These are things that we just can’t do in an on-prem modality, but we can do as a cloud service. And so those characteristics create value both in terms of agility, but also operating efficiency for that carrier. So anyway, without giving you all the numbers of that because it probably changes for each insurance company and each line of business and each sort of segment of the core systems, that’s how we generally think about the overall value proposition for Guidewire Cloud. Sorry, does that help you?
Michael Funk: It did. I think that’s a good overview of thinking about the kind of consistency of the transition of the growth and the drivers relative to other software companies. And one more quickly, if I could. As we think about growth this year versus the last couple of years, if you have it top of head, how should we think about the contribution from NRR versus net new? Are you seeing any shift there?
Jeff Cooper : Yeah. I mean I’d say we’ve, over time, built up a pipeline of ARR that flows in from what we call our backlog from ramp deals. And so that’s a pretty meaningful part. We are starting to see some — a bit more new RFPs or new modernization programs for a little while, that was sitting on the sidelines because those folks were making the decision to kick the can down the road while they sat on the sidelines and waited for a bit more cloud maturity. So we’re starting to see that come back to market, which is exciting for us. But no material shift in terms of the overall model. I mean I think we’re still going to get a lot coming from our installed base and our customers. A significant amount coming from deals that we sold in prior periods as those ramps flow through the model. And then we’re always very focused on new modernization programs.
Michael Funk: Okay. Thank you for the time. I appreciate it.
Jeff Cooper : Thank you.
Operator: And our next question comes from the line of Alexei Gogolev with JPMorgan. Please proceed with your question.
Alexei Gogolev: I had a quick question on cybersecurity. The standardized multi-tenant nature of Guidewire Cloud allow you to invest more into security compared to some of your peers. And I was wondering if you disclosed any of those investments in the past? Or maybe you can give us some examples that highlight your security superiority versus peers.
Mike Rosenbaum : Yeah. I think the way we think about this is that the centralization of the management of a system facilitates a greater degree of security for that system. And that’s simply because we can patch Guidewire and the various implementations that are running on Guidewire Cloud more efficiently than we are able to patch and maintain the systems that each of our customers are individually running. Your comment about multi-tenancy is sort of exactly right. It’s like the changes that we can make once can be applied to many customers. And so therefore, the effort that we put in to securing that system can be sort of leveraged by a greater number of customers, the greater number of tenants. And so the system overall can be more secure than what any of the individual customers are able to achieve on their own.
There’s been a few conditions that have come up and examples of this where we were able to ensure that the Guidewire Cloud implementations were quickly patched for vulnerabilities in a way that it was just a lot more cumbersome for us to get those patches, those updates pushed out to all of the on-prem customers that were impacted by this. And I think in the end, you see this throughout enterprise software is that the centralized systems just get this benefit of a central focus on security, a sort of idea of a limited number of code lines in order to patch and secure. And you just, over time, you create something that’s a lot more secure than the variability that exists within all of the individual implementations. This is certainly something that we talk about with our customers as a benefit of the cloud model and they understand that.
I think that there’s also a degree of risk that they’re thinking about in terms of making sure that we are as at least as secure in our approach to managing the system as they are with their individual implementations. And so depending on the size and scope of the customer that we’re talking about, that conversation will either be quick and easy for a small insurance company where what we can apply with the resources of Guidewire far outstrips what they’re able to do on their own. But we have some of the largest, most sophisticated customers in the world from an enterprise software perspective. And so those conversations are pretty in-depth and we work very, very closely with those customers to ensure we’re creating the most secure, reliable services we possibly can.
So I hope that gives you a flavor for how we think about this and why I think it’s certainly a benefit of the model here at Guidewire.
Alexei Gogolev: It does. Thank you, both here.
Mike Rosenbaum : Okay, great. Thanks a lot.
