition, ended have an its and this specialty cloud Safety to market approximately companies, ecosystem growth rideshare use to our the RSI to ago partner is just contributor expansions of grow. the Insurance of now the ClaimCenter. adopted opportunity a believe proof use digital broadening in Notable from also that increasing the continues earned who we our for I’m three future advanced a ClaimCenter. Tier seeing for quarter from XXX ensure approximately certifications In Insurance leadership, XX In with for point

and We’re beyond our build there to are core insurtechs of a our of into Innovation for customers marketplace first from Guidewire is true approach XX platform also more partners on with open Today, measure and efficiently. these customers innovations applications Guidewire partners. grow to top seeing easily to innovate over great their XXX that and momentum workflows. platform engage, enables API innovate a and offered our plus enable

to produces used AI XD Francisco dramatically has also commercial solution the based for who property we inspection loss Hover, Denver control underwriting a who residential based homeowners app, and accurately experience which claim smartphone improved models developed and insurtechs, quarter Flyreel, exciting assisted two is has claims property. an actually exterior and management and developed This invested of San in

expect continue more accelerate cloud We around to to on robust platform. our and even an similar to ecosystem and innovation make develop investments

gain of attention continue the partners marketplace we analyst industry community. accolades to in attracting the and and insurers, visibility to addition In participants,

for Forrester categories, current well growth. the the highest size ClaimCenter the Forrester and base recently in customer in offering ClaimCenter recognized market strategy of the Wave Research in our their as management presence claims systems. score reflecting score, our highest received as

for in platforms is an of our ecosystem leverage to key and named Guidewire In value global transformation By North is and platform this P&C independent consistently and for a and to cloud, of time Magic see advancing row, to engage, gratifying Guidewire, a and addition, customer with has base It’s The leader America. benefits the lot delivers. sixth a position. capability seek grow the very of cloud core tremendous success analysts exciting customers combining a technology we’re as Quadrant time offering the validating to its customers customer for activity for as leadership efficiently. innovate recognize to in with our In end-to-end Gartner this. of our our summary, InsuranceSuite the it the for further deep

as progress in and as year the sharing excellent and plays areas we mission making on We’re important more to look execute out. we forward this proof points successes

our on QX for the turn financial for of to and Jeff? our over the like I’d to call Now, the year. rest Jeff more details and results outlook

Jeff Cooper

provided Thanks, total levels operating Mike. performance, us. especially pleased a of slow our QX first and first were with year’s our company finished We parts Connections per financial cadence still all across our quarter virtual income ARR, is and Activity quarter. outlook front revenue, the is deal usual most operating all above last the activity Conference. high, we seasonal as exit in quarter always of are -- of

more with results to summary As view. data first bit I’ll a a Day, financial to our our Analyst we On before with with start the during of remain for consistent today’s year last such, call, our expectations our quarter quarter turning outlook. and albeit discussed that what reinforce

terms longer $X XX% was and we providing million. and incremental $XX.X quarter $XXX deals is in that million, of our ARR QX than than for setting duration expected million, million, million, last ahead first basis, our revenue. due of expectations. was Subscription provided declined revenue sequential revenue. to were driven from Subscription revenue million On slightly, ISCS our year-over-year the ahead Licensed benefited XX% up subscription the the renewals. of large consolidation by stronger was support the million $XX revenue outlook. standard due Total ended discussed subscription the cloud revenue to on year-over-year higher $XX.X $XXX.X two-year licensed Both Licensed a on-premise support from For revenue strength with acquired contract these initial customers. revenue annual quarter expectations discussed million our was revenue outlook up $XX at on and when the year-over-year of sun ARR primarily and our we XX% up or factors and of This call. when $XX than activity.

As previously because of deal that with QX, contract primarily up of under revenue renewal XX% incremental of noted, number revenue are revenue in a a components the the year-over-year. million, being of Services the due XXX. associated QX result to the took contract place this factors consolidation that we’re was many in QX ASC was recognized QX, This driving renewal for accounting was $XX.X of versus large as requiring in in down decline. much was QX There when recognition the executed. revenue

of which the number has expectations impact COVID, First, year. an services we on quarter revenue the seen for a small and delays with projects have associated impacted our for

XXX% seen which expenses. expenses decline, were of Additionally, downward on as billable impact we have services, we virtual a doing comparable has travel delivery professional

Finally, being is cloud a expect new is This future. to and that which partners, scale implementations ability our critical we continue. continue led migrations in to projects to for positive see new our we trend by our the

down ago support support was and profitability XX% turn new profit we non-GAAP the a will me basis. million. hiring was to $XX.X gross to a future discuss quarter, first over year year a let from was down as and a of XX% Subscription last significant on XX%, XX%, year Now, which ago. Overall Gross gross operations for cloud margin result cloud from the customers. margin

$X.X a in that expect While our expected than see our impacting leverage due income repurchase to stock ago. shares margin year gross cash the the initiate higher factors through we in additions our X%, is guidance quarter the of margin year. did We decline quarter, towards we million, well in already XX,XXX end the equivalents in the growth XX% do program repurchase continued this range our we investments. will headcount Services to quarter. services cash, services And favorability. revenue, due way continue revenue on investing $X.X ended $X we I down touched the on on. exceeding which out and building the operations team are to expense cloud as was products, from The cloud of million was billion with Operating we and in

Now the second year for fiscal quarter. turning outlook to and the our

be are income between We full end total $XXX ARR, and revenue, year, operations. million the reiterating to anticipate we our operating of the flow outlook $XXX For year. ARR at and million cash the for from

$XXX and million. $XXX We to expect between be million revenue total

As we comments. through make the to I to revenue, look components a of couple wanted

as income offset Operating to million the this $XXX $XX million, cash for million. $XX by positive to sales continue slightly We expect expected activity to revenue the revenue total an XX% to our gives in of from million remainder respectively. revenue term which the expectations. and But for is year be us impact from and we license higher grow term expectations, QX for The subscription is year $XXX margins the term expect lower million at license operations million, be mix revenue mix approximately of approximately expectations licensed and this and negative margin. flow $X confidence services visibility still into be gross to than lower is in new expect We positive fiscal increase $X of offset year our by unchanged are services increased to license the now to expected approximately XXXX. XX%,

and is between $XX $X In revenue loss much expected the to as is in XX% is ago. same million, operating an and to to expected sales of outlook between million that activity we we this million. approximately to services expected from revenue is three to $XXX million. revenue $X Subscription of next million the is expect year increase be recognize Non-GAAP million. approximately the million summary, prior be be quarters. between like is occur our to revenue expected and $XXX year $XXX Total be be QX second million. $XXX expected be years and $XX Turning to for Support ARR a expected to our quarter,

on many on virtual the We community audience content activity coming be now you the you event of to were as Connections. able for of open may the participate We call by to website. hope the in available we up are our this open consumed investor our energized questions. Connections seeing demand out year. we’re is to also Operator,

Operator

Thank you. Thank you. [Operator Instructions]

question your proceed Sterling with comes question. first JP Our Please from with Auty Morgan.

Sterling Auty

in look prepared migrating and number about X, at Yeah. a heard you them that to lives there you I biggest are of cloud? Tier they’re book USAA, activities of that with where curious are particular, think to lighthouse if books investors think, are customers. them, of Hi, cloud? business core the in those your the big you the remarks, of business think from going Mike, the wondering, domino are account Thanks. I that’s guys. into And but you And be I talked any those, go into when said the investors effect drive begins

Mike Rosenbaum

Yeah. It’s a good question.

order the -- So about and I’m to couple really, well of be I lines. a going there’s The The testament publish cloud. comments so question, is encourage would just event really establish lives, your And company that the to it’s partnership with cloud what’s expect at next implementations these can sort Are getting Guidewire project to specific been sales customers with Cloud you existing glad as the take adoption the live, on very agile be will with because the we in jump new some positive materials quarter Guidewire new production how over that are flexible now because Platform lines you were live a that I first Cloud have and are Getting able we’ve very the can of be post USAA these It’s gone Platform, mentioned. that of and thing momentum a Connections to that what those Guidewire the us, the you seen right? proof important important far Platform we’ve there. quarter have about to customers the I making Cloud as look where So that customer to our haven’t and to production system. that you and established. very, and of of -- and able sort really we you milestone implementations the first most that a resort was the book we go should the that been number. for in will platform. doing points proof have be the accelerate just -- of on thinking thing version be expect accelerate going actual to asked as existing in I or can of to those next based that build live will coming major to the approach the cloud we’ll expect to we the quarters accelerate sort the ski points, months on And where need business the and couple sales. continue sort to is

Sterling Auty

Great. right. around InsuranceSuite All X, be the would one then And in up particular. follow

remind from You book timing about us that can Investor for investors happens kind motivated the Analyst at end that big that to the when talked and didn’t Day, of A? hear directly is you cloud move to the be of Version of it, of that the business how might life. But

Mike Rosenbaum

of Well, the customers so a particular customers database of variety Version X. particular with running there’s version events versions, compelling running associated Java,

for And and the those a we I you would events, this also about year want the those that, of, these a events I to over should But stress them upgrade compelling half. decisions, year and of makes what project structure with -- work work the year, next sense course of of sort maybe to all All complicated a half. very say, occurring most are around think and taking year, say, customers them. we place the over for

customers out the we -- of, have Version -- off falls X. Version model terms don’t prepared percentage of Version is majority But the exact or I our my than on in remarks, Version head should of X XX% vast category. our you of the customer called that greater X, top that base into this XX. In we’re in being the

with is Guidewire events I these in Platform and for really proof live Cloud cloud associated order with sequence upgrades, ability And infrastructure on be with in accelerate I so like our compelling base. important to points these adoption to to the customers core version able said, us, the customer the think, associated upgrades

Sterling Auty

Thank sense. Make you.

Mike Rosenbaum

for Thanks Yeah. question. the

Operator

Thank you.

Our Blair. question. from question your Bhavan Please with comes Suri with proceed William next

Bhavan Suri

maybe Hey, gents. on question I those up. a little to Thanks taking guess, wins up cloud start for to and my see question following differently. good ramp Sterling’s

and about cloud. talked leverage a certain the number of sort in getting of You’ve at scale customers

of you very to when and I’d the to think four of given I’m the And book the to so large XX, down a not line? mean, margin right? question margin the gross What of barriers, of customer? of on a cloud. top service see customers top took number one like, a XX, early three effect. couple it okay, start and of saw of migration how But it’s those you the customers going to of whatever I days, the many takes of love with as of, XX, realize, you’ve to people sort do business in we couple then, on the we maybe book a put leverage some specific top gross to two business, the the sort of the how we’re leverage as get investments to situation breaks And line, that made? need a think CRM the numbers do of the we the see, not to which is, do seeing It number sense customers asking it Salesforce in began and the comforts, so of think of for sort more opposed but sort of Flyreel a about drives learn you big but

Mike Rosenbaum

base the Jeff we think existing margin we our question. can it have can that base of enough half I at When our I in when system, Tier first you that exactly have think that count -- prove the as take this this order sort customer Tier of look cloud a customer out I’ll I base, reliable comments customers. Tier effectively something Yeah. and of vetted consider gross they X, on is X, prove is this we the let the a the to especially trust. don’t such and and question of is X, large USAA, customer of to I’ll

so just And lives that associated that, are and of our on months, about mass And well those those that and milestones the way was achieving with points have last spectrum convince necessary project why been we just in it’s of that towards we’re… a to timelines and right? something into unfortunately, that announcing I I so that’s they of a on to proof trust, critical the turns customers the that’s sort projects. and everyone now think, can series establishing So the achieve is this we’ve upgrades, of we go question six able executing excited

Bhavan Suri

Yeah.

Mike Rosenbaum

… cycle Guidewire that then delivering to getting were going to this we so announcing Guidewire that Aspen, six-month is Cloud and go and live delivering on the Platform, going just to customers Platform, ship then Cloud Banff important.

in. more the over efficiently we and margin, the customers to to have all the And in of delivering Cloud can Platform sequence more new project a kick upgrades, and you cloud is looking approach the and customers in more the activity will improvement is so the I’m over to of are more kind the at result of and cloud shifted leading right, we’re if improvements of these that that more margin cloud imagine have the sort just more customers, drives we what operating shifted going company, this way to Jeff that pipeline all Guidewire delivering the

add So, margin on Jeff, anything do to the side? you want

Jeff Cooper

Yeah. No. I agree.

us a margin running if think, talked can insight we early also the releases So these garner out Day, being new back build we to Analyst about gain and in this operations potential environment, cloud critical Aspen, resort benefit days. for you in with into really function we ski the I think as those our operation year the and we’re year by right?

starting We’re points. see proof to

of as with some is that benefits respect expectation to how meaningfully about year. thought see starting with it Analysts those Day, exit we we Our very consistent more this

Bhavan Suri

at shift like partners? partners? of the saying, and part while little of I’d bit, a is going because It’s Thank services largely it’s was vaccines some of come helpful. services the hesitation Mike, you there projects mix bit as you. light that that the on to of for that was or up, that the people waiting potential guess of is kind it a any really delayed? there, get end there surge a is shift No. I people sort with the Yeah. Is you which or hesitation still comment love sort and tunnel sort just are to which is things any of little just down of to seen follow made, maybe that, because

Mike Rosenbaum

Yeah.

So I say… will

Jeff Cooper

I will say, I I clear any -- any say, that that anything want there’s wouldn’t there’s I that. been well, or delays like, like to be that me, mean, say hesitation. wouldn’t I excuse

Bhavan Suri

Okay.

Jeff Cooper

the COVID doesn’t day. other talking to help our Sales Head us, as of I was

our the change. that to, light That’s looking I tunnel. the not something we of to meetings. say sort and and projects the these would we’re forward to sale workshops and We’re at sort we we’ve on end these about our customers working work of through big and making hard goes execute. typically in And very, testament hesitation a But, be as COVID to the enterprise think any deals ability our sell -- that it coordinating coordinated what’s very to site been approach getting complex get there’s very to And on is it these at organization all is deals, into all able and this get sales multiyear large you sites that work. But wouldn’t about which on efforts of with and we’re kicked behind that customer to imagine, a completed. back got off for is that much

Mike Rosenbaum

COVID and kind be in want Yeah. COVID of the And I this year to year. -- at last the clear, is related be on -- QX services the we versus look QX commentary year-over-year compare, as to to the more

to with the we take to of this partners continuing more and adjustment a think As That function is of about the more work. to more expectations respect our services revenue.

our get we’ve objection a to work and amount our that’s of there. is invest go in the customers talked overcome order which past, addition, required cloud, common what is services willingness In bit a helping to into in to the the

customers, of hand-in-hand and And so as well. those investing we’re working early in these some with relationships

Bhavan Suri

Thank taking helpful, so you really Great. you color guys. Appreciate is That much. the question.

Jeff Cooper

you. Thank Yeah.

Operator

Thank you.

Please Chris with question. proceed Merwin Our Goldman your Sachs. with comes next question from

Chris Merwin

cloud on and I are Cloud of in how can your for such over you’re it the a you a the up customer to out? they Platform? about theme that Keeping give here, to running take cloud the challenging if get sense get all wondering updates the of And them Guidewire color and Platform qualitative who Cloud could the benefit was customers or is easy rolling InsuranceSuite us many running on just says how maybe any

Mike Rosenbaum

Sure.

is things one at highlighted in keynote Here the I Connections. the of

obviously at we’re whatever move sense version the Platform of couldn’t and live and the makes latest the one release in the the to -- And that that’s product. our what that we’re sort Banff. not saying, is happier is in what work right I’d customers did effectively. measuring because it’s that going three in it, now continue most that us able part, that that very, that this complexity terms say to the the slotting gone making and production of -- is I would on Cloud I lot most effort I like of milestone It’s have more is Platform confidence objective that’s about very this vXX that of effort. of vX. estimating pace gives in a be the We approach such forward. going that keep And Guidewire it we’re the forward customer terms unlocks, way well that going I that The paying first now we’re things the we’re from of the sell -- to achieving for and what’s like and the Cloud doing quarter, you be that’s think, resort of to to drive time right? with what I ski and -- going confidence version what the in What it exactly and close to to say, Guidewire of think -- is to into Aspen, taking attention the them mentioned of projects customers necessary, that ability the confidence of the

of that providing expense, And it of with who our like, sort so, in thought transition. easy -- less we that of outside was it would sort than for was some easily -- be make objective line could of hopes we measure and much how very

going well. So very, that is very

Chris Merwin

any Banff you maybe was CloudDirect of just mentioned Are able about able you then -- to something reduce detail added costs think done What’s for or -- the customers Yeah, I quantify being Thanks. give how the about part think as And to differently? bit looking to talk for again, can these way release. little Great. a migrations? the savings we facilitate these more just been incentive migrate to you’re to cloud? that that

Mike Rosenbaum

because, mean, and Version And to faster, makes steps It’s Cloud. the it it less for one customer details a that Well, XX a just complicated at in the checking we’re to to it of think complexity year to ago, in that through I started makes me have one sequencing all But you, the can the associated steps just various and the with of go out was that, a Guidewire undertaking it the I sure, to think, would step, complicated the easier, in getting can now do saying effectively customer various And of really then it think, do about were were it I when customers about of in Version and telling teams subsequent more because X think then can okay, and base company two-step I more associated upgrade one right, InsuranceSuite upgrade little I over now, move Version you’re to X, we project. a Cloud. such product, thing, conversation direct a step, this it for define to about, we process really and with the to creates really, InsuranceSuite ready just a it the think we XX importantly, program, Version to this we the customers us them that cloud Version looks about hundreds importantly, a about. the would like just as needed and subsequently, complexity to to directly -- dynamic place. of the and think customer it the of talk be hundreds a And in to cloud. in Like terms the step a just it and overall better positive past, of the in right? makes And a also creates that’s the to obviously customers conversation less working we having the better makes terms we project what about that the time the that for first for able necessary, were, the way message. to get to said, XX reducing after I that to them a of but like, we everybody project

Chris Merwin

much. Great. so Thanks

Mike Rosenbaum

you. Thank

Operator

Thank you.

Matt from VanVliet with comes next Our BTIG. your question Please proceed with question.

Matt VanVliet

how the the months someone buying Maybe mentioned earlier, think, going example, help about typical additional that PolicyCenter live CloudDirect and us on thinking moving might looked just was under how -- you on and speed of taking kind situation BillingCenter. I building what what specific CloudDirect from that on changing be, the Maybe timeframe, thanks maybe typical what like customer maybe Guys, up and absolute with the the one, an four could out InsuranceSuite last call that’s and forward? this for could have question. about in customers realm

Mike Rosenbaum

Yeah. Thanks for question. the

potential a the initial Guidewire of Cloud driving on for to dynamic to of the one I new in talking lines was customer the business general. this understanding on about touches Cloud in Guidewire Guidewire lot things you’re value think that’s the net important insurance delivering of implementations market understand business I These your have and something customers. touching been our on question that’s activity -- There’s opportunity and about terms and of So base.

seeing decades configured on new the When Guidewire it to that for grow they’re customers -- new a make months, quickly. these way of the want a that that’s that market. than on can premiums to all existing necessary with the book complete, PolicyCenter, is and said, insurance receive still testing, different requires instance. do that behind and more a has complexities world, project the new with study bring product products and companies new project as or system, with we in so running instance, that to four we that about. that Cloud projects insurance and insurance could want you sure want which I fastest that’s mechanism very very much they talk a that The best that running to system, can but market, multiyear products ClaimCenter bring instantiating product existing possible various and market. is to book of many expand what that that get much, we So business -- an of to that planning, want is existing degree been in a complicated such the a to has associated cases project. product have we seeing to much BillingCenter, legacy approach in these Guidewire -- transitioning claims Guidewire an Cloud that over they to just taking do And geographies. can a to core that to the They it are to that They’re in they new the That then that complicated, is to do, like business, system that’s and of and existing

is job cloud infrastructure to on business want and is associated of we fast run our product have their to months. how cloud the That four not there P&C But is I many the -- schedules our that that these in in in those and have said, something that the our same implementations. in on handling it definitely the But interest market we those innovative is can getting base we’re of those up we of more do have provide that of So based quickly they these book and do history. doing as and -- scale that’s enterprise implementations is something something done, you our of we with business of with can XXXXs a and projects at types customers capable there and make a seeing lines more on. sense? and new and lines in complexity that run it’s running customer whole your that platform the -- at and Does a that you

Matt VanVliet

market front, Yeah. years. been kind the bit the Great. great. many shifting those quickly. little it’s insurtech And But then leading That’s you is and towards for dynamics obviously, a maybe kind competitive gears a couple way others the of of pretty really changing

kind put elements at is decisions guess, is still in, after? for business Just win in with side, environment of I anything current Are of that business, fluctuate set in you line seeing a changed? that the side in just all, And our terms of going what competitors net your the the the new were? lines mentioned traditional two off you curious in previous of answer, then or of the expectations being that rates you’re has different on more

Mike Rosenbaum

the Yeah. second first. I’ll part answer

quarterly in touched competitive So, it dynamic changed. hasn’t We’ve previous on calls.

them calls for operate is existing going architecture think, we insurtech, the don’t the that much, seeing our -- integrating these are overall the are is Zoom. I platform the seen I QX complicated. to not in center into the to have much a all. exception at -- a Guidewire But more the yet we’re that dynamic no -- haven’t that. very respect up running systems what on With business. that that logical enterprise. to have these visual you on They this of diagrams end is do We was their it who for book with opened platform, same up customers their is guys, being because very, competitive for change responsible especially CIOs it to

There’s you XX, a to in other middle policy satellite and enterprise in a architecture billing implemented that so an of. it’s It’s any system there’s almost And XXX claim execute implementation. to there policy points system necessary a -- enterprise and of system integration as sometimes think the connected some and architecture. right the a can is not on a

is that’s think providing on of can want is fast you when support robustness real the and so selling on agile capable product And one from able to at you side, you platform all do time real, of Guidewire book a the need your a that what solution. core but the of for about point innovation same platform business our the really it, being

of couple that positive. up potential are going insurtech this I the I solutions, talked is remarks insurtechs, vector people augment are customers be with that they’re competition. value running able -- mobile companies they’re thinking just say that that our don’t much but that the Guidewire. these provider. prepared see competing about see so with Not that in as And that previously coming see of of to about or core from help the mostly I get us the as perspective, just there it I I core enhance out actually like to a -- as why capable when system a system value a to to to going their they so want providing we’re

Matt VanVliet

Thank Great. my for taking you question.

Mike Rosenbaum

question. the for Thanks Yeah.

Operator

you. Thank

your Our question from question. next proceed Jaluria with D.A. comes with Davidson. Please Rishi

Rishi Jaluria

first for taking some margin. specifically a on follow Hey, that in asked I subscription see earlier my and up Nice questions really to dealing to cloud gross gross the wanted momentum guys. Thanks business. the margins continued with of got questions.

maybe higher which actually mid-XXs you’re subscription neighborhood margins, somewhere and So if the XXs math, the gross down. of we is do non-GAAP in

you more I larger customers, margins? more outside line typical see especially with help continuing line what Now the some more the migrations are on here, as Banff term you’re besides about And I that were were to from us maybe is gross the expect talked guess, Thanks. higher there’s cloud. a subscription much going to we understand that scale up line? at specifically adoption, to you’ve just that, to accounting than on still surprised levers of decline. well margins know, I’m Jeff, go as gross and more Cortina see margins lot But just SaaS on a Maybe should here, when that towards, what gross else given

Jeff Cooper

think, that I cloud noted largely more driven as see kind in the impact, to the investment big on we’re we gain start to newer to but in meaningful margins this we’re have seeing I we’ve of Yeah. as operation this a And that it’s efficiencies the of the that look, headcount the and -- starts releases not going is side, have now, out year. impact an seeing to impacts past,

of very things much with of more we Analyst and we’ve But Day. in about were it about variety talking the that kind how of So at one this line The technical into is go kind there -- thinking subscription in a this. things component early and our one a contract are of that up are deals, bit is, of the the cloud to portion a revenue. term deals end total a where cloud allocating we from is lot value past large about talked license migration away overall

an I continue have impact is, going through work of investment think kind renews, as we does function. leverage all to big towards the on we’re does making a and the be That term you the as that’s an expect small really we have points through percentage our quarter no X as here -- use to and about as in margin to is investments But kind those for term customers customers an think period. they we talked that so, the -- this will making there that systems those And profile -- as longer and last know, then impact once has customers. in operations of customers those going customers we’re it the for impact migrating throughout impact. as cloud that both contract are that and We about big initial that forward have an allocation to have that license, work they that year of we’re all those cloud migration of

Rishi Jaluria

so you Thank Great. much. right. All

Operator

you. Thank

Our Wong with next from with Guggenheim question. question Securities. proceed Please Ken your comes

Ken Wong

on focus how theme noticed on for and common and in focus data P&C the the potentially guys. cloud Thanks How align you do initiatives obviously, messaging Connections customers that, of love Is for cloud Is something talk coming how talking with these like IT was the greater did at something what were there. data take sake. my their enables guys Great. cloud seemed past of adoption? carriers a that priorities? are was can there automation could much looking about more Hey, as out that accelerate customers versus projects question, your One that would with where taking to lot this a points they cloud for start data? I it Mike. I

Mike Rosenbaum

I the Guidewire in has Guidewire Cloud opportunities, improve production lifecycle like Yeah. of on customer kind Thanks step Data is And the our day to for you conversation more for to cloud for insurance I And part every is making analytics real. through agree. them be is the think customers in you’re it at I that -- that access way that Data question. transaction delivered very sort Platform accelerates about unique. think initiatives selling have a every want vast Platform are cloud successful. selling about and to the very, sake. the if use and flowing to modern now going and we that And talk and decisions I initiatives cloud whenever cases completely think with their what technology very of data be I never forward. an to any a we very one, customer like the I of want are because makes say, That of

have isn’t other Guidewire side doesn’t is that circumstance, in there of digital going that facing to deployed that think the be think single with I agent facing digital be to implementation that or also interface. we Guidewire consumer every that a will an

much as that think And about But about And we -- to deriving about cloud value of start going we’re they’re we’ve implementation I really the just that talk excited how to to being from a customers think kick start are us it’s the InsuranceSuite makes hearing stronger. product from value so I in overall given you’re built Guidewire think the prop that. give -- and a them data it’s much, the cloud, service, access platform cloud who to run because the can able that much we’re capabilities cloud because we’re But value it’s cloud runs where service and that’s data and that We the running. deliver, because a just a key to it’s key than we that more transition it’s to and can upgrades proposition. software it. into

Ken Wong

services Got Thanks on it. follow Got maybe things. it. of a And up side Jeff, that. for the

where last of year that’s reduced months coming potential as the reduced look for and or that that were bring I us that after that and COVID now expecting you there, services that after at the we of most floor meaningfully probably is fair probably in were a now I to adjusting approaching there. kind guess the pretty outcomes it year we think life there might assume can were before lower guide of? surface is any that that bottom could services the think for

Jeff Cooper

to try thing Yeah. and we’re much is seeing Ken, and take as these pickup projects, their our I mean, push continue look, lead we’re the and to partners a to working possible hand-in-hand ability with to our which work long-term. great partners and great for as cloud

updating commit drive I help kind way puts and how the will about you I’m to our services of services going kind We on think what’s you The understand a and and and lowest focused ARR ideally to there. on. of what’s basis and what takes on is, quarterly we the targets need that’s

we to the that of sure over transparency terms to grow provide future. how in we do and expect want that that business and Although, we make visibility evolve

this best year at by of get end what respect provided to we point to is with we where think in So what we our see into time we’ll the year. in the view

Ken Wong

Thanks, helpful. Very Jeff. it. Got

Operator

you. Thank

Tom Roderick Please question. from comes with Stifel. next Our question your with proceed

Tom Roderick

for my question. afternoon. taking gentlemen. Good Hi, Thanks

regarding an we these assessed here in answer, just you and being as very way Greenfield interact up claims at year December, adoption. than this kind guess, to of process, But a with perhaps their you agents sit a with I big your and of customers acceleration. and earlier kind and the they counterpart been nine conversations new are like things were execs two years of So, pandemic, your opportunities different concept of all carriers And transformation. some which line of kind seemingly months so the cloud and I on are way that looking Mike, guess, into digital with what And question up ago, for of these cloud responded framing and business a business interesting growth accelerate your new growth your for view lines this is themselves, this would accelerating opening can there’s on their of maybe comment theoretically pipeline? driver

Mike Rosenbaum

And think better digital it’s are like One consumers projects. or to one initiatives for better Yeah. of should complete going a to part those quote interface, growth exciting driver for Tom. insurance I to these is, a think, mechanism or transactions. the growth two Hey, actually quoted you agents for companies. Guidewire we’re think sort for them That’s -- create Thanks -- smoother get ways. you a question. -- these that and for It’s we should about of initiatives, I really carter phenomenal

channels experiments products side significant new is market in completely new just to I Or to quickly There’s the and do through are products should necessary experiment to able you are IT and validate of that. to sort with that a order say, have innovative market to to bringing a in or viable. product to other systems conversations do completely need of it would with The cheaply flexible be be bring that to customers order of to able to looking very be that just channels. do enough I and able amount is new that to channel of effectively I -- types a

you’re right so you the you that that you I more going you just to that of -- that as pick thing to that because the gives is pick set actually down can, to and try it the channel get things to to an because that to you can, a try sort much try or lot that things, as about, and that, you going find just an possibly you know think you to to possibly the something software cost as circumstances gives cost to you things more try the get work. experiment product of are work or want choose ability ability that’s as want as an the or that because of because One more building approach get unique never going to low you and

So insurers proof to bringing to have new the can impact their to Cloud point partner an Guidewire enough exciting That’s on that’s products with -- really that and market these for be quickly a a in these extent us. quickly meaningful really, business.

modernization approach. they to into fact of platform the as because with and a all there customers floated they financial important. on, the systems, different And if goes is on as really, you a a at the one -- to for that enables all want and and do to company be something approach It’s anyway One look, list something the we executives able work systems sort that I our to Because Guidewire, can one is of to I us value this really that and products saw do -- to these the was on -- the companies excited robust and ultimately Guidewire that the Frankenstein integrated our and on. reporting that of doing sort systems that them new of with systems their this of of at through just has company really all this that proposition, they’re quickly. these launch is for proven about. way And back said, the market I’m bring don’t around the phenomenal be analytics and on legacy quotes

having. give we’re know, more the to don’t hopefully, I what conversations little you yeah, as seeing you we’re flavor helps that So, in a

Tom Roderick

about talk more some and you’re starting Maybe as color. that Yeah. that? November. that, working I how understand bit early feedback it or to the of love great releases guess, how that And little out within embracing Banff the it but That’s a of you the are bit and of bounds these, bit six-month customers see six-month here, about of the cycle are released hear in here a talking being customers about about training little can from again, little resort complexities talk, and to ski I’d cycle, a you some thinking adoption standpoint. a and release about on

Mike Rosenbaum

say Sure. am our it And in for I’d be proud remiss that not product to development organization pull I being of off. how able to everybody

think -- thing it actually do and up with It’s six and in remarkable. a Banff. a And as did it very say, me that truly customer told the cycle. an different That have hey, to months thing been do it had feedback I then completely we with at Aspen to positive. follow later six-month is one pandemic. Connections, one intention And it’s to release the of middle you a

people glance, most think think, to you upgrade. is hard your of I think first Guidewire

solution, provide So What happening that does more if releases. the six going it’s new these into we we’re that running the ends releases every it to a take to months, innovations, --is mindset about difficult to account what these customers fact is new take. release to are the hard actually have putting mean be up of take on the easier characteristics that we into our Aspen. Because

becomes for we waited two had would, Banff it to easier take so otherwise years. than And

customers of projects upgrade like And well. before, that’s this to projects going have based Aspen very very, Banff. And cloud been positive. sign. feedback a the mostly just transition initial and Those Aspen, gone is so off Those very in, positive the on very released is from I live we three said resulted

on very, in whole early But the next quarterly is exciting. very really together getting way the and call. That’s So out a the projects update stages an for we’re to in that into of release the that truly getting customers and right coming system for positive very really have worked we’ll you us.

Tom Roderick

Really Mike. it. helpful. you, Thank Appreciate

Mike Rosenbaum

much. very Thanks

Operator

you. Thank

next question from Brad comes Please with America. question. of with proceed Bank Sills Our your

Brad Sills

Hey, hearing license about migrate You’re the for roadmap regard Oh! wanted traction guys. on-prem, the their you ask -- Great. Guidewire for to term cloud? along from customers in taking higher are question. term on kind seeing What with running plans Thanks for obviously their license. to just my both. of I their alongside plans outlook to with to

I a in it’s in term first while time seen we’ve the upside license. think

existing to license customers and maintaining towards are driving term that -- So, what’s the conversation with about the system, on-prem how while the their how’s term thinking I longer guess, more move gradually regard cloud? with customers

Mike Rosenbaum

and quick has real see it to on touch add. if me anything Jeff Let

mind that Cloud, the experiment a quickly Guidewire approach to are I’d used to or sense especially of business, with always as help term with to Guidewire most way make them about and cloud about effectively proof customers Always implementation. sort their mind, either a these, if this make a it to their necessary subscription move replace in keeping makes be as I on-prem lines up which -- decision in the part, get cloud talking they they’re to implementation. spin those term successful can more for of experience Cloud will and the deciding the call decision license points when in to to with For new keep with say, to move that net would that these on at looking

Jeff Cooper

I the pricing of their add, our I’m a we work things would one It’s committed pipeline. license see cloud of them. term Brad, -- only have thing the lot is as will in way through almost And interesting deals them noticing

cloud. a eventually will they go about a there or So as thinking they’re the embark they lot may how with on-premise of journey even customers, term be to us, that not on quite yet, but

building to that’s have offering are strong that we’re a offerings we real with rolling we combined have on-premise ours to So, strength of cloud the customers. really today that the and out

of big So that having when strength a take flexibility is kind ours. want to customers bit a with of more

Brad Sills

then are versus advantage InsuranceSuite feature solutions there the move more more or on-premise investment great. will, you the the That’s more cloud? R&D you. aggressively Thanks, Cloud -- Thank investment where towards in the moving guys. to mentioned, closely, you -- And more if features towards at I guys Analyst Could if a the point Day, see one we to moving cloud. there’s a incentive, may, more, and

Mike Rosenbaum

services. what characteristics rules it the this, platform native already cloud advantages of call to we’re data are say, I’d Yeah. that Those there, rating, available think right? Think generation, feature talked I about in we as these support cloud as like it about features services. support And the to previously. only

time. things And over will so those build think I

cloud. be InsuranceSuite to for I on-prem are makes a characteristics the in a keep managed and services these customer that certain cloud will there And that feature as will base self sense as or just we do of with advancing just as We think things an the But service it understand our customers our can advantage there on-prem. that can you that, right? business do modality. and you provider our can’t

makes sense. Our customers understand that and it

convince And customers to grow those to so to will as and I that advantage over mechanism think a move take of capabilities.

Brad Sills

Thanks, Great. Thanks, Mike. Jeff.

Mike Rosenbaum

Thank you.

Operator

Thank you.

Baird. Our next question Vruwink Please with Joe comes your from proceed with question.

Joe Vruwink

Great. Hi, everyone.

like question over individually pretty with one of what’s dovetails an Just popped months strategies overarching come have from that Maybe it me. seems up and XX of the earlier, a they bit a and last but up lot seem important. events

life the releases step you is you just the iOS when by or path, avoid is, everything, I question database CloudDirect move with And my there it ago? of came lives and so maybe end particularly it X expectation maybe XX invest those the drive So milestones thing for is important or potential two-step up. of back to consider to some guess decisions things faster, relative earlier it months just has one drives maybe be the to go that or your annual

Mike Rosenbaum

this it services production getting then customers live yeah, conversations such customers point thing. can so feels certainly and a Cloud -- with one this for for basically them. don’t this, know, confident that I the I’ve reference you again, have Platform. and -- to I These previously support they that combination there’s said use on we shipping applaud if with that calls alternative just that can Well, viable We feel cases understand of that a what like customers is it. that people that had with many as, like doing. doing I’ve Guidewire real delivering -- summarize we and you’re It

We’re your and to there in XYZ really you. we’re and organization and you make conservative want to points see for this we to us succeed right established But for with order we we’re biggest our proof company. fans decision want

approach I customer guy I why sort and we’re of that’s right and And steady said, right as our love diligent on for base an deal I think is it’s job with on is because this kind I a of the and so, thing I’m plan, track. execution the think determined sort of and this executing

it for It’s one -- thing me base here, production the if happen establishing quarter customers now. And the said, you right proof to what’s that and points starting forced so, It’s and production proof here’s if doing that’s points. pinned really look, those us QX down an was such to say are that you the matters? those important us customer that regard. in that And to enable

Joe Vruwink

Great. Thank you.

Mike Rosenbaum

Thanks.

Operator

Thank you.

with with Our Please question Michael comes Securities. your proceed Turrin question. Wells next from Fargo

Michael Turrin

Hey, there. Thanks and good afternoon.

just to the as or of number out we beyond could Just XX% parts QX, shutdown newer we you you help a are layer guiding one maybe for key year. if slight consistent which share the ARR that XX% some you we point, ramp profile consistent pick fiscal you’re are you to that set with time could me, the advantage that some growth us in on cloud And with watching wondering On maybe up back take over on that level factors see I seen? where ARR, of customers two maybe model? also growth for for it. just you’ve from step the Thank Jeff, the the also back could impacts impacts you. caused contribution could help terms am and in mentioned can of

Jeff Cooper

Yeah.

I’ll maybe you Mike jump start So, can and …

Mike Rosenbaum

ahead. Go Yeah. ahead. Go

Jeff Cooper

that levers very respect to there number think are watching with I we’re of ARR. a closely

bookings is activity one year new activity ARR. translates and that first how into The bookings

one to the As bookings, we paying as longer one deal. levels, lower a translate period talked often profile value that the past and the then total at term about on We’ve levels, at already to other depending because different a migration average much that think things. contract the what year they’re license ARR over of your some ARR translates deals could in and be

we sort QX. bit a with and single closely coming are factors kind and look The an the versus thing keeping one the any next would year ramps, it, and The first that last the is very looks bookings in like. there’s built in add in always and were from of years. like So, much about look activity at in on ARR you little which And fix two year. how that our that ARR every contribution does impact note past, that’s what then This this, get if on And there. seeing being is attrition. thought It’s track, this renewal to more roughly going similar out we I ARR foremost, the the eye about, sold for on QX work how year? we with we QX our prior third and team those out gross our or we is expect we vector What line deals that that we how is And we’ve to in to hinted year. QX are year of risk expectations activity attrition. talked the one over of year from to

so that a we regular drivers very And those are focus the basis. on

Michael Turrin

Great. Thank you.

Mike Rosenbaum

Thank Yeah. you.

Operator

you. Thank

Please question comes last question. proceed Our with from Tyler Citi. Radke with your

Ji Cheong

us with here year? OpEx This in going understand I then start guidance afternoon. inequality in the T&E we of to the the kind we in and could Tyler next margin put to and for months margin Good Ji is towards margins unchanged, help any of Thank what was end you on months? on looking And the six want built then kind expectation Cheong here better that see nine improve recover at of as year? just the returning Hi. you. today. is to flat have of and for quickly cadence discipline touch you like early, like given should takes we expenses And be towards usually the the

Jeff Cooper

Yeah.

we expectations, There So, the of via-a-via over half revenue significant timing fairly we revenue. margins, operating that did from tied with to was a that significant from credit that the were AWS There in items benefited us expense were unusual there operating an quarter to expecting were overall respect came a the about and the see some usage have we from that performance of perspective. but other work delayed, based that QX. hitting There were project would more which expenses as hit in we QX the QX. why in in expectations operating inspect are pretty a a consistent budgets ended much bit with at is It year. beginning of the full the up bit we than that year lower expected, what the said some the for we that overall was

our less even change outlook than originally did in QX though model. bit So overall see didn’t we’d we a expense

Ji Cheong

like years for any T&E give with actually the returning Okay. expectation you that? And came

Jeff Cooper

returning. T&E For Oh!

Ji Cheong

Yeah.

Jeff Cooper

T&E, -- a organization. expense is sales big is a different other couple organization there’s for and components of within This parts obviously of the our T&E T&E.

We will this return have modeled in that in year. some that fiscal

-- that But then QX. expecting built of that believe that’s $XX -- into T&E I So close services been have isn’t to side. with lot of that would we’re of little there modeled respect T&E to And we a a billable note really bit billable we kind $XX not prior on that site, into traveling that million has our years that organization, customer do to or million. I our models. in have some

prior So that is a year to pretty compared years. big shift this

Ji Cheong

fitting Great. for me Thanks in.

Mike Rosenbaum

Thank you.

Operator

Rosenbaum comments. the would like over I Thank back to any time. for no further at turn you. Mike floor this questions closing There to are

Mike Rosenbaum

really much. happy understand happy really year. way really put we’re want get there very of Connections now understand to Really, and to interested. it’s so on Guidewire the with you’re established a a all that for appreciate also posted and especially that’s and that for just thanks from prospects value joining. think hard published if to Thanks wanted you Hey say outlook have perspective, the the access the just work in Hey. and a online, we some to content out the and I great public QX momentum if that real assess, customer everybody in joined the delivering plug you and we we’ve and with I’d I

have for So a great joining thanks day. and everybody

Operator

call. today’s concludes This

this a your Thank disconnect Have you evening. may time. lines You for at wonderful your participation.

Guidewire Software (GWRE) 9 Dec 202021 Q1 Earnings call transcript