Guidewire Software, Inc.

Greetings and welcome to the Guidewire First Quarter Fiscal 2026 Financial Results Conference Call. As a reminder, this call is being recorded and will be posted on our Investor Relations page later today. I would like to now turn the call over to Alex Hughes, Vice President of Investor Relations. Thank you, Alex. You may begin.

Thank you, Grace. Hello, everyone. With me today is Mike Rosenbaum, Chief Executive Officer, and Jeff Cooper, Chief Financial Officer. A complete disclosure of our results can be found in our press release issued today, as well as in our related Form 8K furnished to the SEC, both of which are available in the investor relations section of our website. Today's call is being recorded, and a replay will be available following its conclusion. Statements today include forward-looking ones regarding... are 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 representative views as of any subsequent date. Please refer to the press release and the risk factors and other documents we file with the SEC, including our annual reports and quarterly reports on Forms 10-K and 10-Q, for information on risks, uncertainties, and assumptions that may cause actual results to differ materially. We also will refer to certain non-GAAP financial measures to provide additional information to investors. All commentary on margins, profitability, and expenses are on a non-GAAP basis unless stated otherwise. A reconciliation of non-GAAP to GAAP measures is provided in our press release. Reconciliations and additional data are also posted in the supplement on our IR website. And with that, I'll now turn the call over to Mike.

Thanks, Alex, and good afternoon, everyone. Thanks for joining the call. We're off to a great start to our fiscal year, delivering results ahead of expectations across all key financial metrics, and we're seeing continued momentum in our business. Five years ago, we launched Aspen, the first release of Guidebar Cloud Platform, with the goal of enabling property and casualty insurers to engage, innovate, and grow efficiently. Today, with Niseko, our 14th release, we're experiencing tremendous success across the industry and around the world. And we continue to see accelerating adoption of our cloud products and services. Reflecting on this success, we got four important things right. We met insurers where they were in terms of their operational complexity and the investments they had already made. We designed agility and extensibility into the platform to unlock innovation. We invested in and fostered an ecosystem of partners to help drive our vision for a cloud-based core system powering the P&C industry. And we worked tirelessly to ensure every project and customer was successful. Our Q1 outcome and continued momentum are direct results of these decisions and hard work. Additionally, the timing of our platform maturity aligns us well and leaves us well positioned for the advent of generative AI. The potential for generative AI in PNC insurance marries extremely well with our platform's extensible design and now creates opportunities for us to unlock greater productivity, platform value, and new products that leverage our vertical data and business process expertise. We believe these elements together position us to dramatically improve insurer outcomes and fulfill our enduring mission of enabling insurers to innovate and grow efficiently. This means our platform can now go wider and deeper with a greater portfolio of applications and tools that harness data and AI. In October, we hosted Connections, our annual customer conference. This year, over 3,500 attended from across the industry, and we laid out this next phase in our plan, which we see as a logical next chapter for Guidewire now that we are confidently through the most difficult part of our cloud journey. As we go forward, our goal is to focus more and more of our energy on this new opportunity. We have spent many quarters discussing Guidewire Cloud and our progress transforming our company and customer base. This effort will, of course, continue. And we have a lot of runway left, but we will also begin to focus more of the conversation on everything we are positioned to deliver for the future. So today I'll spend a minute giving you a high level update on the continued strength we saw in our core business through Q1, and then elaborate on our new products and opportunities. Jeff will then discuss our financial results and updated outlook. So let me begin. by mentioning a few key highlights from the quarter. Following a record Q4, we saw continued momentum with another eight cloud deals in Q1. ARR grew 22% year-over-year and 21% on a constant currency basis. We had five significant deals in North America, led by major insurers, the Hartford and Sampo. We had three international deals, including a major win at one of the UK's most respected mutual insurers, a significant migration at a major insurer in Japan, and a great win at a large Australian-based insurer. It was also great to see six of these eight wins expand to include one or more of our data and analytics offerings. All this momentum was driven by the factors we've shared before. Our cloud maturity, track record of customer success, and a resilient global PNC insurance market that continues to modernize. Based on this success, we now have the opportunity to go wider and deeper with applications targeting our customer base. Two areas where we are excited to extend our platform are in pricing and underwriting. InsuranceWeek, will include new applications, Pricing Center and Underwriting Center, alongside Policy Center, Billing Center, and Claim Center. Both new applications represent significant market opportunities that address the industry's need to overcome very fragmented and manual processes that negatively impact their speed to market, loss ratios, and growth. By building Pricing Center and Underwriting Center on our unified cloud foundation, and connecting each seamlessly with our other insurance suite applications and analytics products, we believe we can significantly improve insurers' agility and performance. With Pricing Center, actuaries can bring models to market faster with greater precision and control. And with Underwriting Center, underwriters can improve risk selection, streamline operations, and accelerate quote turnaround times. And with agentic AI capabilities infused in both of these applications, insurers have the potential to dramatically improve on longstanding business constraints. One aspect of this new product portfolio that I'm particularly excited about is the potential to combine generative AI, data, and critical workflows that run on our applications. Our recent acquisition of ProNavigator is an excellent example of this. ProNavigator is an AI-powered knowledge management platform trained and tuned specifically for the insurance industry. By integrating ProNavigator into Guidewire applications, we can now deliver instant, context-aware guidance and answers to the people using our applications. This sort of in-context guidance is a first step in generative AI deployment to insurance workflows and can upskill every user of Guidewire application. In addition to providing us the opportunity to launch new products, Connections was also an opportunity for our broader ecosystems to come together. As I have said many times before, this ecosystem of partners and the innovation we have developed together have been a significant factor in our success to date. ProNavigator, in fact, is a great example of this as a graduate of our InsureTech Vanguard program, which is our initiative to identify and mentor promising startups. Before handing it over to Jeff, I'll just summarize my key takeaways from the quarter. We continue to see accelerating adoption for Guidebar Cloud Platform and have plenty of runway to continue growing our core business. At the same time, we are extremely excited about the opportunity it unlocks for us in new products, innovation, and generative AI, and these new product areas are very much where we are focused now. We are thrilled with the early reception that our expanded product portfolio has received and look forward to sharing more with you over time as we progress with these new offerings. With that, I'll turn it over to Jeff to walk you through the financial results.