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.
So, who is our market? Insurance really is everywhere. The insurance industry is the fourth largest industry in the world, and so it's based on kind of like two or three different segments, personal lines, which all of us buy insurance for our own autos and home. Commercial lines, where people buy insurance for cars and for building and then also really what's considered kind of workmen's comp, which is a segment of the commercial lines, where you pay for insurance for your employees.It's a huge industry. In 2010, we think it's about $1.2 trillion industry, and really in this market, the Americas which includes Canada and South America, EMEA and then Asia-Pac, and that's our go-to-market strategy as well. We've built these products actually to be able to service this global industry and has been successful actually in being able to capture customers around global. This industry spends a tremendous amount of money on IT. Now, most of it today is still going to services. It's going to the system integrators, it's going to IT shops, it's going to the BPOs, and our goal is to take some of that wallet share and actually sell it as software instead, which should be a most much more effective way for the insurance industry to run its core applications, so this is legacy. Read the rest of this transcript for free on seekingalpha.com