Informatica Inc (INFA) 2022 Q4 法說會逐字稿

Good afternoon, and thank you for attending today's Informatica Incorporation Fiscal Fourth Quarter 2022 Financial Results Conference Call. My name is Daniel, and I will be your moderator for today's call. (Operator Instructions)

下午好，感謝您參加今天的 Informatica 公司 2022 財年第四季度財務業績電話會議。我叫丹尼爾，我將擔任今天電話會議的主持人。 （操作員說明）

It is now my pleasure to pass the conference over to our host, Victoria Hyde-Dunn, Vice President of Investor Relations. You may now proceed, Victoria.

現在我很高興將會議轉交給我們的主持人，投資者關係副總裁 Victoria Hyde-Dunn。你現在可以繼續了，維多利亞。

Thank you. Good afternoon, and thank you for joining us to review Informatica's fourth quarter and full year 2022 earnings results. Joining me on today's call are Amit Walia, Chief Executive Officer; and Mike McLaughlin, Chief Financial Officer.

謝謝。下午好，感謝您與我們一起回顧 Informatica 的第四季度和 2022 年全年收益結果。與我一起參加今天電話會議的還有首席執行官 Amit Walia；和首席財務官 Mike McLaughlin。

Before we begin, we have a couple of reminders. Our earnings press release and slide presentation are available on our Investor Relations website at investors.informatica.com. Our prepared remarks will be posted on the Investor Relations website after the conference call concludes.

在開始之前，我們有幾點提醒。我們的收益新聞稿和幻燈片演示可在我們的投資者關係網站 investors.informatica.com 上獲取。我們準備好的評論將在電話會議結束後發佈在投資者關係網站上。

During the call, we will be making comments of a forward-looking nature. Actual results may differ materially from those expressed or implied as a result of various risks and uncertainties. For more information about some of these risks, please review the company's SEC filings, including the section titled Risk Factors included in our most recent 10-Q and 10-K that will be filed for the full year 2022. These forward-looking statements are based on information as of today, and we assume no obligation to publicly update or revise our forward-looking statements, except as required by law.

在電話會議期間，我們將發表具有前瞻性的評論。由於各種風險和不確定性，實際結果可能與明示或暗示的結果存在重大差異。有關其中一些風險的更多信息，請查看公司提交給美國證券交易委員會的文件，包括我們將在 2022 年全年提交的最新 10-Q 和 10-K 中標題為“風險因素”的部分。這些前瞻性陳述是基於截至今天的信息，我們不承擔公開更新或修改我們的前瞻性陳述的義務，除非法律要求。

Additionally, we will be discussing certain non-GAAP financial measures. These non-GAAP financial measures are in addition to and not a substitute for measures of financial performance prepared in accordance with GAAP. A reconciliation of these items to the nearest U.S. GAAP measure can be found in this afternoon's press release and a slide presentation available on Informatica's Investor Relations website.

此外，我們將討論某些非 GAAP 財務指標。這些非 GAAP 財務措施是對根據 GAAP 編制的財務業績措施的補充，而不是替代措施。可以在今天下午的新聞稿中找到這些項目與最近的美國 GAAP 衡量標準的對賬，以及 Informatica 投資者關係網站上提供的幻燈片演示。

It is my pleasure to turn the call over to Amit.

我很高興將電話轉給 Amit。

Well, thank you, Victoria. Good afternoon, everyone, and thank you for joining us today.

好吧，謝謝你，維多利亞。大家下午好，感謝您今天加入我們。

Before we begin, I would like to welcome our new Chief Financial Officer, Mike McLaughlin, to his first earnings call with us. Mike brings 30 years of extensive financial leadership experience and a successful track record, recently serving as the CFO at FICO. Mike has been with us for about a month and has already proven himself to be an incredible addition to the team, and I couldn't be more excited to have him join the Informatica leadership team. So welcome, Mike.

在我們開始之前，我想歡迎我們的新任首席財務官 Mike McLaughlin 參加他與我們的第一次財報電話會議。 Mike 擁有 30 年豐富的財務領導經驗和成功的業績記錄，最近擔任 FICO 的首席財務官。 Mike 已經加入我們大約一個月了，並且已經證明自己是團隊中令人難以置信的新成員，我對他加入 Informatica 領導團隊感到無比興奮。非常歡迎，邁克。

Now I'll start with my reflection for 2022 and details on Q4 and the full year highlights for the year. I will then share my observations for 2023. So let's begin with 2022. 2022, as you all know, was our first full reporting year as a public company. While the year witnessed external fluctuations with an uncertain macro environment, we delivered against our commitment to balanced growth. We exceeded cloud ARR, subscription ARR and non-GAAP operating income guidance for the fourth quarter and full year 2022.

現在，我將從我對 2022 年的反思、第四季度的詳細信息和全年的亮點開始。然後我將分享我對 2023 年的看法。讓我們從 2022 年開始。眾所周知，2022 年是我們作為上市公司的第一個完整報告年。外部波動較大，宏觀環境不明朗，但我們實現了平衡增長的承諾。我們超過了第四季度和 2022 年全年的雲 ARR、訂閱 ARR 和非 GAAP 營業收入指導。

In fact, cloud ARR and non-GAAP operating results were also better than our initial expectations shared a year ago in our February 2022 earnings call. We achieved 4 new annual milestones. We grew cloud ARR to over $450 million, subscription ARR to almost $1 billion and surpassed $1.5 billion for both total ARR and total revenues. These results highlight the resiliency and durability of a balanced growth business model.

事實上，雲 ARR 和非 GAAP 運營業績也好於我們一年前在 2022 年 2 月的財報電話會議上分享的最初預期。我們實現了 4 個新的年度里程碑。我們將雲 ARR 增長到超過 4.5 億美元，訂閱 ARR 增長到近 10 億美元，總 ARR 和總收入均超過 15 億美元。這些結果凸顯了平衡增長業務模型的彈性和持久性。

Our accelerated investments in the cloud continue to bear fruit. All products are now on the IDMC platform, and we accelerated our strategic cloud partnerships with AWS, Azure, GCP, Oracle, Snowflake and Databricks. We also received many awards from our partners and industry experts over the course of the year. Our IDMC platform, powered by our CLAIRE AI engine, processed 53 trillion transactions, mission-critical may I say, cloud transactions per month in December, a 91% increase year-over-year, demonstrating strong customer usage.

我們對雲的加速投資繼續取得成果。所有產品現在都在 IDMC 平台上，我們加速了與 AWS、Azure、GCP、Oracle、Snowflake 和 Databricks 的戰略云合作夥伴關係。在這一年中，我們還獲得了合作夥伴和行業專家頒發的許多獎項。我們的 IDMC 平台由我們的 CLAIRE AI 引擎提供支持，處理了 53 萬億筆交易，可以說是關鍵任務，12 月每月的雲交易，同比增長 91%，表明客戶使用率很高。

With our modern cloud architecture, 50,000 metadata aware connections and leveraging 18 terabytes of active metadata in the cloud. IDMC is the only platform at scale in the market with all the data management capabilities enterprises need to deliver measurable outcomes for data analysts, data scientists, data engineers, CIOs and the CDOs.

借助我們的現代云架構、50,000 個元數據感知連接並利用雲中 18 TB 的活動元數據。 IDMC 是市場上唯一具有企業所需的所有數據管理功能的大規模平台，可為數據分析師、數據科學家、數據工程師、CIO 和 CDO 提供可衡量的成果。

Our enterprise sales motion continues to strengthen as evidenced by 93% plus renewal rates. Gross margins up 82% and strong global wins with enterprise brands serving mission-critical workloads.

我們的企業銷售活動繼續加強，93% 以上的續訂率就是明證。毛利率上升 82%，並憑藉為任務關鍵型工作負載提供服務的企業品牌在全球範圍內取得強勁勝利。

Lastly, while cloud migration remains in its early innings, we ended the year with solid momentum. We have migrated 3.6% of our maintenance installed base over to IDMC, up from 2.8% last quarter with a 2.1 conversion ratio. GSI and channel partners continue to scale their Informatica migration practices and provided more trained resources to meet customer demand.

最後，雖然雲遷移仍處於早期階段，但我們以強勁的勢頭結束了這一年。我們已將 3.6% 的維護安裝基數遷移到 IDMC，高於上一季度的 2.8%，轉換率為 2.1。 GSI 和渠道合作夥伴繼續擴展他們的 Informatica 遷移實踐，並提供更多訓練有素的資源來滿足客戶需求。

Now turning to our strategic priorities and continued key areas of investment focus. Let me share highlights from product innovation and then go-to-market. Beginning with innovation. We prioritized our R&D investments to support accelerating the cloud roadmap and strategic cloud partnerships critical for our long-term success. IDMC is now the platform of choice as customers build a modern data stack at scale versus stitching together many solutions, which takes time, is more risky and definitely more expensive.

現在轉向我們的戰略重點和持續的投資重點領域。讓我分享產品創新和上市的亮點。從創新開始。我們優先考慮研發投資，以支持加速雲路線圖和戰略云合作夥伴關係，這對我們的長期成功至關重要。 IDMC 現在是客戶大規模構建現代數據堆棧的首選平台，而不是將許多解決方案拼接在一起，這需要時間、風險更大，而且肯定更昂貴。

Some innovation highlights amongst the many over the course of the year are here. In our data integration services, we recently announced a public preview of 2 new IDMC services, ModelServe and INFACore. With ModelServe, you can put AI into action in minutes, with a one-click serverless deployment of AI/ML models with our IDMC. INFACore extends IDMC platform capabilities to data engineers, developers and data scientists directly in their own integrated development environment, making them more productive by turning thousands of lines of code into a single function.

在這一年的眾多創新中，有一些亮點在這裡。在我們的數據集成服務中，我們最近宣佈公開預覽 2 個新的 IDMC 服務，即 ModelServe 和 INFACore。借助 ModelServe，您可以通過我們的 IDMC 一鍵式無服務器部署 AI/ML 模型，在幾分鐘內將 AI 付諸實踐。 INFACore 將 IDMC 平台功能直接擴展到數據工程師、開發人員和數據科學家在他們自己的集成開發環境中，通過將數千行代碼轉化為單一功能來提高他們的工作效率。

In our MDM and 360 application services, we improved data modeling to allow more flexibility while managing multi-domain relationships, introduced a new real-time data enrichment framework and track detailed usage and consumption metrics that accelerate cross-sell and upsell opportunities for our customers with their end customers.

在我們的 MDM 和 360 應用程序服務中，我們改進了數據建模以在管理多域關係時提供更大的靈活性，引入了一個新的實時數據豐富框架並跟踪詳細的使用和消費指標，為我們的客戶加速交叉銷售和追加銷售機會與他們的最終客戶。

In our cloud data governance and catalog service, we enable data entity classification, which uses better data intelligence to automate the labeling and categorization of data assets, helping improve data discovery, understanding and governance of data assets.

在我們的雲數據治理和目錄服務中，我們啟用了數據實體分類，它使用更好的數據智能來自動化數據資產的標記和分類，幫助改進數據資產的數據發現、理解和治理。

Now I want to talk a little bit about our AI engine, CLAIRE, that has continued to scale and power all our products on IDMC. Now we have been big believers in the potential of AI to drive intelligence and automation. In fact, way back, we launched CLAIRE in 2018, and since then, we have been refining it, growing it, and it has now grown to some serious operational scale. I'll give you 2 examples of CLAIRE in action -- operational action. One, organizing customer data. CLAIRE can automatically classify label and relate data sets, saving users thousands of hours of tedious and manual work, and American health insurance provider saves $1 million monthly using these advanced AI capabilities.

現在我想談談我們的 AI 引擎 CLAIRE，它一直在擴展和支持我們在 IDMC 上的所有產品。現在，我們一直堅信人工智能在推動智能和自動化方面的潛力。事實上，早在 2018 年，我們就推出了 CLAIRE，從那時起，我們一直在完善它，發展它，現在它已經發展到一定的運營規模。我會給你 2 個 CLAIRE 的例子——運營行動。一、整理客戶資料。 CLAIRE 可以自動分類標籤和關聯數據集，為用戶節省數千小時的繁瑣手動工作，美國健康保險公司使用這些先進的 AI 功能每月可節省 100 萬美元。

Another one is generating data pipelines. CLAIRE automates data pipeline generation by providing AI-based [paired] programmer like GitHub Copilot. This improves data engineer productivity by accelerating development, automating repetitive tasks and enabling more users to connect and integrate data quickly. Additionally, CLAIRE is intelligent. So it becomes more and more accurate with each utilization, providing more targeted recommendations. More than 85% of IDMC cloud developers tell us that they use this capability daily.

另一個是生成數據管道。 CLAIRE 通過提供像 GitHub Copilot 這樣的基於 AI 的 [配對] 程序員來自動生成數據管道。這通過加速開發、自動執行重複性任務並使更多用戶能夠快速連接和集成數據來提高數據工程師的工作效率。此外，克萊爾很聰明。因此，它隨著每次使用變得越來越準確，提供更有針對性的建議。超過 85% 的 IDMC 雲開發人員告訴我們，他們每天都在使用此功能。

Now as a pioneer in cloud data management, we are honored to be recognized for our commitment to product innovation. Informatica is recognized as the leader in the 2022 Gartner Magic Quadrant for Data Quality Solutions. This makes 15 consecutive times of being a leader, and Informatica is once again positioned highest on the ability to execute access. Informatica also scored highest on 3 data quality use cases in the 2022 Gartner Critical Capabilities for Data Quality Solutions report and received a strong rating by Gartner in products and services and support and account management in the 2022 Gartner Vendor Rating Support. Lastly, Informatica won the 2022 Digital Innovator Award from industry analysts, Intellyx.

現在，作為雲數據管理領域的先驅，我們很榮幸因我們對產品創新的承諾而獲得認可。 Informatica 在 2022 年 Gartner 數據質量解決方案魔力像限中被公認為領導者。這使得 Informatica 連續 15 次成為領先者，在執行訪問能力上再次位居榜首。 Informatica 還在 2022 年 Gartner 數據質量解決方案關鍵能力報告中的 3 個數據質量用例中得分最高，並在 2022 年 Gartner 供應商評級支持中獲得了 Gartner 在產品和服務以及支持和客戶管理方面的高評級。最後，Informatica 獲得了行業分析師 Intellyx 頒發的 2022 年數字創新者獎。

Now let me turn to our go-to-market, where our (inaudible) of data partner position and our scale platform with best-of-breed solution position plays a very important role in customer engagement. This has allowed us to serve customers of all sizes across all geographies who are choosing the IDMC platform to enable their digital transformations in the cloud.

現在讓我轉向我們的上市，我們的（聽不清）數據合作夥伴位置和我們具有最佳解決方案位置的規模平台在客戶參與中發揮著非常重要的作用。這使我們能夠為選擇 IDMC 平台以在雲中實現數字化轉型的所有地區的各種規模的客戶提供服務。

Momentum continued in Q4 from customers spending more than $1 million in subscription ARR, increasing by 35% year-over-year to 206 customers. We more than tripled the number of customers spending more than $5 million in subscription ARR. Customers spending more than $100,000 of subscription ARR increased by 15% year-over-year to 1,916 customers. We also closed our 80 cloud modernization deals in 2022, our highest ever in a single year and more than doubling the number of modernization deals lifetime today.

客戶在訂閱 ARR 上花費超過 100 萬美元，這一勢頭在第四季度繼續，同比增長 35% 至 206 個客戶。我們在訂閱 ARR 上花費超過 500 萬美元的客戶數量增加了兩倍多。訂閱 ARR 超過 100,000 美元的客戶同比增長 15% 至 1,916 名客戶。我們還在 2022 年完成了 80 筆雲現代化交易，這是我們有史以來最高的一年，並且是目前生命週期內的現代化交易數量的兩倍多。

Customer success is an important priority for us. For the second consecutive year, Informatica has earned an outstanding customer service experience from J.D. Power in their Certified Technology Service and Support Program 2022. We also announced an assurance service to optimize and advance the customer experience on IDMC platform with risk mitigation and observability at its core.

客戶的成功是我們的重中之重。 Informatica 連續第二年在其 2022 年認證技術服務和支持計劃中贏得了 J.D. Power 的出色客戶服務體驗。我們還宣布了一項保證服務，以通過其風險緩解和可觀察性優化和提升 IDMC 平台上的客戶體驗核。

Now co-selling with our ecosystem partners has proven very successful, as reflected in our continued acceleration of cloud marketplace transactions, which grew 43% year-over-year. We were honored with 2 Partner of the Year awards from AWS, including the 2022 Global Design Partner of the Year and the 2022 North America Data & Analytics Partner of the Year.

現在，與我們的生態系統合作夥伴的共同銷售已被證明非常成功，這反映在我們持續加速的雲市場交易中，同比增長 43%。我們榮獲 2 項 AWS 年度合作夥伴獎，包括 2022 年度全球設計合作夥伴獎和 2022 年度北美數據與分析合作夥伴獎。

We also announced a set of new integrations with AWS services to democratize access to data and expand IDMC to new user personas, such as data scientists and data developers. These integrations include native integration of Informatica's data loader for AWS Redshift into the Redshift user experience, and a new plug-in providing access to IDMC capabilities to data scientists and data developers directly from AWS SageMaker.

我們還宣布了與 AWS 服務的一系列新集成，以實現數據訪問民主化並將 IDMC 擴展到新的用戶角色，例如數據科學家和數據開發人員。這些集成包括將適用於 AWS Redshift 的 Informatica 數據加載器原生集成到 Redshift 用戶體驗中，以及一個新插件，可直接從 AWS SageMaker 為數據科學家和數據開發人員提供對 IDMC 功能的訪問。

We also saw substantial progress with our GSIs and platinum channel partners. More than 20 partners have now been certified as a part of our cloud migration program and have based centers of excellence to deliver the work, including 8 GSIs. We saw a significant increase in the amount of work that will be delivered by partners and from the migration factory deals that closed in Q4. We expect more to be delivered by our trained and certified partners, giving us the additional scale and faster time to value for our customers.

我們還看到與我們的 GSI 和白金渠道合作夥伴取得了實質性進展。超過 20 個合作夥伴現已通過認證成為我們雲遷移計劃的一部分，並擁有卓越中心來交付工作，其中包括 8 個 GSI。我們看到合作夥伴和第四季度完成的遷移工廠交易將交付的工作量顯著增加。我們希望我們經過培訓和認證的合作夥伴能夠提供更多服務，從而為我們的客戶提供更大的規模和更快的價值實現時間。

We recognized a few of our esteem partners at our sales kickoff held earlier this year in January. Global Partner of the Year was Deloitte. Global Innovation Partner of the Year was KPMG, Global Growth Partner of the year was TCS and Global Cloud Modernization Partner of the Year was Capgemini. We also saw continued strong growth with our channel partner program, which incentivizes our partners to source new opportunities and provide rewards when those opportunities close. Many of our partners doubled in their efforts to position Informatica in their customer base. We continue to win opportunities with new and existing customers.

在今年 1 月份舉行的銷售啟動會上，我們認可了一些我們尊敬的合作夥伴。年度全球合作夥伴是德勤。年度全球創新合作夥伴是畢馬威會計師事務所，年度全球增長合作夥伴是 TCS，年度全球雲現代化合作夥伴是凱捷。我們還看到我們的渠道合作夥伴計劃持續強勁增長，該計劃激勵我們的合作夥伴尋找新機會並在這些機會結束時提供獎勵。我們的許多合作夥伴都加倍努力在他們的客戶群中定位 Informatica。我們繼續贏得新老客戶的機會。

Let me give you a few examples. (inaudible) is a leading global renewable energy developer, service distributor and energy solutions provider, facing new supply chains. They selected Informatica's IDMC cloud native platform with MDM Supply 360 to keep in step with emerging requirements as we remain focused on actively shaping the future of energy.

讓我舉幾個例子。 （聽不清）是全球領先的可再生能源開發商、服務分銷商和能源解決方案提供商，面向新的供應鏈。他們選擇了 Informatica 的 IDMC 雲原生平台和 MDM Supply 360 來跟上新興需求，因為我們仍然專注於積極塑造能源的未來。

Another one, founded in 1945, Kaiser Permanente, is recognized as one of America's leading health care providers and nonprofit health plans. This past quarter, we expanded our existing partnership with them, supporting the enterprise migration to the cloud as well as analytics tools that support this work.

另一家成立於 1945 年的 Kaiser Permanente 被公認為美國領先的醫療保健提供者和非營利性健康計劃之一。在上個季度，我們擴大了與他們的現有合作夥伴關係，支持企業向雲遷移以及支持這項工作的分析工具。

Federated Cooperatives Limited is Canada's largest cooperative across 3,000 retail locations in 500 communities throughout Western Canada. FCL was looking for a better way to enhance insights profitability, provide a differentiating customer experience and drive sustainable organizational growth. A long-time Informatica PowerCenter customer, they selected Informatica's IDMC platform to modernize its critical business systems, centrally manage the data and help them scale for the future. So hopefully, that gives you a good perspective of 2022 and Q4.

Federated Cooperatives Limited 是加拿大最大的合作社，在加拿大西部 500 個社區擁有 3,000 個零售點。 FCL 一直在尋找一種更好的方法來提高洞察力盈利能力、提供差異化的客戶體驗並推動可持續的組織發展。作為 Informatica PowerCenter 的長期客戶，他們選擇了 Informatica 的 IDMC 平台來實現其關鍵業務系統的現代化、集中管理數據並幫助他們為未來進行擴展。因此，希望這能讓您對 2022 年和第四季度有一個良好的認識。

Now let me turn to 2023 strategy. Well, as I step back, over the past 25 years, Informatica has pioneered many categories in data management. From (inaudible) at its inception to data quality to master data management to data catalog to data marketplace and now the most comprehensive ad-scale cloud-native AI-powered data management platform, IDMC, Intelligent Data Management Cloud.

現在讓我談談 2023 戰略。好吧，我退一步說，在過去的 25 年裡，Informatica 在數據管理領域開創了許多類別。從成立之初（聽不清）到數據質量，再到主數據管理，再到數據目錄，再到數據市場，再到現在最全面的廣告規模、雲原生 AI 驅動的數據管理平台，IDMC，智能數據管理雲。

In my many conversations with customers, CIOs, CDOs and business buyers across the globe, our partners, and even as I look at market trends, including Informatica's annual CDO Insight support, all clearly state that data management and digital transformation led by data is enabling -- enabled by a cloud delivery model will continue to be a top priority of IT spending in 2023 and beyond.

在我與全球客戶、CIO、CDO 和業務買家、我們的合作夥伴的多次對話中，甚至在我觀察市場趨勢（包括 Informatica 的年度 CDO Insight 支持）時，都清楚地表明數據管理和數據引領的數字化轉型正在實現——由雲交付模式支持將繼續成為 2023 年及以後 IT 支出的重中之重。

So 2 thoughtful planning. We are now transitioning to a cloud-only, consumption-driven strategy. We are looking to achieve 3 primary strategic objectives for long-term value creation. First, we will drive cloud-only organic growth for net new business on the foundation of continued investments in innovation for IDMC. As you all know, all of our IDMC suite of solutions are cloud-based. Cloud is already growing faster than self-managed, and most of our new business pipeline opportunities are cloud-only. IDMC offers a consumption-based pricing model that enables higher NRR for the cloud business.

所以2周密的計劃。我們現在正在過渡到純雲、消費驅動的戰略。我們希望實現長期價值創造的 3 個主要戰略目標。首先，我們將在持續投資 IDMC 創新的基礎上，推動淨新業務的純云有機增長。眾所周知，我們所有的 IDMC 解決方案套件都是基於雲的。雲的增長速度已經快於自我管理，而且我們的大部分新業務管道機會都僅限於雲。 IDMC 提供基於消費的定價模型，可為雲業務實現更高的 NRR。

Customer interest in Informatica processing units, or IPUs, as we call it, is continuously growing. Expanding on the success we have observed with IPUs, we will launch Flex IPUs later this quarter to meet our customers' seasonal usage partners so that IPUs can be prepurchased and consumed for 12 months. This is additive to our current IPU model, which is prepurchased and consumed monthly, thus enabling greater choice and flexibility for our customers.

客戶對我們所說的 Informatica 處理單元或 IPU 的興趣不斷增長。在我們觀察到的 IPU 成功的基礎上，我們將在本季度晚些時候推出 Flex IPU 以滿足客戶的季節性使用合作夥伴，以便可以預購和使用 IPU 12 個月。這是對我們當前每月預購和消費的 IPU 模型的補充，從而為我們的客戶提供更多選擇和靈活性。

Second, we will continue accelerating cloud migration opportunities from existing maintenance customers while maintaining best-in-class renewal rates. Lastly and most importantly, a cloud-only, consumption-driven strategy is part of a multiyear plan to drive balanced growth by managing the top line as well as significantly improving operating leverage. Focusing on this new model allows us to simplify our organization from hybrid to cloud only, create operational efficiencies and synergies and improve the speed of execution by being focused.

其次，我們將繼續加快現有維護客戶的雲遷移機會，同時保持一流的續訂率。最後也是最重要的是，僅雲計算、消費驅動的戰略是多年計劃的一部分，該計劃旨在通過管理收入和顯著提高運營槓桿來推動平衡增長。專注於這種新模式使我們能夠將我們的組織從混合簡化為僅雲，創造運營效率和協同效應，並通過專注提高執行速度。

This will enable us to create better operating leverage in our multiyear plan. Our 2023 guidance in that context is also appropriately prudent as we navigate an uncertain macro environment while transitioning to a cloud-focused sales motion. We are committed to balance growth creating operating leverage, investing in cloud product innovation and cloud-driven growth and delivering a durable and sustainable business.

這將使我們能夠在我們的多年計劃中創造更好的運營槓桿。我們在這種情況下的 2023 年指導方針也是適當謹慎的，因為我們在過渡到以雲為中心的銷售活動的同時應對不確定的宏觀環境。我們致力於平衡增長創造運營槓桿，投資於雲產品創新和雲驅動的增長，並提供持久和可持續的業務。

I'd like to thank all Informaticans for delivering great results, and I'd also like to thank our partners, customers and shareholders for their continued support of Informatica.

我要感謝所有 Informatica 提供的出色成果，我還要感謝我們的合作夥伴、客戶和股東對 Informatica 的持續支持。

With that, let me turn the call over to Mike. Mike?

有了這個，讓我把電話轉給邁克。麥克風？

Thank you, Amit, and good afternoon, everyone. As a new member of the Informatica team, I'm very pleased to be with you today.

謝謝你，阿米特，大家下午好。作為 Informatica 團隊的新成員，我很高興今天能和大家在一起。

I'll begin my remarks this afternoon with a review of our Q4 results. Total ARR for the fourth quarter of 2022 increased 11.5% year-over-year to $1.52 billion at the high end of our revised guidance range, driven by strong new business sales and subscription renewals. This reflects $157 million in net new total ARR versus the prior year. For the full year, foreign exchange negatively impacted total ARR by approximately $20 million on a year-over-year basis, in line with our expectations when we set our guidance in October.

今天下午，我將首先回顧我們第四季度的業績。受強勁的新業務銷售和訂閱續訂的推動，2022 年第四季度的總 ARR 同比增長 11.5% 至 15.2 億美元，處於我們修訂後指導範圍的高端。與上一年相比，這反映了 1.57 億美元的淨新增總 ARR。就全年而言，外匯對總 ARR 的同比負面影響約為 2000 萬美元，這符合我們在 10 月份制定指引時的預期。

Cloud ARR increased over 42% year-over-year to $451 million, exceeding the high end of our October guidance range by $20 million. We expected our sales mix to continue to shift from self-managed to cloud going into the court, but that shift happened even faster than we expected. Cloud ARR now represents approximately 45% of total subscription ARR compared to 40% in the prior year. We added $134 million in net new cloud ARR during the year. As Amit has made clear, our cloud-native products are the core of Informatica's growth strategy, and we are very pleased with our Q4 results in this segment.

Cloud ARR 同比增長超過 42% 至 4.51 億美元，超過我們 10 月份指導範圍的上限 2000 萬美元。我們預計我們的銷售組合將繼續從自我管理轉變為進入法庭的雲，但這種轉變發生的速度比我們預期的還要快。雲 ARR 現在約佔總訂閱 ARR 的 45%，而去年為 40%。我們在這一年中增加了 1.34 億美元的淨新雲 ARR。正如 Amit 明確表示的那樣，我們的雲原生產品是 Informatica 增長戰略的核心，我們對這一領域的第四季度業績感到非常滿意。

Turning to total subscription ARR, Q4 as a result of $994 million represents a 24% year-over-year increase, $4 million above the high end of our guidance range, driven by new subscription customer growth and high renewal rates in both our cloud and self-managed products. We added over $192 million in net new subscription ARR versus the prior year. Subscription ARR is now approximately 66% of total ARR compared to 59% in the prior year. We also saw growth in our average subscription ARR per customer in the fourth quarter that grew approximately $263,000, a 19% increase year-over-year on an active base of roughly 3,780 subscription customers, which is an increase of 152 subscription customers on a year-over-year basis.

談到總訂閱 ARR，第 4 季度的結果為 9.94 億美元，同比增長 24%，比我們指導範圍的高端高出 400 萬美元，這是受新訂閱客戶增長和我們的雲和高續訂率的推動自營產品。與上一年相比，我們增加了超過 1.92 億美元的淨新訂閱 ARR。訂閱 ARR 現在約為總 ARR 的 66%，而去年為 59%。我們還看到第四季度每位客戶的平均訂閱 ARR 增長了約 263,000 美元，同比增長 19%，活躍的訂閱客戶數量約為 3,780 名，同比增長 152 名訂閱客戶- 同比。

Q4 subscription net retention rate was 111%, down 1% sequentially. Beginning next quarter, we intend to disclose our cloud-only net retention rate as an additional indicator to measure our performance as we execute our cloud-only, consumption-driven strategy. While we will not add this disclosure to our quarterly reporting until Q1 of fiscal '23, I would note that our cloud net retention rate was several percentage points higher than subscription NRR in Q4.

第 4 季度訂閱淨保留率為 111%，環比下降 1%。從下個季度開始，我們打算披露我們的純雲淨保留率，作為衡量我們執行純雲、消費驅動戰略時績效的附加指標。雖然我們不會在 23 財年第一季度之前將此披露添加到我們的季度報告中，但我會注意到我們的雲淨保留率比第四季度的訂閱 NRR 高幾個百分點。

Lastly, maintenance ARR finished in line with expectations, down 6% year-over-year at $523 million with a strong renewal rate of 96%, up 1 percentage point year-over-year.

最後，維護 ARR 符合預期，同比下降 6% 至 5.23 億美元，續約率高達 96%，同比上升 1 個百分點。

For the full year, foreign exchange negatively impacted maintenance ARR by approximately $12 million on a year-over-year basis. As a reminder, we have intentionally reduced perpetual license sales to an insignificant amount in favor of subscription offerings. This has naturally resulted in a gradual decline in maintenance ARR since we are not adding new maintenance customers each period.

全年來看，外匯對維持 ARR 的負面影響約為 1200 萬美元。提醒一下，我們有意將永久許可銷售減少到微不足道的數量，以支持訂閱產品。這自然導致維護 ARR 逐漸下降，因為我們沒有在每個時期增加新的維護客戶。

Turning to revenue. GAAP total revenues were $399 million in the fourth quarter, down 2% year-over-year, which was in line with our October guidance. Foreign exchange negatively impacted total revenues by approximately $16 million in the fourth quarter on a year-over-year basis, in line with October expectations. For the full year, foreign exchange negatively impacted total revenues by approximately $48 million on a year-over-year basis.

談到收入。第四季度 GAAP 總收入為 3.99 億美元，同比下降 2%，符合我們 10 月份的指引。與去年同期相比，外匯對第四季度總收入的負面影響約為 1600 萬美元，符合 10 月份的預期。全年，外匯對總收入的負面影響約為 4800 萬美元。

Subscription revenue increased approximately 4% versus Q4 last year to $238 million. Subscription revenue represented 60% of total revenue compared to 56% a year ago. One reminder regarding our subscription revenue. As our mix of new sales shifts from self-managed subscriptions to cloud subscriptions, we recognize less GAAP revenue upfront at the time of signing each deal and more GAAP revenue ratably over the life of the subscription contract. For this reason, our GAAP revenue growth is lower than our ARR growth in quarters where our mix of new sales and renewals shifts to more cloud sales as was the case this quarter.

訂閱收入比去年第四季度增長約 4%，達到 2.38 億美元。訂閱收入佔總收入的 60%，而一年前為 56%。關於我們的訂閱收入的提醒。隨著我們的新銷售組合從自我管理訂閱轉向雲訂閱，我們在簽署每筆交易時預先確認的 GAAP 收入較少，而在訂閱合同的有效期內按比例增加 GAAP 收入。出於這個原因，我們的 GAAP 收入增長低於我們季度的 ARR 增長，我們的新銷售和續訂組合轉向更多的雲銷售，就像本季度的情況一樣。

Our quarterly subscription renewal rate was 93%, up 2 percentage points from a year ago. Our continued strong renewal rates reflect our software's mission-critical nature and outstanding customer support. Maintenance and professional services revenue were in line with expectations at $156 million, representing 39% of total revenue in Q4, stand-alone maintenance revenue represented 32% of total revenue, implementation, consulting and education revenues make up the remainder of this category, representing 7% of total revenue.

我們的季度訂閱續訂率為 93%，比一年前上升了 2 個百分點。我們持續強勁的續訂率反映了我們軟件的關鍵任務性質和出色的客戶支持。維護和專業服務收入符合預期，為 1.56 億美元，佔第四季度總收入的 39%，獨立維護收入佔總收入的 32%，實施、諮詢和教育收入佔該類別的其餘部分，佔佔總收入的 7%。

Turning to the geographic distribution of our business in Q4. U.S. revenue grew 6% year-over-year to $262 million, representing 66% of total revenues, International revenue was down 14% year-over-year to $137 million, representing 34% of total revenues. Using exchange rates from Q4 last year, international revenue would have been approximately $16 million greater in the quarter, which would have represented an international revenue decline of 4% year-over-year.

談談我們第四季度業務的地理分佈。美國收入同比增長 6% 至 2.62 億美元，佔總收入的 66%，國際收入同比下降 14% 至 1.37 億美元，佔總收入的 34%。使用去年第四季度的匯率，本季度國際收入將增加約 1600 萬美元，這意味著國際收入同比下降 4%。

As we have emphasized, consumption-based IPU pricing is a core part of our strategy, we are pleased to report that approximately 56% of Q4 cloud new bookings were IPU-based consumption deals. As of Q4, IPUs represented 38% of total cloud ARR, up 5 percentage points sequentially. As Amit mentioned, we will release a new flexible IPU consumption pricing model later this quarter, and we are shifting our sales efforts to focus more on consumption-based engagements. As a result, we expect IPU adoption to continue to increase during the course of 2023.

正如我們強調的那樣，基於消費的 IPU 定價是我們戰略的核心部分，我們很高興地報告，大約 56% 的第 4 季度雲新預訂是基於 IPU 的消費交易。截至第四季度，IPU 佔總雲 ARR 的 38%，環比上升 5 個百分點。正如 Amit 所提到的，我們將在本季度晚些時候發布一個新的靈活的 IPU 消費定價模型，並且我們正在將我們的銷售工作轉移到更多地關注基於消費的參與。因此，我們預計 IPU 的採用率將在 2023 年期間繼續增加。

Now I'd like to move on to our profitability metrics. Please note that I will discuss non-GAAP results unless otherwise stated. In Q4, our gross margin was 82%. We are pleased to have maintained a stable 80-plus percent gross margin throughout the year, even as our mix shift to the cloud. Operating income was approximately $114 million for the quarter, exceeding the high end of our October guidance range due to better-than-expected gross margins and reduced operating expenses. Operating margin was 28.5%, a 5 percentage point increase year-over-year.

現在我想繼續討論我們的盈利指標。請注意，除非另有說明，否則我將討論非 GAAP 結果。第四季度，我們的毛利率為 82%。我們很高興全年保持穩定的 80% 以上的毛利率，即使我們的組合轉向雲端。本季度營業收入約為 1.14 億美元，超過了我們 10 月份指導範圍的上限，原因是毛利率好於預期且營業費用減少。營業利潤率為 28.5%，同比增長 5 個百分點。

Adjusted EBITDA was $118 million, and net income was $69 million, a 17% and 27% increase year-over-year, respectively. Net income per diluted share was $0.24 based on approximately 287 million outstanding diluted shares, the basic share count was approximately 283 million shares.

調整後的 EBITDA 為 1.18 億美元，淨收入為 6900 萬美元，分別同比增長 17% 和 27%。基於約 2.87 億股稀釋後每股淨收益為 0.24 美元，基本股數約為 2.83 億股。

Q4 unlevered free cash flow after tax was approximately $92 million, slightly below expectations, even though we exceeded non-GAAP operating income guidance. This was primarily related to a greater-than-expected foreign exchange impact on certain working capital items, higher cash taxes and higher cash commissions than we expected going into the quarter. We would have delivered unlevered free cash flow near the midpoint of our guidance range, if not for these factors.

第 4 季度稅後無槓桿自由現金流約為 9200 萬美元，略低於預期，儘管我們超出了非 GAAP 營業收入指導。這主要與本季度某些營運資金項目的外匯影響大於預期、現金稅和現金佣金高於我們預期有關。如果不是因為這些因素，我們本可以在我們指導範圍的中點附近提供無槓桿的自由現金流。

We ended the fourth quarter in a strong cash position with cash plus short-term investments of $716 million, net debt was $1.14 billion and our trailing 12-month adjusted EBITDA was $372 million. This resulted in a net leverage ratio of 3.1x. We expect the business to naturally delever to approximately 2.4x by the end of 2023, and then approximately 2x by the end of 2024.

第四季度結束時，我們的現金狀況良好，現金加短期投資為 7.16 億美元，淨債務為 11.4 億美元，過去 12 個月的調整後 EBITDA 為 3.72 億美元。這導致淨槓桿率為 3.1 倍。我們預計到 2023 年底，該業務將自然去槓桿化至約 2.4 倍，然後到 2024 年底約 2 倍。

Now as I turn to guidance for 2023, let me give you some context regarding how we think about this coming year. First, a few comments about our revenue and ARR guidance. We feel it is prudent to be somewhat cautious with our topline expectations in 2023, given the continued uncertain macro environment and our transition to a cloud-only, consumption-driven sales model. From what we can see today, the overall demand environment appears restrained, but generally healthy for our industry-leading cloud products. And more than 3/4 of our new business pipeline is made up of cloud opportunities. However, as many other tech companies have also noted, deal cycles are elongated and deal face more budget scrutiny.

現在，當我轉向 2023 年的指導方針時，讓我給你一些關於我們如何看待來年的背景信息。首先，關於我們的收入和 ARR 指南的一些評論。鑑於持續不確定的宏觀環境以及我們向純雲、消費驅動的銷售模式的過渡，我們認為對 2023 年的收入預期持謹慎態度是明智的。從我們今天所看到的情況來看，整體需求環境似乎受到限制，但對我們行業領先的雲產品來說總體上是健康的。我們超過 3/4 的新業務管道由雲機會組成。然而，正如許多其他科技公司也指出的那樣，交易週期被拉長並且交易面臨更多的預算審查。

Bottom line, deals are getting done and our pipeline is strong, but we feel it is prudent to expect some headwinds during the year. We believe our focus on a cloud-only model will have tremendous long-term benefits in terms of growth and profitability. Our laser focus on cloud new business going forward will likely result in a decline in net new self-managed ARR in 2023. This is a direct consequence of our strategy, and we are convinced that moving crisply and decisively to a cloud-only model will create the most long-term value for Informatica.

最重要的是，交易正在完成，我們的管道很強大，但我們認為預計年內會出現一些不利因素是謹慎的。我們相信，我們專注於純雲模式將在增長和盈利方面帶來巨大的長期利益。我們對未來雲新業務的高度關注可能會導致 2023 年淨新自主管理 ARR 下降。這是我們戰略的直接結果，我們相信，果斷地轉向純雲模式將會為 Informatica 創造最長期的價值。

One more note with respect to our revenue and ARR guidance, full year 2022 saw a considerable foreign exchange volatility, which had a material impact on our results. When forecasting our business, we assume constant FX rates for the year based on the rates at the start of the planning period. For reference purposes, we have included a table in the earnings press release with our expectations for FX impact on revenue and ARR in 2023. The second point I would like to emphasize regarding our 2023 guidance is our focus on balanced growth and profitability.

關於我們的收入和 ARR 指導的另一個注意事項是，2022 年全年外匯波動很大，這對我們的業績產生了重大影響。在預測我們的業務時，我們根據計劃期開始時的匯率假設當年的匯率不變。出於參考目的，我們在收益新聞稿中包含了一張表格，其中包含我們對 2023 年外匯對收入和 ARR 的影響的預期。關於我們 2023 年的指導，我想強調的第二點是我們對平衡增長和盈利能力的關注。

One of the benefits of our cloud-only consumption-driven strategy is the ability to streamline our go-to-market customer support and product development efforts significantly. As a result, in 2023, we expect more operating leverage in the business. The improved efficiencies of our cloud-only consumption model will begin to be seen this year and are reflected in the full year non-GAAP operating income and a levered free cash flow guidance. Furthermore, we expect this improved operating leverage to continue in 2024 and beyond, keeping us on the path to meeting our long-term non-GAAP operating income margin targets of 36% to 39% of total revenue.

我們的純雲消費驅動戰略的好處之一是能夠顯著簡化我們的上市客戶支持和產品開發工作。因此，到 2023 年，我們預計該業務將有更多的運營槓桿。我們純雲消費模式的效率提高將在今年開始顯現，並反映在全年非 GAAP 營業收入和槓桿自由現金流指導中。此外，我們預計這種改善的經營槓桿將在 2024 年及以後繼續，使我們能夠實現我們的長期非 GAAP 營業收入利潤率目標，即佔總收入的 36% 至 39%。

As you know, we announced a reduction in force last month to better align our cost structure with the efficiencies we expect to achieve with our new strategy. We estimate nonrecurring charges of approximately $25 million to $35 million in Q1, primarily related to cash expenditures for employee transition, notice period and severance payments and employee benefits. We estimate this cost savings benefit of these actions to be approximately $50 million in FY '23, which we have factored into our guidance.

如您所知，我們上個月宣布裁員，以更好地使我們的成本結構與我們期望通過新戰略實現的效率保持一致。我們估計第一季度的非經常性費用約為 2500 萬至 3500 萬美元，主要與員工過渡、通知期和遣散費以及員工福利的現金支出有關。我們估計這些行動的成本節約收益在 23 財年約為 5000 萬美元，我們已將其納入我們的指導方針。

Third and finally, let me discuss our expectations for P&L tax rates. We reported 2022 non-GAAP net income at a non-GAAP tax rate of 23%, and we expect that rate to continue for fiscal 2023. Looking at fiscal 2024 and beyond, we expect a long-term steady-state non-GAAP tax rate of 24%, which reflects where we expect cash taxes to eventually settle based on our structure and the geographic distribution of operational activity. Cash taxes are expected to be higher in 2023 than in '22 by approximately $30 million due to higher U.S. and foreign taxes on our higher taxable income, lower tax credit utilization and an $11 million U.S. federal tax refund in 2022 that will not recur in 2023.

第三，也是最後一點，讓我討論一下我們對損益稅率的預期。我們以 23% 的非 GAAP 稅率報告了 2022 年非 GAAP 淨收入，我們預計該稅率將持續到 2023 財年。展望 2024 財年及以後，我們預計長期穩態的非 GAAP 稅稅率為 24%，這反映了我們預計現金稅最終將根據我們的結構和運營活動的地理分佈結算。預計 2023 年的現金稅將比 22 年高出約 3000 萬美元，原因是我們對較高的應稅收入徵收更高的美國和外國稅收、較低的稅收抵免利用率以及 2022 年 1100 萬美元的美國聯邦退稅不會在 2023 年再次發生.

Taking all of this into account, we're establishing the following guidance for the full year ending December 31, 2023. Note that all growth rates refer to the midpoint of the guidance trends, where applicable.

考慮到所有這些因素，我們為截至 2023 年 12 月 31 日的全年制定了以下指導意見。請注意，所有增長率均指指導趨勢的中點（如適用）。

We expect GAAP total revenues to be in the range of $1.57 billion to $1.59 billion, representing approximately 5% year-over-year growth. As mentioned above, ASC 606 on-premise software accounting can have a significant impact on our reported GAAP revenues driven by the mix of on-premise versus cloud business in the period.

我們預計 GAAP 總收入將在 15.7 億美元至 15.9 億美元之間，同比增長約 5%。如上所述，ASC 606 內部部署軟件會計可能會對我們報告的 GAAP 收入產生重大影響，該收入由該期間內部部署與雲業務的混合驅動。

In 2022, our subscription net new ARR mix was about 70% cloud and 30% self-managed. 2023, we forecast the cloud portion of the mix to increase further, resulting in less upfront on-prem revenue recognition. If we carry the same mix of 70% cloud and 30% self-managed net new into our 2023 guidance assumptions, we would have forecast approximately $80 million in additional FY '23 GAAP revenue.

2022 年，我們的訂閱淨新 ARR 組合約為 70% 雲和 30% 自我管理。到 2023 年，我們預測組合中的雲部分將進一步增加，從而導致前期本地收入確認減少。如果我們在 2023 年的指導假設中採用 70% 的雲和 30% 的自我管理淨新的相同組合，我們將預測 23 財年的 GAAP 收入增加約 8000 萬美元。

We expect total ARR to be in the range of $1.585 billion to $1.615 billion, representing approximately 5% year-over-year growth. We expect subscription ARR to be in the range of $1.098 billion to $1.118 billion, representing approximately 11% year-over-year growth. We expect Cloud ARR to be in the range of $604 million to $614 million, representing approximately 35% year-over-year growth.

我們預計總 ARR 將在 15.85 億美元至 16.15 億美元之間，同比增長約 5%。我們預計訂閱 ARR 將在 10.98 億美元至 11.18 億美元之間，同比增長約 11%。我們預計 Cloud ARR 將在 6.04 億美元至 6.14 億美元之間，同比增長約 35%。

As I discussed a few minutes ago, our guidance calls for a net reduction in self-managed ARR in FY '23, which is a direct consequence of our cloud-only strategy. We expect non-GAAP operating income to be in the range of $400 million to $420 million, representing approximately 17% year-over-year growth. And we expect unlevered free cash flow after tax to be in the range of $340 million to $360 million, representing approximately 21% year-over-year growth.

正如我幾分鐘前討論的那樣，我們的指導意見要求在 23 財年淨減少自我管理的 ARR，這是我們純雲戰略的直接結果。我們預計非 GAAP 營業收入將在 4 億美元至 4.2 億美元之間，同比增長約 17%。我們預計稅後無槓桿自由現金流在 3.4 億美元至 3.6 億美元之間，同比增長約 21%。

Our guidance for the first quarter ended March 31, 2023 is as follows. We expect GAAP total revenues to be $352 million to $362 million, representing approximately a 1% year-over-year decrease. We expect subscription ARR to be in the range of $1.005 billion to $1.015 billion, representing approximately 19% year-over-year growth. We expect Cloud ARR to be in the range of $462 million to $468 million, representing approximately 35% year-over-year growth. And we expect non-GAAP operating income to be in the range of $74 million to $84 million, representing approximately a 5% year-over-year decrease.

我們對截至 2023 年 3 月 31 日的第一季度的指導如下。我們預計 GAAP 總收入為 3.52 億美元至 3.62 億美元，同比下降約 1%。我們預計訂閱 ARR 將在 10.05 億美元至 10.15 億美元之間，同比增長約 19%。我們預計 Cloud ARR 將在 4.62 億美元至 4.68 億美元之間，同比增長約 35%。我們預計非 GAAP 營業收入將在 7400 萬美元至 8400 萬美元之間，同比下降約 5%。

For modeling purposes, for the first quarter of 2023, we expect unlevered free cash flow after tax to be in the range of $75 million to $95 million. For the first quarter of 2023, we expect weighted average shares outstanding to be approximately 285 million shares and diluted weighted average shares outstanding to be approximately 288 million shares. For the full year of 2023, we expect basic weighted average shares outstanding to be approximately 289 million shares and diluted weighted average shares outstanding to be approximately 298 million shares.

出於建模目的，我們預計 2023 年第一季度的無槓桿稅後自由現金流將在 7500 萬至 9500 萬美元之間。對於 2023 年第一季度，我們預計已發行加權平均股數約為 2.85 億股，攤薄後已發行加權平均股數約為 2.88 億股。對於 2023 年全年，我們預計已發行基本加權平均股數約為 2.89 億股，攤薄後已發行加權平均股數約為 2.98 億股。

Before closing, I'd like to share how excited I am about the opportunities ahead for Informatica. I've only been on board for about a month, but in these 4 short weeks, I've had the opportunity to see up close the strength of our cloud products, the quality of our installed base and brand and our unmatched direct and partner go-to-market capabilities. I expect fiscal 2023 to be a pivotal year for Informatica, and I'm thrilled to have the opportunity to be a part of the team.

在結束之前，我想分享一下我對 Informatica 未來的機遇感到多麼興奮。我入職僅一個月左右，但在這短短的 4 週內，我有機會近距離了解我們雲產品的優勢、我們安裝基礎和品牌的質量以及我們無與倫比的直接和合作夥伴進入市場的能力。我預計 2023 財年將是 Informatica 的關鍵一年，我很高興有機會成為該團隊的一員。

Operator, you can now open the line for questions.

接線員，您現在可以打開問題熱線。

(Operator Instructions) The first question comes from the line of Brad Zelnick of Deutsche Bank.

（操作員說明）第一個問題來自德意志銀行的 Brad Zelnick。

Welcome, Mike. We all look forward to working with you. Maybe a question for you, Mike, to start. You've come from a really successful company over to Informatica, and I was hoping you can talk about what specifically attracted you here? And perhaps, the low-hanging fruit that you see and any change in philosophy that you bring with you?

歡迎，邁克。我們都期待與您合作。邁克，也許可以先問你一個問題。您從一家非常成功的公司轉到了 Informatica，我希望您能談談這里特別吸引您的地方是什麼？也許，您看到的唾手可得的果實以及您帶來的任何哲學變化？

Brad, thanks for the question. Well, as I started to get to know Informatica in the months leading to my move, I was very attracted by the sector that the company serves. It's a $40 billion to $50 billion TAM that's growing in the mid-teens or better. And Informatica is the clear leader in the space with a set of product capabilities delivered on the segment-only truly cloud data platform, and the company has a tremendous installed base of existing customers who are happy with the product, loyal product and willing and anxious to buy more as more product capabilities emerging and their needs emerge. And then they have a go-to-market capability that's really unmatched. The direct sales force is very experienced and capable and the indirect partner sales, which go through global systems integrators, VARs and cloud service providers leads to a go-to-market engine that is really tremendous.

布拉德，謝謝你的提問。好吧，當我在搬家前的幾個月裡開始了解 Informatica 時，我被該公司所服務的行業所吸引。這是一個 400 億美元到 500 億美元的 TAM，正在十幾歲或更好的時間增長。 Informatica 是該領域的明顯領導者，其在細分市場唯一的真正云數據平台上提供了一系列產品功能，並且該公司擁有龐大的現有客戶群，他們對產品感到滿意，忠誠的產品並且願意和焦慮隨著更多產品功能的出現和他們的需求出現，購買更多。然後他們擁有真正無與倫比的上市能力。直銷團隊經驗豐富、能力出眾，而通過全球系統集成商、VAR 和雲服務提供商進行的間接合作夥伴銷售帶來了真正強大的上市引擎。

You combine all that with what is an operating model that turns out to have a lot of operating leverage in it. And in fact, if I'm going to try to compare what I expected to find -- in terms of what I found coming in, it's there where -- I've been -- expectations have been exceeded the most that this is a business that as it grows is going to deliver balanced profitability with that growth. And operating leverage, as we get more efficiency out of go-to-market and R&D, as we continue to grow the business at scale with the simplified, highly focused cloud-only, consumption-driven strategy. So I've been really happy to confirm all of the things that attracted me to the company now that I'm here and frankly, have been pleasantly surprised in a good way about what I found to be the financial model and its potential for delivering increased profitability as we grow.

你將所有這些與一種運營模式結合起來，結果證明其中有很多運營槓桿。事實上，如果我要嘗試比較我期望找到的東西——就我發現的東西而言，它就在那裡——我去過的地方——我的期望已經超出了最多，這是一個隨著業務的增長，業務將隨著增長實現平衡的盈利能力。以及運營槓桿，隨著我們通過簡化、高度集中的純雲、消費驅動戰略繼續大規模發展業務，我們從上市和研發中獲得更高的效率。所以我真的很高興確認所有吸引我加入公司的事情，坦率地說，我對我發現的財務模型及其交付潛力感到驚喜隨著我們的成長而增加盈利能力。

Mike, that's really great to hear. Thank you for taking the time to explain that. Amit, maybe just one follow-up for you. All the cloud migration commentary and cloud ARR results are really encouraging and speaks to the value of IDMC. But if we look at overall workload migrations to the cloud across the industry, what we hear from the CSPs, they've been slowing materially. We can just see that if we look at Amazon's results last quarter. So other than the use case in that you're feeding high-value AI-related apps, is there anything else that you would share with us to think about in just reconciling what we're seeing more broadly across different types of workloads out there?

邁克，聽到這真是太好了。感謝您花時間對此進行解釋。阿米特，也許只是你的一個後續行動。所有云遷移評論和雲 ARR 結果都非常令人鼓舞，並說明了 IDMC 的價值。但是，如果我們看一下整個行業向雲遷移的整體工作負載，我們從 CSP 那裡聽到的消息表明，它們的速度一直在大幅放緩。如果我們看看亞馬遜上個季度的業績，我們就能看到這一點。因此，除了您正在提供高價值 AI 相關應用程序的用例之外，您還有什麼可以與我們分享的，以協調我們在不同類型的工作負載中更廣泛地看到的內容？

It's great question, Brad. So I think if you look at 2 things, obviously, majority of our cloud ARR growth, which obviously was great, comes from net new workloads, not migration, I'm going to talk about. Second, and to be kind of, if you look at where customers are, each part of the stack looks differently. But the part of the stack we are in, the data stack is pretty much every digital transformation is a data transformation. And what we are benefiting from is not only the best-of-breed capabilities for that platform. And obviously, I talked about the CLAIRE AI now (inaudible), not just intelligence, but automation. So when I talk to customers productivity, having a platform that can simplify things for them, managing not only getting the best technology, but at reducing that risk and price leverage that they can bring it all on the platform. Those are all the things that are feeding into them.

這是個好問題，布拉德。所以我認為，如果你看兩件事，很明顯，我們的大部分雲 ARR 增長，這顯然很好，來自淨新工作負載，而不是遷移，我要談談。其次，如果你看看客戶在哪裡，堆棧的每個部分看起來都不一樣。但是我們所處的堆棧部分，數據堆棧幾乎每個數字轉換都是數據轉換。我們從中受益的不僅僅是該平台的同類最佳功能。顯然，我現在談到了 CLAIRE AI（聽不清），不僅僅是智能，還有自動化。因此，當我與客戶談論生產力時，擁有一個可以為他們簡化事情的平台，不僅要管理獲得最好的技術，而且要降低風險和價格槓桿，他們可以將所有這些都帶到平台上。這些都是餵養他們的東西。

And the other one is that, look, we partner with everybody. Switzerland of data really comes handy. So customers choose best-of-breed or whether they want to go to one CSP and another data provider, but we are the only one that can glue all of them. All of those things create a nice snowball effect.

另一個是，看，我們與每個人合作。瑞士的數據真是信手拈來。因此，客戶選擇同類最佳，或者他們是否想去一個 CSP 和另一個數據提供商，但我們是唯一可以將所有這些結合在一起的人。所有這些都創造了一個很好的滾雪球效應。

Migrations, as you saw -- look, I've said very clearly, all of last year, we're doing a lot of hard work behind the scenes to increase the velocity of that one and create a curve that is -- has a higher gradient than what we have seen so far. We could went from 2-point something to now 3.6, expect more to happen. We've done the hard work of training departments. They are the ones who basically want to drive all the implementation through and also add deal discovery through. I fully expect that to continue to bear fruit over the course of this year. As I said, Q4, while everything was slowing down, very promising what we saw in migration. So that is an area that I do expect continued velocity increase and the gradient to get better than before.

遷移，正如你所看到的——看，我已經說得很清楚了，去年一整年，我們在幕後做了大量艱苦的工作，以提高遷移速度並創建一條曲線——有一個比我們目前看到的更高的梯度。我們可以從 2 分上升到現在的 3.6，期待更多的發生。我們已經完成了培訓部門的艱苦工作。他們基本上是想推動所有實施並增加交易發現的人。我完全希望在今年繼續取得成果。正如我所說，第四季度，雖然一切都在放緩，但我們在遷移中看到的情況非常有希望。所以這是一個我確實期望速度持續增加並且梯度比以前更好的區域。

(Operator Instructions) The next question comes from Matt Hedberg of RBC.

（操作員說明）下一個問題來自 RBC 的 Matt Hedberg。

I'd offer my congrats to you as well, Mike. Looking forward to working with you. Amit, following up on your comments to the last question. As you go along on cloud this year, I was wondering if you could talk, I guess, more about your overall go-to-market strategy. And I guess I'm really wondering like how does sales reps -- how will they be incentivized this year? And you mentioned that there could be a stepped up focus on converting maintenance to cloud. Just maybe if you wonder if you could double click on that as well.

我也要向你表示祝賀，邁克。期待和你一起工作。阿米特，跟進你對最後一個問題的評論。當你今年在雲上繼續前進時，我想知道你是否可以談談，我想，更多關於你的整體進入市場戰略。而且我想我真的很想知道銷售代表如何 - 他們今年將如何受到激勵？你提到可能會更加關注將維護轉換為雲。也許你想知道你是否也可以雙擊它。

So 2 things over here, again, and I'll keep migration second and overall. Look, as we shared last year that we were in a hybrid product world, hybrid use case world, our reps had a hybrid complex. They were selling cloud with a higher multiplier than self-managed, but we were chasing both. What we've done is, from a majority of our countries for all net new business, our teams have pivoted towards just cloud. So that's the (inaudible) that's the (inaudible) they we have.

所以這裡有 2 件事，我將把遷移放在第二位和整體上。看，正如我們去年分享的那樣，我們處於混合產品世界、混合用例世界中，我們的代表有一個混合複合體。他們以比自我管理更高的乘數銷售雲，但我們同時追求兩者。我們所做的是，從我們大多數國家的所有淨新業務來看，我們的團隊已經轉向了雲。所以這就是（聽不清）他們擁有的（聽不清）。

Sure, certain parts of the world and certain areas like U.S. public sector that is self-managed because cloud has still has some inhibitor over there and we kept those teams compensated appropriately, but that's a much, much, much smaller percentage of the overall part of the new business that we are going after than cloud. So pretty much our teams are similarly -- they're not now confused between both cloud and self-manage and a pick and choose. It's just cloud and our products are all on the same cloud platform. They're putting that in front of our customer. They're running at scale so on and so forth. So very clear, [cloud coder], [cloud com], very single focus, you just running that's the only thing you have. That creates focus and simplicity and operational efficiency that we talked about.

當然，世界的某些地區和某些地區，如美國公共部門，是自我管理的，因為雲在那裡仍然有一些抑制因素，我們讓這些團隊得到適當的補償，但這在整體部分中所佔的比例要小得多我們正在追求的新業務比雲計算。所以我們的團隊幾乎是相似的——他們現在不會混淆雲和自我管理以及選擇。它只是雲，我們的產品都在同一個雲平台上。他們把它放在我們的客戶面前。他們正在大規模運行等等。非常清楚，[cloud coder]，[cloud com]，非常單一的焦點，你只是在運行，這是你唯一擁有的東西。這創造了我們談到的重點、簡單性和運營效率。

I didn't say that migration will become a much bigger part of the business. I still keep saying, majority of our business is going to grow through net new workloads. I did say that, yes, we are the hard work we put behind the scenes that partners ramping will give us more fruit over the course of the year for migrations to growth. We fully expect -- and are focused on driving more migrations, but as we've said, Matt, and you said, new business, just look at the velocity with which it continues to grow, and I'm really impressed with that.

我並沒有說遷移將成為業務中更大的一部分。我仍然一直在說，我們的大部分業務將通過新的淨工作負載實現增長。我確實說過，是的，我們是我們在幕後所做的辛勤工作，合作夥伴的增加將使我們在這一年中為遷移到增長帶來更多成果。我們完全期待 - 並專注於推動更多遷移，但正如我們所說，馬特和你所說，新業務，看看它繼續增長的速度，我對此印象深刻。

And last but not the least is when customers settle on the platform, and a lot of our customers who may be potential migration customers, but they are running new workloads on IDMC, they will naturally get to the migration workload. We want to make sure we capture any workload on IDMC, we can get the migration later because it's a very sticky business that we saw.

最後但並非最不重要的是，當客戶在平台上定居時，我們的許多客戶可能是潛在的遷移客戶，但他們正在 IDMC 上運行新的工作負載，他們自然會進入遷移工作負載。我們希望確保捕獲 IDMC 上的任何工作負載，我們可以稍後進行遷移，因為我們看到這是一項非常棘手的業務。

The next question comes from the line of Alex Zukin of Wolfe Research.

下一個問題來自 Wolfe Research 的 Alex Zukin。

This is Allan Verkhovski on for Alex Zukin. I appreciate that color on the migration activity that -- and how you're basically thinking about it for the full fiscal '23 guide. Is there any way to kind of quantify maybe again, both how you're thinking about the amount of migration activity that's going to come within the net new cloud ARR guide that's kind of implying high teens growth. And just overall, in this macro environment, what's giving you that confidence to continue seeing such robust growth on the cloud side?

這是 Allan Verkhovski 代替 Alex Zukin。我很欣賞移民活動的色彩——以及你在完整的 23 財年指南中基本上是如何考慮它的。是否有任何方法可以再次量化，無論是您如何考慮將在淨新雲 ARR 指南中出現的遷移活動的數量，這都暗示著青少年的高增長。總的來說，在這個宏觀環境中，是什麼讓您有信心繼續在雲方面看到如此強勁的增長？

So first of all, as I said, we continue to see that digital transformation efforts at every customer are run through the lens of data management. I've talked to hundreds of customers across the globe, and even in a macro environment, which is not necessarily -- which still has headwinds out there, we talked about that. Customers know that, hey, look, I got to get at some point to transform our business and the only way I do it is through having a better understanding of my customer or my supplier or having data covenants as I democratize all of them are data management use cases through the single platform, IDMC, that has all the services.

因此，首先，正如我所說，我們繼續看到每個客戶的數字化轉型工作都是通過數據管理的視角進行的。我已經與全球數百名客戶進行了交談，即使在宏觀環境中，這不一定 - 仍然存在逆風，我們談到了這一點。客戶知道，嘿，看，我必須在某個時候轉變我們的業務，而我做到這一點的唯一方法是更好地了解我的客戶或我的供應商，或者在我將所有這些都民主化時制定數據契約是數據通過具有所有服務的單一平台 IDMC 管理用例。

What we saw coming out of Q4 demonstrated that, and that's what our conversations, pipeline creation remains healthy. We continue to see deal cycles remain elongated, but the health of use cases, health of pipeline gives us all of the comfort on everything is going through the lens of cloud. So hence, basically -- and we've been talking about that all of last year that basically through that lens, we are pivoting towards the cloud (inaudible) model. For all net new, we're not giving up on our maintenance base, renewal base. We have great best-in-class renewal, and we continue to service those customers, and over the course of time, migrate them to cloud.

我們從第四季度看到的情況表明，這就是我們的對話，管道創建仍然健康。我們繼續看到交易週期仍然延長，但用例的健康狀況、管道的健康狀況讓我們對一切都在通過雲的鏡頭感到欣慰。因此，基本上 - 去年我們一直在談論基本上通過那個鏡頭，我們正在轉向雲（聽不清）模型。對於所有全新產品，我們不會放棄我們的維護基礎、更新基礎。我們擁有一流的續約服務，我們將繼續為這些客戶提供服務，並隨著時間的推移將他們遷移到雲端。

On migration, pretty much 90% plus of our business comes from new workloads. So we feel pretty good about that. Migration is an area, where I said many times, we're going to continue to scale more, but majority of our growth has come from and will continue to come from new workloads as we scale our migrations.

在遷移方面，我們 90% 以上的業務都來自新的工作負載。所以我們對此感覺很好。遷移是一個領域，我多次說過，我們將繼續擴大規模，但隨著我們擴展遷移，我們的大部分增長已經並將繼續來自新的工作負載。

The next question comes from Kash Rangan of Goldman Sachs.

下一個問題來自高盛的 Kash Rangan。

Glad to hear the details here, Amit. Curious if you can expand upon the end of the quarter activity with respect to new deals and how you saw the close of the quarter and have things changed with respect to the tune of net new business in the month of January. And then as you step back and look at the cloud transition, what is incrementally new by way of professional services, risk of implementation or the timing of implementation or product functionality that why you have the intent to move forward with the cloud, how should the customer propensity be any different? And Mike, I look forward to working with you. Congratulations.

很高興在這裡聽到細節，阿米特。想知道您是否可以在本季度末擴展有關新交易的活動以及您如何看待本季度末以及 1 月份淨新業務的變化。然後，當您退後一步，看看雲過渡時，通過專業服務、實施風險或實施時間或產品功能，您有意向雲轉移的原因是什麼，以及應該如何客戶傾向有何不同？邁克，我期待與你合作。恭喜。

Thanks, Kash.

謝謝，卡什。

Yes, Kash. So Kash, look at this way, the net new growth of ARR in 2022 was 70% cloud. So the momentum has been shifting towards cloud in a significant way through the course of 2022. In fact, if I go back a year ago, literally, we actually -- in my -- that February earnings call, we put more focus on cloud roadmap and cloud partnerships. We, in fact, did a bunch of that chain that has borne the fruit over the course of this year. So momentum is towards cloud. Our products have scaled up on that platform. We have many new innovative features and pretty much every digital transformation efforts are all cloud-centric. I've not seen a customer who wants to do on-prem anymore. Pretty much everybody wants to go to the cloud. They will want us to help them go to the cloud. So you can see the net new business growth.

是的，卡什。所以卡什，這樣看，2022 年 ARR 的淨新增長是 70% 的雲。因此，在 2022 年期間，勢頭一直在顯著轉向雲。事實上，如果我回到一年前，從字面上看，我們實際上 - 在我的 - 那次 2 月份的財報電話會議上，我們更加關注云路線圖和雲合作夥伴關係。事實上，我們做了很多在今年結出碩果的連鎖店。所以勢頭是朝著雲的方向發展的。我們的產品在該平台上得到了擴展。我們有許多新的創新功能，幾乎所有的數字化轉型工作都是以雲為中心的。我再也沒有見過想要在本地進行的客戶。幾乎每個人都想上雲。他們會希望我們幫助他們上雲。所以你可以看到新業務的淨增長。

Now Q4 had great tailwinds, and look, we don't see any -- we don't see a material change in the macro yet. So we were prudent in how we are thinking about this year. You heard my guide to what we saw this year. So we obviously -- while we grew a lot more over the course of cloud ARR last year, we were being thoughtful on what it could be for the full year. And hence, we gave the guide for 35% cloud ARR growth. We feel good about where the cloud business is.

現在第四季度有很大的順風，看，我們沒有看到任何 - 我們還沒有看到宏觀的實質性變化。因此，我們對今年的想法持謹慎態度。你聽過我對我們今年所見所聞的指南。所以我們很明顯——雖然我們在去年的雲 ARR 過程中增長了很多，但我們正在考慮全年的情況。因此，我們給出了 35% 的雲 ARR 增長指南。我們對雲業務的發展方向感到滿意。

And cloud also, Kash, as you know, given cloud does not have a lot of old on-prem, the complexity of implementation, customers can get going very quickly. Our customer success model is to drive technical and business value very quickly. So the time to value that cycle has been compressed. So customers get quick value, and like I talked about some productivity increases through AI. So customers benefit from that in the world of cloud and that's what gets them even more excited to pick up on cloud workloads.

還有云，Kash，正如你所知，鑑於雲沒有很多舊的本地部署，實施的複雜性，客戶可以很快上手。我們的客戶成功模式是快速推動技術和業務價值。因此，價值該週期的時間已被壓縮。因此，客戶可以快速獲得價值，就像我談到通過 AI 提高生產力一樣。因此，客戶從雲世界中受益，這讓他們更加興奮地接受雲工作負載。

The next question comes from Koji Ikeda of Bank of America.

下一個問題來自美國銀行的Koji Ikeda。

Koji, if you're speaking, you maybe on mute.

Koji，如果你在說話，你可能處於靜音狀態。

Sorry about that. Can you hear me okay?

對於那個很抱歉。你能聽到我說話嗎？

I can hear you now. Go ahead.

我現在能聽到你了。前進。

I wanted to ask you a question on Flex IPU. I guess from a push pull perspective, was this something customers were asking for? And maybe how should we be thinking about this new pricing model? Any changes does it create your revenue visibility? And also any rev rec considerations we should be thinking about with the Flex IPU pricing model?

我想問你一個關於 Flex IPU 的問題。我想從推拉的角度來看，這是客戶要求的嗎？也許我們應該如何考慮這種新的定價模式？有什麼變化會增加您的收入可見度嗎？還有我們應該考慮使用 Flex IPU 定價模型的任何 rev rec 考慮因素嗎？

So from the demand point of view, Koji, in fact, IPUs have been a stellar success. I think, Mike mentioned in the call, 54% of our IPU new bookings that -- new bookings on cloud are IPU-based, and we see great traction. The simplicity of IPUs is what customers love. And in that vein, we also talk to customers that customers who want many different ways to consume IPU. So Flex IPU is nothing else but an additive thing to give customers more flexibility to transact with us. It does not have any material changes to what we are running in our go-to-market models.

所以從需求的角度來看，Koji，事實上，IPUs 已經取得了巨大的成功。我認為，邁克在電話中提到，我們 IPU 新預訂中有 54% 是基於 IPU 的雲新預訂，我們看到了巨大的吸引力。 IPU 的簡單性正是客戶所喜愛的。本著這種精神，我們還與那些想要以多種不同方式消費 IPU 的客戶交談。因此，Flex IPU 只不過是一種附加物，可以讓客戶更靈活地與我們進行交易。它對我們在上市模型中運行的內容沒有任何實質性改變。

Again, remember, in -- we want to give customers more and more and more flexibility to consume my fields, we know, given our renewal rates, customers adopt. They use. They basically become consumers for life of our platform. So it's in that spirit. And of course, we've been hearing customers on, but different use cases also then we want different things. One use case, they want to regularize us and for a small seasonal use case, they don't want flex IPUs. So it's managing those and sometimes we serve across an enterprise in many business units. It's managing a pretty large enterprise in the way with which we thought about this. We feel good about it. I think we'll see how the year goes in fact.

再次記住，我們希望為客戶提供越來越多的靈活性來消費我的領域，我們知道，考慮到我們的續訂率，客戶會採用。他們使用。他們基本上成為我們平台的終生消費者。所以它本著這種精神。當然，我們一直在聽取客戶的意見，但不同的用例也會讓我們想要不同的東西。一個用例，他們想要規範我們，對於一個小的季節性用例，他們不想要 flex IPU。所以它正在管理這些，有時我們在許多業務部門的整個企業中提供服務。它以我們考慮的方式管理著一家相當大的企業。我們對此感覺很好。我想我們會看到今年的實際情況。

And Koji, just to add to that. To super simplify the difference in the model from existing IPUs to Flex IPU, there's a lot to it. But from a financial standpoint, basically think of it as a monthly bucket versus a yearly bucket. Customers are buying a yearly bucket that they can use any time during the year as opposed to monthly user lose it. For that reason, it doesn't change the revenue recognition. It continues to be fully ratable and doesn't introduce any more usage volatility than you would otherwise see in the IPU-based model.

還有 Koji，只是為了補充這一點。為了超級簡化從現有 IPU 到 Flex IPU 的模型差異，有很多。但從財務的角度來看，基本上可以將其視為月度桶與年桶。客戶正在購買一個年度桶，他們可以在一年中的任何時間使用，而不是每月用戶丟失它。因此，它不會改變收入確認。與您在基於 IPU 的模型中看到的相比，它仍然是完全可評價的，並且不會引入任何更多的使用波動。

The next question comes from Pinjalim Bora of JPMorgan.

下一個問題來自摩根大通的 Pinjalim Bora。

This is Noah Herman on for Pinjalim. Can you maybe just provide some of the assumptions around the ARR guidance? And just any other incremental commentary on macro would be helpful to included in those assumptions?

我是 Pinjalim 的 Noah Herman。您能否提供一些關於 ARR 指南的假設？只是任何其他關於宏觀的增量評論都有助於包含在這些假設中嗎？

I can give the macro and Mike can add to the guidance. Look, I think we said very clearly. We fully still see a macro where there are -- that is special. There are headwinds. And I think -- not a lot has changed from December 31 to whatever the date is today. So I think we've been very thoughtful about our customers are still (inaudible). They have been thoughtful, careful. Deal cycles are remain elongated. (inaudible) remains pretty good, but I think we have to just be thoughtful and careful about that. So with that, we basically put one lens to our guidance.

我可以提供宏，Mike 可以添加指導。看，我想我們說得很清楚了。我們仍然完全可以看到一個宏——這是特別的。有逆風。而且我認為 - 從 12 月 31 日到今天的任何日期都沒有太大變化。所以我認為我們一直非常關心我們的客戶仍然（聽不清）。他們一直很周到，很小心。交易週期仍然延長。 （聽不清）仍然很好，但我認為我們必須對此深思熟慮和謹慎。因此，我們基本上將一個鏡頭放在我們的指導下。

Second is, we -- you heard from us, we are very clear in the cloud-only model. That's the part of the business is growing. That's where we want it to go. We have been working hard towards it. We are absolutely very okay for the sake of focus, growth and all the right long-term tailwinds to a cloud model, which has higher NRR, higher cross-sell, upsell, the higher operational leverage model to give up on some self-managed deals on the side here and there if we had to. I'd rather have a very focused team driving the right long-term model opportunities. So those are all the things that we took in terms of how we thought about what we think the year could be like. And then I'll have Mike add to that as to our guidance more so on it.

其次，我們——你從我們這裡聽說，我們非常清楚純雲模型。這是業務增長的一部分。這就是我們想要它去的地方。我們一直在為此努力。為了專注、增長和雲模型的所有正確的長期順風，我們絕對非常好，它具有更高的 NRR、更高的交叉銷售、追加銷售、更高的運營槓桿模型放棄一些自我管理如果必須的話，在這里和那裡交易。我寧願有一個非常專注的團隊來推動正確的長期模型機會。因此，這些就是我們根據我們對今年的想法的看法所採取的所有措施。然後我會讓 Mike 補充一下我們的指導。

Sure. No, maybe I can give a little bit of color around the various components. So starting with cloud ARR, that's a 35% growth guidance. That's a number that's well supported by our pipeline, and we think appropriately reflects the environment that we talked about that we expect to be more or less the same as it has been over the last couple of quarters. Self-managed ARR is down 8% at the midpoint of our guide for the year. And as I said, that's a direct consequence of our strategy to focus all of our go-to-market efforts in all of our material new product enhancements on cloud-only products in '23, and we expect that to pay even more dividends in '24.

當然。不，也許我可以在各個組件周圍添加一些顏色。所以從雲 ARR 開始，這是一個 35% 的增長指導。這是一個得到我們管道支持的數字，我們認為適當地反映了我們所談論的環境，我們預計與過去幾個季度的情況大致相同。自我管理的 ARR 在我們今年指南的中點下降了 8%。正如我所說，這是我們在 23 年將所有進入市場的努力集中在純雲產品上的所有重大新產品增強戰略的直接結果，我們預計這將在'24。

Maintenance is all a renewal game, and the renewal rate in Q4 was 96%, We think that was a really outstanding opportunity. We're not expecting that to recur through the full year. We're planning on a renewal rate and maintenance that's consistent with the 94% or so rate we've seen over time. And then in terms of renewal of our subscription cloud and self-managed products, again, we forecast a rate that's very consistent with the 93% that you saw in Q4, and you've seen in quarters past. I hope that helps.

維護就是一個續約遊戲，Q4 的續約率是 96%，我們認為這是一個非常好的機會。我們預計這種情況不會在全年重複出現。我們計劃的續訂率和維護與我們隨著時間的推移看到的 94% 左右的比率一致。然後就我們的訂閱雲和自我管理產品的續訂而言，我們再次預測與您在第四季度和過去幾個季度看到的 93% 非常一致。我希望這有幫助。

The next question comes from the line of Andrew Nowinski of Wells Fargo.

下一個問題來自 Wells Fargo 的 Andrew Nowinski。

Congrats, Mike, on joining Informatica. I just really have, I guess, a few clarifications. I know there's a revenue uplift when maintenance customers convert to cloud, but I'm wondering if you expect the same ARR uplift if a self-managed customer converts to cloud. And then I appreciate the beat on the operating income, despite missing revenue estimates, but I'm wondering why the sales and marketing was down 20% year-over-year in Q4? If that's -- if there's something abnormal in there.

祝賀 Mike 加入 Informatica。我想我真的有一些澄清。我知道當維護客戶轉換為雲時，收入會有所提升，但我想知道如果自我管理的客戶轉換為雲，您是否期望同樣的 ARR 增長。然後我很欣賞營業收入的節拍，儘管沒有收入估計，但我想知道為什麼第四季度的銷售和營銷同比下降 20%？如果那是——如果裡面有什麼不正常的東西。

So let me start with the ARR impact of a conversion from self-managed to cloud. There absolutely is an uplift because when you move from self-managed to cloud, Informatica takes responsibility for owning and running and monitoring the infrastructure. We do all the patching, the security bug fixes and all that sort of stuff. So there's a lot more value delivered to the customer for a cloud solution to the same use case versus a self-managed or on-prem solution. That multiple is not as consistent and statistically predictable as it is for the maintenance conversions because it depends a lot upon what capabilities they're converting to and often cases, there's more stuff that they're buying because of the advanced capabilities of the platform versus their existing solution, but yes, there is an uplift.

因此，讓我從自我管理到雲的轉換對 ARR 的影響開始。這絕對是一種提升，因為當您從自我管理轉向雲時，Informatica 負責擁有、運行和監控基礎設施。我們做所有的補丁、安全漏洞修復和所有類似的事情。因此，與自我管理或本地解決方案相比，針對相同用例的雲解決方案可為客戶提供更多價值。該倍數不像維護轉換那樣一致且在統計上可預測，因為它在很大程度上取決於他們正在轉換的功能，而且通常情況下，由於平台的高級功能，他們購買的東西更多他們現有的解決方案，但是，是的，有一個提升。

And in terms of the ARR impact of that, we only record in total ARR the net increase. Now you would see a decrease in subscription -- sorry, in self-managed ARR and an increase in cloud, but on a net basis, you'd only see the increase over the existing base.

就 ARR 的影響而言，我們只在總 ARR 中記錄淨增長。現在你會看到訂閱減少——抱歉，自我管理的 ARR 和雲增加，但在淨基礎上，你只會看到現有基礎的增加。

Sorry, operator, I apologize. That was a 2-part question, I neglected to answer the second part. The reduction in sales and marketing expense year-over-year in Q4 was the impact of commissions and how those commissions end up hitting the P&L based upon the mix of cloud sales versus self-managed sales and the different ways in which we capitalize those commissions versus expense then in the period when the deal is closed. The exceedance of our guidance and the exceedance of our expectations was in the cloud segment, and for cloud commissions, we pay the same amount more or less to account executive for the deal, but for P&L purposes for GAAP, we capitalized that ratably over 5 years. And so we see less expense in the period. So that was the reason -- that was the primary reason for the difference.

對不起，接線員，我很抱歉。這是一個由兩部分組成的問題，我忽略了回答第二部分。第四季度銷售和營銷費用的同比減少是佣金的影響，以及這些佣金最終如何根據云銷售與自我管理銷售的組合以及我們將這些佣金資本化的不同方式影響損益與交易結束期間的費用相比。超出我們的指導和超出我們預期的是在雲部分，對於雲佣金，我們或多或少地為這筆交易向客戶經理支付了相同的金額，但出於 GAAP 的損益目的，我們將其資本化超過 5年。因此，我們看到這一時期的支出減少了。這就是原因——這是造成差異的主要原因。

The next question comes from the line of Fred Havemeyer of Macquarie.

下一個問題來自 Macquarie 的 Fred Havemeyer。

I'd also say, welcome, Mike, and I look forward to working with you. I'd like to ask about the broader cloud ecosystem, so perhaps for Amit here. Just with the amount of integration that you're offering and just focus on going cloud-only and cloud-first sales, how would you describe the backdrop of demand for data in the cloud? And perhaps, some of your strategic partnerships with Snowflake, Databricks, et cetera, and some of the recent launches you had like the data connector with BigQuery and how all of this plays into overall cloud ARR?

我還要說，歡迎，邁克，我期待與你合作。我想問問更廣泛的雲生態系統，所以也許是阿米特。就您提供的集成量以及專注於僅雲和雲優先銷售而言，您如何描述雲中數據需求的背景？也許，您與 Snowflake、Databricks 等的一些戰略合作夥伴關係，以及您最近推出的一些產品，例如 BigQuery 的數據連接器，以及所有這些如何影響整體雲 ARR？

Yes. I think that -- look, if you look at the market demand, as I said, pretty much all of the big partners work with our cloud. You look at the demand, the new ARR growth that we had cloud. Pretty much all the digital transformation that's happening in the cloud. So we -- and all the work we've done in the year has been to accelerate our cloud roadmap, so we can fulfill more of the demand. And you can see more and more over the course of the year, we could fulfill more of the demand in the context of cloud. Our whole platform is ready. The demand is there in cloud. So as we walk into this year, we're going to fulfill that demand pretty much all the cloud. As I said, barring some exceptions of some areas like U.S. public sector could be the case or some [partner] geographies where they may still want some self-managed because cloud is not necessarily what they're going to do. But that's going to be a much smaller component. That's the demand side. That's how the pipeline is basically created. That's what customers are asking us, and we are basically ready to fulfill it.

是的。我認為 - 看，如果你看看市場需求，就像我說的那樣，幾乎所有的大合作夥伴都在使用我們的雲。你看看需求，我們有云的新 ARR 增長。幾乎所有的數字化轉型都發生在雲端。所以我們——以及我們在這一年所做的所有工作都是為了加速我們的雲路線圖，這樣我們就可以滿足更多的需求。在這一年中，您可以看到越來越多，我們可以在雲環境中滿足更多需求。我們的整個平台都準備好了。雲中有需求。因此，當我們進入今年時，我們將在幾乎所有云中滿足這一需求。正如我所說，除了美國公共部門等某些領域的一些例外情況，或者某些 [合作夥伴] 地區，他們可能仍然希望進行一些自我管理，因為云不一定是他們要做的事情。但這將是一個小得多的組件。那就是需求方。這就是管道的基本創建方式。這就是客戶對我們的要求，我們基本上已經準備好實現它。

The next question comes from the line of Howard Ma of Guggenheim Securities.

下一個問題來自古根海姆證券的Howard Ma。

I have a question for Amit. If you were forced to do a rank order, which products and solutions on IDMC do you expect to drive the most incremental growth this year? So for instance, I believe MDM was the last product to become fully multi-tenant, right? So maybe it's MDM. We also keep thinking maybe the 360 use cases. Maybe CDGC. And the second part is, with this cloud-only model, are certain IDMC products better positioned for expansion relative to how your customers were consuming -- relative to how self-managed customers specifically were consuming them?

我有一個問題要問阿米特。如果您被迫進行排序，您預計今年 IDMC 上的哪些產品和解決方案將推動最大的增量增長？因此，例如，我相信 MDM 是最後一個成為完全多租戶的產品，對嗎？所以也許是 MDM。我們也一直在思考 360 用例。也許CDGC。第二部分是，使用這種純雲模型，某些 IDMC 產品是否更適合擴展相對於您的客戶的消費方式——相對於自我管理的客戶具體消費它們的方式？

Howard, don't make me choose my kids. That's a harsh question. So I think I've said that many times that I repeat that. Look, that's never the way we ever look at it. Because when we talk to a customer, and I said that like there are many use cases, but pretty much that's the beauty of the platform. I'll take an example of take MDM, you said, right? So customer is implementing a customer experience project, and basically, that project becomes MDM led. But to implement that hosting, they need the front-end MDM application. They need the core ETL to basically bring data from many places. They need data quality to make sure that the right quality of the data goes into this operational MDM through which they make a decision.

霍華德，不要讓我選擇我的孩子。這是一個尖銳的問題。所以我想我已經說過很多次了，我要重複一遍。看，這從來不是我們看待它的方式。因為當我們與客戶交談時，我說有很多用例，但這正是平台的魅力所在。我就拿MDM舉個例子，你說的對吧？因此，客戶正在實施客戶體驗項目，基本上，該項目成為 MDM 主導。但要實施該託管，他們需要前端 MDM 應用程序。他們需要核心 ETL 來基本上從許多地方獲取數據。他們需要數據質量來確保將正確質量的數據輸入到他們做出決策的可操作 MDM 中。

And by the way, if we want after that, that MDM to be an operational use case, but also some other people to get data from their analytically to do what-if analysis, they want to put some governance on top. So when we talk to a customer in the context of a use case, we basically begin in one use case, but it very quickly marks into using many capabilities. So the whole platform gets used even what may be MDM led. In another case, it could be an analytics project with Snowflake, with ETL, ELT, quality governance has been used. So that's why we never look at one product over the other, we always look at it serve the use case. We have all the capabilities to make it very easy for a customer to do it in the most cost-efficient way, risk-efficient way with domestic capabilities.

順便說一下，如果我們之後希望 MDM 成為一個操作用例，而且其他一些人也希望從他們的分析中獲取數據以進行假設分析，他們希望將一些治理放在首位。因此，當我們在用例的上下文中與客戶交談時，我們基本上從一個用例開始，但它很快就會標記為使用許多功能。因此，整個平台都得到了使用，即使是 MDM 主導的平台。在另一種情況下，它可能是一個使用 Snowflake 的分析項目，使用了 ETL、ELT 和質量治理。所以這就是為什麼我們從不看一個產品而不看另一個產品，我們總是看它為用例服務。我們擁有所有能力，可以讓客戶很容易地以最具成本效益、風險效率最高的方式利用國內能力做到這一點。

The next question comes from Shebly Seyrafi of FBN Securities.

下一個問題來自 FBN Securities 的 Shebly Seyrafi。

So your international revenue growth ex-FX declined from 7% in Q3, positive to negative 4% in Q4. Just talk about some of the geographic trends you're seeing. And you also have the 7% headcount reduction announced in January, just can you talk about how much of that was international versus domestic?

因此，您的除外匯之外的國際收入增長從第三季度的 7% 下降到第四季度的正負 4%。只是談談您看到的一些地理趨勢。你也有 1 月份宣布的 7% 裁員，你能談談其中有多少是國際的還是國內的？

Yes. We -- look, I think we don't disclose as to whatever. Look, our -- when we reduced our headcount, it was pretty relatively spread, and we wanted to make sure that we take out the right things where we had duplicative layers or the things that didn't mix. It was slowing us down from a cloud-only business. But of course, we are pretty well distributed across the globe. So whether it's the Americas or Europe or to be honest, India, where we have a pretty large presence. So it is pretty distributed.

是的。我們 - 看，我認為我們不會透露任何內容。看，我們 - 當我們減少員工人數時，它相當分散，我們想確保我們在有重複層或沒有混合的地方取出正確的東西。它使我們從純雲業務中減慢了速度。但當然，我們分佈在全球各地。因此，無論是美洲還是歐洲，或者老實說，印度，我們在那裡都有相當大的影響力。所以它非常分散。

In terms of demand, look, we haven't seen anything in particular that is one area stronger than the other or one area necessarily much weaker than the other. We did not have much exposure to Russia in any way in that area as we've said that before. So that didn't really impact us much. We don't have a whole lot of exposure to China. So we don't have a whole lot of impact over there. We pretty much serve the large economies of the world, and I think all of them are facing the same kind of headwinds. It's a very unique one like inflation and all that stuff is hitting all of the large economies. So we're seeing healthy pipe creating all of them quite evenly.

在需求方面，看，我們沒有看到任何特別是一個區域強於另一個區域或一個區域必然比另一個區域弱得多的情況。正如我們之前所說的那樣，我們在該地區沒有以任何方式接觸俄羅斯。所以這並沒有真正影響到我們。我們對中國的了解不多。所以我們在那裡沒有太大的影響。我們幾乎服務於世界上的大型經濟體，我認為它們都面臨著同樣的逆風。這是一個非常獨特的問題，就像通貨膨脹一樣，所有這些東西都在打擊所有大型經濟體。所以我們看到健康的管道相當均勻地創造所有這些。

And because they are also very well distributed across all verticals, and we kind of serve more mission-critical workloads, we were never into when the market went up with, let's say, serving crypto workloads or some of that we never did any of that stuff. So we see a pretty well balanced, same kind of headwinds, same current tailwinds across our big markets.

而且因為它們也很好地分佈在所有垂直領域，而且我們服務於更多的任務關鍵型工作負載，所以當市場上升時，我們從未涉足過，比方說，服務於加密工作負載或其中一些我們從未做過任何事情東西。因此，我們在我們的大市場上看到了相當平衡的、同樣的逆風、同樣的順風。

And Shebly, just to remind you, international is only about 1/3 of our business, and a quarter is only 25% of the year. So you get to be a smaller number that frankly is just subject to quarter-to-quarter variability that doesn't necessarily represent a trend. I think that's how to interpret Q4 international.

Shebly，提醒您，國際業務僅占我們業務的 1/3，四分之一僅佔全年業務的 25%。所以你會成為一個較小的數字，坦率地說，它只是受季度到季度變化的影響，不一定代表趨勢。我認為這就是解釋 Q4 國際的方式。

The next question comes from Patrick Colville with Scotiabank.

下一個問題來自豐業銀行的 Patrick Colville。

Could I just double-click on the cloud-only strategy? And I guess, I mean exactly what does cloud-only mean in practice? So like as sales compensation changed as a result of the cloud-only strategy, have product development dollars changed as a result of the cloud-only strategy? Just a bit more color to kind of see how this will translate into the business.

我可以雙擊僅雲策略嗎？我想，我的意思是僅雲在實踐中究竟意味著什麼？因此，就像純雲戰略導致銷售薪酬發生變化一樣，產品開發費用是否因純雲戰略而發生變化？只是多一點顏色，看看這將如何轉化為業務。

Absolutely. Yes, all of it has changed. Cloud-only, once again, as I said, for all our new organic growth we are leading with cloud pretty much. Barring a few exceptions I keep saying here and there, the U.S. public sector and things of that nature, and that also will move the cloud very quickly. In that context, we do not have -- most of our large regions have moved to a cloud-only (inaudible), but they are basically giving our reps, not necessarily any confusion to choose one over the other. They only have cloud. So they will lead with cloud. They only sell cloud. They retire code on the cloud, and they get compensation on cloud. Pretty simple. Same way, our entire product development has pivoted to cloud. We've finished the cloud, putting everything there, but there's so much more to do over there. So all majority of our innovation is coming in the context of cloud, IDMC, the platform over there.

絕對地。是的，一切都變了。純雲，再一次，正如我所說，對於我們所有新的有機增長，我們幾乎都在雲方面處於領先地位。除了少數例外，我一直在這里和那裡說，美國公共部門和那種性質的東西，這也將很快移動雲。在這種情況下，我們沒有——我們的大部分大區域已經轉移到純雲（聽不清），但他們基本上是在給我們的代表，不一定會混淆選擇一個而不是另一個。他們只有云。所以他們將以雲為主導。他們只賣雲。他們在雲端淘汰代碼，並在雲端獲得補償。很簡單。同樣，我們的整個產品開發都轉向了雲。我們已經完成了雲，把所有的東西都放在那裡，但是那裡還有很多事情要做。因此，我們所有的大部分創新都是在雲、IDMC 和那邊的平台的背景下進行的。

Now what it is not? We have a very, very, very great set of customers who run mission-critical workloads on the products they use on us. You've seen our renewal rates didn't -- haven't budged ever over the course of time. In fact, last year, we thought in a tough macro maintenance renewals may go down slightly and we went back and increased it because we didn't see any movement in that area. Same thing is for self-managed. We fully are going to keep helping our customers manage those workloads like we have done, and we know how to do it very, very well to basically make sure they get all the fixes. We have a support team and all that stuff to make sure that area continues to remain healthy from a renewal rate point of view.

現在不是什麼？我們有一群非常非常非常棒的客戶，他們在我們使用的產品上運行關鍵任務工作負載。你已經看到我們的續訂率沒有 - 隨著時間的推移從未改變過。事實上，去年，我們認為在艱難的宏觀維護更新中可能會略有下降，我們回過頭來增加它，因為我們沒有看到該領域有任何變化。自我管理也是一樣。我們完全將繼續像我們所做的那樣幫助我們的客戶管理這些工作負載，並且我們知道如何做得非常非常好，基本上確保他們得到所有修復。我們有一個支持團隊和所有這些東西，以確保該區域從更新率的角度繼續保持健康。

And of course, we're going to now help customers migrate to the cloud, and that's an area where I said, while we are in the early innings, we want to increase the velocity of (inaudible). But what cloud-only is that we basically want all the net new business to come primarily from cloud, and it's very clear, focused with no dilution of energy between one thing or the other.

當然，我們現在要幫助客戶遷移到雲，這是我說過的一個領域，雖然我們處於早期階段，但我們希望提高（聽不清）的速度。但是，只有云是我們基本上希望所有淨新業務主要來自云，而且非常明確，專注於一件事或另一件事之間的能量沒有稀釋。

The next question comes from the line of Karl Keirstead of UBS.

下一個問題來自瑞銀集團的 Karl Keirstead。

Maybe I'll direct this to Mike. If we could just talk about the trajectory of the revenue growth rate throughout calendar '23. Obviously, you've guided to negative 1 in Q1, but positive 5 for the full year. So you clearly are anticipating a pretty meaningful growth acceleration in the second half. Some of that might just be mechanical. FX turns your way, easier compares. Is that mostly it? Or if there's something a little bit more nuanced in the model that's resulting in that? Or if you're taking a more optimistic view of the spending environment in the second half, I'd love to unpack that a little bit.

也許我會把它轉給邁克。如果我們能談談整個日曆 '23 的收入增長率軌跡。顯然，您在第一季度指導為負 1，但全年為正 5。因此，您顯然預計下半年將出現非常有意義的增長加速。其中一些可能只是機械的。 FX 助您一臂之力，比較容易。主要是這樣嗎？或者，如果模型中有一些細微差別導致了這種情況？或者，如果您對下半年的支出環境持更樂觀的看法，我很樂意對此進行一些分析。

Yes. Thanks for the question, Karl. It's a good one. And I guess I'll start my answer with the reminder that revenue for a mixed model company like ourselves in the software business is really hard to unpack from quarter-to-quarter because of the mix shifts, because of the acceleration from ASC 606 and so forth. But that being said, the linearity that we're planning in the year is many different from what we've seen in past years. We typically see 1/3 or more of our business closed in the fourth quarter, and there's kind of a linear slope down to the first quarter, which is the slowest quarter of the year. Nothing has changed in what we expect in fiscal '23.

是的。謝謝你的問題，卡爾。這是一個很好的。我想我會以提醒開始我的回答，因為 ASC 606 和等等。但話雖這麼說，我們今年計劃的線性度與我們過去幾年看到的有很大不同。我們通常會看到 1/3 或更多的業務在第四季度關閉，並且有一種線性斜率下降到第一季度，這是一年中最慢的季度。我們對 23 財年的預期沒有任何改變。

With respect to the first quarter, yes, there's some mix change in that. And yes, there's an FX impact in that. If you look back at FX rates in the first part of last year versus this year. While they've come back a little bit in our favor, i.e., the dollar is a little weaker than it was in June July, it's still stronger than it was in January. So it's those 2 effects and nothing structural that should make you think differently about ARR growth and ARR linearity and seasonality as the year goes on, which is really the best way to look at our business and what we're actually delivering in each quarter and each year.

關於第一季度，是的，其中有一些混合變化。是的，這會產生外匯影響。如果你回顧一下去年上半年與今年上半年的匯率。雖然他們對我們有利，即美元比 6 月和 7 月略微疲軟，但仍比 1 月強。因此，隨著時間的推移，正是這兩種影響而不是結構性因素會讓你對 ARR 增長、ARR 線性和季節性有不同的看法，這確實是審視我們的業務以及我們在每個季度實際交付的內容的最佳方式，每年。

The next question comes from the line of Tyler Radke with Citi.

下一個問題來自花旗銀行的 Tyler Radke。

Welcome aboard, Michael. I wanted to direct the question that you appreciate it kind of hearing about your reasons on why you joined Informatica and the opportunities. Just as you think about the efficiency opportunities that you talked to, I was wondering if you could expand on that. Obviously, you're guiding to a pretty healthy amount of margin expansion for FY '23. A lot of that is probably coming from the restructuring, but how do you just think about the timeframe to reaching Informatica's long-term targets? And are there specific areas that you've identified in terms of low-hanging fruit that maybe could accelerate that path faster than what the company had targeted?

歡迎加入，邁克爾。我想直接問您是否喜歡聽到您加入 Informatica 的原因和機會。就像您考慮與之交談的效率機會一樣，我想知道您是否可以對此進行擴展。顯然，您正在引導 23 財年實現相當可觀的利潤率擴張。其中很大一部分可能來自重組，但您如何看待實現 Informatica 長期目標的時間框架？您是否已經確定了一些容易實現的特定領域，這些領域可能會比公司的目標更快地加速這條道路？

Yes. Thanks for the question, Tyler. I'm not going to put a specific date on the long-term margin targets. They feel reasonable and achievable to me over the long term. But sorry, I won't volunteer anything more specific than that. With respect to the nearer term operating leverage opportunities, if you look at the roughly 2.5 percentage points of operating margin expansion that we're guiding to in '23 versus '22, it's about 2/3, 1/3 improvement sales and marketing as a percent of revenue and R&D as a percent of revenue. Maybe 3 quarters, 1 quarter. We want to keep investing in the products. We want to keep innovation coming, but frankly, with the simplified cloud-only strategy, we can do more with less in R&D. It's not going to be less literally, it's going to be more dollars, but we could be more efficient.

是的。謝謝你的問題，泰勒。我不會為長期保證金目標設定具體日期。從長遠來看，它們對我來說是合理且可以實現的。但抱歉，我不會自願提供比這更具體的內容。關於近期的經營槓桿機會，如果你看看我們在 23 年和 22 年指導的大約 2.5 個百分點的營業利潤率擴張，這大約是 2/3，1/3 的銷售和營銷改善，因為收入的百分比和研發佔收入的百分比。也許3個季度，1個季度。我們想繼續投資產品。我們希望不斷創新，但坦率地說，通過簡化的純雲戰略，我們可以在研發方面事半功倍。從字面上看，它不會減少，它會花更多的錢，但我們可以更有效率。

Sales and marketing improves even more than that as we focus the sales force and focus the compensation in the way that Amit described. And so, again, probably 75% of the efficiency improvement this year is going to be in sales and marketing as a percent of revenue.

當我們以 Amit 描述的方式關註銷售人員並關注薪酬時，銷售和營銷的改善甚至超過了這一點。因此，今年可能有 75% 的效率提升將來自銷售和營銷，佔收入的百分比。

Looking beyond that, that's sort of a weighting between the two is probably about right over the medium to long term in terms of where the efficiency is going to come from as we scale and recognized leverage. Some will come from G&A, of course, too. We'll absolutely grow G&A at a slower rate than we grow revenue. So there will be some operating leverage that will be achieved there. But overall, I'm confident that we can continue to deliver operating margin improvement year-over-year for a good long time.

除此之外，就效率將來自何處而言，這兩者之間的某種權衡可能在中長期內是正確的，因為我們會擴大規模並認識到槓桿作用。當然，有些也會來自 G&A。我們絕對會以比收入增長慢的速度增長 G&A。因此，將在那裡實現一些運營槓桿。但總的來說，我相信我們可以在很長一段時間內繼續實現營業利潤率同比增長。

And the final question comes from the line of Fred Lee of Credit Suisse.

最後一個問題來自瑞士信貸的 Fred Lee。

Considering cloud migrations for maintenance, you're less than 4% install base. I was wondering, how the company plans to accelerate the migration from cloud -- to cloud for maintenance? And is the internal expectation more linear progress or can we expect an inflection?

考慮到用於維護的雲遷移，您的安裝基數不到 4%。我想知道，公司計劃如何加速從雲到雲維護的遷移？內部預期是更線性的進展還是我們可以期待一個拐點？

It's a great question. Look, I think 2 things that you always have to remember that our customers having mission-critical workloads with the existing on-prem implementations and one has to be as thoughtful as you think about migrations because you -- basically, as I said, some insurance companies are closing their books on power sector. So you just have to be very thoughtful as you take them to the other side and make sure the business runs the same way. We absolutely are committed to increasing the velocity of migrations, and I think there are many things. So one of them is that we wanted to scale our partners. We had to prove out the playbook so that we can give it to the partners and partners are being trained and enabled. So that's one area they spent all of energy last year, and I'm feeling very good about it as we exit Q4.

這是一個很好的問題。看，我認為有兩件事你必須始終記住，我們的客戶在現有的本地實施中擁有關鍵任務工作負載，其中一件事必須像你考慮遷移一樣深思熟慮，因為你 - 基本上，正如我所說，一些保險公司正在關閉他們在電力行業的賬簿。因此，當您將他們帶到另一邊並確保業務以相同的方式運行時，您只需要非常周到。我們絕對致力於提高遷移速度，我認為有很多事情要做。所以其中之一就是我們想擴大我們的合作夥伴。我們必須證明該劇本，以便我們可以將其提供給正在接受培訓和啟用的合作夥伴。所以這是他們去年花費了所有精力的一個領域，當我們退出第四季度時，我對此感覺非常好。

There are other things that as a team we are focused on. We'll share with you as we go along over the course of the year. It's not lost on us. That's a great opportunity, great value-creating opportunity and we want to do all the things that are right by us and the customer to make this happen and get that value for Informatica.

作為一個團隊，我們還關注其他事情。我們將在這一年中與您分享。我們並沒有失去它。這是一個很好的機會，一個很好的創造價值的機會，我們希望做我們和客戶認為正確的所有事情，以實現這一目標並為 Informatica 創造價值。

That concludes our time of question and answer. I would now like to pass the conference over to the management team for closing remarks.

我們的問答時間到此結束。我現在想將會議轉交給管理團隊作閉幕詞。

Thank you, operator. Well, look, first of all, thank you very much for taking the time today. As I welcome Mike again. Obviously, lots of questions that I know you will get a chance to talk to them over the course of time and get to know him better. I'm very excited about the cloud-only consumption-driven strategy. I think it sets us up to the final chapter of the company to be the cloud-only company. And to be candid, we have unique in some ways to having done 8 business model transition before. You see how we took down license to almost 0, and where we are successfully now going to the migration to -- or movement to the cloud model, and I'm very excited about that, given the installed base, the innovation and the customer centricity we have.

謝謝你，運營商。嗯，首先，非常感謝你今天抽出時間來。當我再次歡迎邁克時。顯然，我知道很多問題隨著時間的推移你將有機會與他們交談並更好地了解他。我對純雲消費驅動戰略感到非常興奮。我認為這使我們成為公司的最後一章成為純雲公司。坦率地說，我們在某些方面有獨特之處，之前已經完成了 8 次商業模式轉型。您會看到我們如何將許可證減少到幾乎為 0，以及我們現在成功遷移到雲模型或移動到雲模型的地方，考慮到安裝基礎、創新和客戶，我對此感到非常興奮我們擁有的中心性。

Obviously, I look forward to sharing more over the course of this year. One opportunity, which a lot of you leverage last year is, Informatica World. It's our annual user conference run by customers, majority of the sections are customers. I'd invite all of you to come to Informatica World again this year. It's going to be in Vegas again earlier in May. Reach out to Victoria, and she can get you connected. But I look forward to seeing you over there and most likely having you see our innovation and talk to our customers. Thank you, once again.

顯然，我期待在今年分享更多。 Informatica World 是你們去年利用的一個機會。這是我們由客戶舉辦的年度用戶大會，大部分部分都是客戶。我想邀請大家今年再次來到 Informatica World。它將在五月初再次在拉斯維加斯舉行。聯繫 Victoria，她可以幫助您建立聯繫。但我期待在那裡見到你，很可能讓你看到我們的創新並與我們的客戶交談。再一次感謝你。

That concludes the conference call. Thank you for your participation. You may now disconnect your lines.

電話會議到此結束。感謝您的參與。您現在可以斷開線路。