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Guidewire Software' Management Presents At The Citi Technology Conference (Transcript)

Fiscal highlights. We just reported our fourth quarter two days ago. We were proud to accomplish $67.6 million in revenue, and we had non-GAAP operating income of $9.6 million. We are on a recurring revenue base. We sell term licenses to our customers rather than the old kind of software model of signing perpetual license and that's the only time you ever get a license fees for the sale of your product. We instead sell on average five-year contract. We charge licensing fee to our customers to use our products. We ask them to pay as a fee for license and maintenance annually every year and we have an incredibly high almost 100% renewal rates.

Looking at the businesses last year, we added 30 customers, which is a record high for us. The high in the prior year with 17 customers, so we are very proud to add 30. We also had a significant increase in traction in the two additional products that we've released over the last several years, and that is PolicyCenter and BillingCenter.

Guidewire was always known as really the leader in the ClaimCenter management, but we have a hard press actually to consider ourselves as leadership position PolicyCenter and Billing. We changed our go-to-market strategy with the release of our 7.0 product, and about 18 months ago really has a sales team go after selling both PolicyCenter, PolicyCenter and BillingCenter, so the strategy actually worked. We were now successful at having 35 PolicyCenter customers, 17 of those PolicyCenter customers came to us in last fiscal year.

As far as investment, we think now is the time to invest. While we still have quite good operating margins and have been GAAP profitable for the last three year, when we look at the traction we've got in the marketplace today, we still believe that this is a land grab opportunity, and so we are investing still quite heavily in research and development in our professional services team and most importantly in our sales and marketing teams as we expand our footprint worldwide. We have about 850 employees today, a nice headcount growth. We've actually been contributing to the economy and the unemployment rank, and hired people last year.

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