Summary: Guidewire reported a solid QQ2 2024 quarter with meaningful progress on its cloud-first strategy and partner-led services transformation. ARR reached $800 million, enabling Guidewire to raise its ARR guidance for FY2024 to a range of $852–$862 million and project total revenue of $957–$967 million. Management highlighted a robust cloud sequence (11 cloud deals in the quarter, including four Tier 1 deals) and a growing SI ecosystem that is shifting a greater portion of implementation revenue to partners, with total revenue constraints largely driven by lower subcontracted work rather than weaker demand. On a GAAP basis, quarterly operating income was negative at -$12.4 million, but the company emphasized non-GAAP profitability momentum, driven by a subscription and support gross margin of 65% and improving cloud margins. Management also underscored the acceleration of cloud updates (three releases per year) and the ability to layer in analytics and data offerings atop Guidewire Cloud Platform, positioning the company for greater long-term margin expansion and higher ARR around $1 billion in the medium term. Key takeaways for investors include the durability of Guidewire’s P&C software platform, the strategic shift toward SI-led services, and the importance of monitoring cloud adoption, SI partner performance, DWP-based pricing tailwinds, and macro inflation dynamics as drivers of future ARR and margin trajectory.