And so yes, I definitely I don’t want to send the signal that we’re not appropriately anxious about all the things that you just described, but we do have a very good visibility into the rest of this year and even into next year. And we feel good about the guidance that we — that we set and that confidence allowed us to increase slightly right now.
Jeffrey Cooper: And just to add, I mean, we talk a lot about macro, but we also feel really good about the micro, right? Kind of the, where Guidewire is in terms of cloud maturity, what we’re seeing with momentum in the industry and the reference ability of customer cohorts or adopting cloud. All of that builds into a demand environment that is more — almost more driven by the micro dynamics that are specifically versus some of the larger macro dynamics that we see.
Joseph Vruwink: Okay. That’s great. And then I don’t have Dylan’s reservations, I will belabor the services point. But when I think about Guidewire and getting a cloud certification, I mean, that’s not an easy process. It’s pretty rigorous. It takes a fair amount of time. And so having the right capacity in place, which seems to be the messaging today that strikes me as a pretty big deal. Do you actually think that the SI community, it doesn’t sound like it’s been a bottleneck to any deal flow, but do you actually think it could become an amplifier of your activity and actually maybe helping you bring in some more big accounts, more engagements. And so it ultimately helps demand going forward.
Mike Rosenbaum: Yeah. I would agree. I definitely don’t think it’s been a bottleneck. And I certainly hope that it is an amplifier of demand for Guidewire. And I believe, I believe very strongly in what I described in the prepared remarks that we are going to serve this industry most effectively with great software with a great cloud platform that updates and delivers innovation to our customers through an ecosystem of partners on the implementation side, but also on the solutions side, that it’s not just Guidewire, that it’s ecosystem that we are creating and nurturing and investing in that together is going to help the industry evolve and transform. And in the process, creative at our P&C insurance industry. And I certainly hope that, that creates demand for Guidewire.
I think logically, it should. And I think, honestly, I don’t want to end like this is net new, right? It has. This has been the strategy of the company. And I think that this uniquely differentiates us as a software provider to the P&C industry. We are certainly not the only company that approaches it this way. But I would say we are the only company that approached this aggressively right, that really nurtures the partner, ecosystem as the mechanism for expanding our reach most effectively. And I think that, that is playing out to our advantage right now and hope it will continue.
Joseph Vruwink: That’s great. Thank you very much.
Operator: Thank you. Our next question comes from the line of Alex Sklar with Raymond James. Please proceed with your question.
Alexander Sklar: Great. Thank you. Mike, it sounds like the record second quarter and the momentum you called out is coming from both the demand side with carriers underwriting results and the execution side on Guidewire’s part give a little bit more color though on the improvement you alluded to in migration conversations. I think you called out conversion rates being a little bit better exiting ’23 into ’24. How notable change is that for the last few quarters?
Mike Rosenbaum: Well, I think there’s a couple of things that are driving an improvement in migration velocity is we are getting a lot more proof points under our belt. And so with 70% of our cloud customers now in production and that creates more references, that creates more experience, that creates more confidence in the existing on-prem customer base to recognize that this is a, honestly, the safest path forward. So that certainly helps. I think that we’ve also invested quite a lot in the tooling necessary to do these transitions more and more efficiently. We’ve also invested pretty significantly in migration practices, specifically focused with our SIs around driving these projects so that it doesn’t have to be just Guidewire, but there’s actually like a whole group of options that we can bring to bear around helping the customer do the migration.
And I think all of those things come together and help us result in the increase in velocity that we see in the migrations there’s still — that — all that being said, is there’s a lot of things that factor into the decision for an insurance company and solving that equation for every single one is going to take us years. But we’re completely focused on leaving no customer behind and ensuring that we can make this happen successfully for every single one of our existing customers. But it is based on a pretty significant amount of investment and focus that we put into this over the past couple of years, and we’re seeing that start to pay off now.
Alexander Sklar: Okay. Great. Thanks for that color. Maybe just a quick follow-up for you, Jeff. We’re halfway through the fiscal year. Any notable changes in terms of like the shape of slope of bookings from a ramp perspective relative to last year? Thanks.
Jeffrey Cooper: From an overall ramp perspective, no material change. I mean we’re seeing good linearity in the overall bookings. But when you look at the ramps that are embedded into the cloud deals, no change. I mean the one that we are seeing is, we’re seeing a little bit more DWP true-up bookings activity. Those don’t come with ramps, right? That’s kind of a onetime event. But when you look at the cloud deals, nothing to call out.
Alexander Sklar: Great. Thank you, both.
Jeffrey Cooper: Thank you.
Operator: Thank you. Our next question comes from the line of Aaron Kimson with Citizens JMP. Please proceed with your question.
