Guidewire Software, Inc.

Greetings and welcome to the Guidewire fourth 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 now like to 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, John Mullen, President, and Jeff Cooper, Chief Financial Officer. 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 on the investor relations section of our website. We've also posted our fourth quarter earnings deck on our IR section of the website. Today's call is being reported. A replay will be available following its conclusion. The statements today include forward-looking ones regarding our financial outlook, our cloud and AI product strategies, customer demand, business operations, the impact of macroeconomic factors, 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 of views as of any subsequent date. Please refer to the press release and risk factors and documents we file with the SEC to clear our most recent annual report on Form 10-K and our prior and forthcoming quarterly reports on Form 10-Q filed and to be filed with the SEC for information on risks, uncertainties, and assumptions that may cause actual results to differ materially from those set forth in such statements. 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 at the end of our quarterly earnings deck on our IR website. And with that, I'll now turn the call over to Mike.

Good afternoon, everyone, and thank you for joining us today. We finished our fiscal year with an outstanding fourth quarter, capping off another exceptional year for Guidewire. ARR finished the year at $1.242 billion, up 19% year-over-year and above the high end of our guidance range. Fully ramped ARR grew 22% marking the fourth consecutive year that fully ramped growth outpaced ARR growth. Subscription and support revenue grew 33% and we exceeded expectations across revenue, operating income and cash flow. Our execution in Q4 underscores the durability and resilience of our business model, as well as the position and potential we have to lead the AI-driven transformation in the PNC insurance industry. Thank you for joining us. earning their trust for their cloud transition and solidifying our position and supporting them for decades to come is a defining milestone in our company's cloud journey. Nationwide also selected Pricing Center for personalized pricing and rating. This is obviously a great win for our Pricing Center team. As we work to deliver on the specific business and technical requirements, we will further validate that Pricing Center is ready to provide the capability and scale required for any Tier 1 insurer globally. Well, the nationwide win was monumental. Our broader momentum with Pricing Center has been remarkable. John will share more details shortly, but the integrated value proposition and the market demand for real-time price adjustment are resonating with customers. I couldn't be happier with the performance so far of this acquisition, and this deal serves as a fantastic capstone to an incredible year for David, the founder of Quanty, and our Pricing Center team in Warsaw. Another standout in the quarter was ProNavigator. Again, John will provide additional color, but sales velocity for this new product dramatically outperformed our plans. Embedding AI-driven assistance directly into the core workflows of Claim Center and Policy Center is precisely what our customer base needs right now. Rapidly integrating ProNavigator into the fabric of Guidewire and seeing immediate commercial traction was a major highlight of the quarter. ProNavigator serves as a straightforward AI on-ramp for customers and now forms a core pillar of our broader strategy. Given customer enthusiasm, it is entirely realistic to expect this capability to eventually be incorporated into every Guidewire implementation worldwide. The final element of our AI strategy tangibly taking shape relates to Guidewire Cloud Platform itself. Developer assistants are now available to all customers and partners, making agentic development on Guidewire exponentially faster. Things like writing integration code and building front-end applications for digital experiences are now dramatically faster. In our QSAR release, we delivered our agentic platform, enabling customers to build standalone AI agents tuned to their specific implementations and existing workflows. These agents operate seamlessly within their core systems, maximizing their pre-existing modernization investments and taking full advantage of the structured context that resides natively in Guidewire. Thank you very much. With respect to the financial performance of the company, Jeff will cover the numbers in detail later in the call, but I want to highlight two significant financial milestones. First, we nearly completed our share repurchase program, buying back over $600 million in shares. Our ability to do this is an outcome of our expanding profitability, cash generation, and confidence in the long-term durability of our business. Second, This year we achieved an annual gross ARR attrition rate of less than 1.5% for all ARR and less than 1% for core systems customers who represent the vast majority of our ARR base. Thank you for joining us. Thank you for joining us today. and especially in Q4, we have begun to see clearly how our role as a core system of record can be expanded to support the application of advanced analytics to pricing agility and application of AI to core workflow efficiency. How earning the trust of our customers allows us to establish a cloud platform that is delivering the AI-powered speed and agility the industry needs to not just continue their monetization agendas, but to propel them into a new, more intelligent and efficient insurance operating model. So we are happy about the results in Q4 and our fiscal year, but we are more motivated about the impact we are helping to create in the insurance industry. Finally, before handing the call over to John and Jeff, I want to convey my excitement for our upcoming Connections Conference this October in Las Vegas, where we will also host our Analyst Day on October 27th. You are all, of course, invited to join us. We look forward to showcasing our latest product innovations and the new agentic capabilities of our platform. Our strategy is straightforward. Deliver the world's most trusted core platform for PNC insurance, supercharge it with AI to accelerate every technology initiative within an insurance company, and embed agentic intelligence directly into claims and underwriting to drive an industry-wide and global transformation. There is no better place to understand the power of Guidewire in the insurance industry, and we hope to see you at Connections in October. With that, I'll hand it over to John.