Informatica Inc (INFA) 2023 Q1 法說會逐字稿

Good afternoon. Thank you for attending the Informatica Corporation Fiscal Q1 2023 Conference Call. My name is Elisa, and I will be your moderator for today's call. (Operator Instructions)

下午好。感謝您參加 Informatica Corporation 2023 年第一季度財年電話會議。我叫 Elisa，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交給我們的東道主投資者關係副總裁維多利亞·海德-鄧恩 (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 First Quarter 2023 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 2023 年第一季度的盈利結果。與我一起參加今天電話會議的還有首席執行官阿米特·瓦利亞 (Amit Walia)；和首席財務官邁克·麥克勞克林。

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 IR 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。我們準備好的發言將在電話會議結束後發佈在 IR 網站上。

During the call, we will be making comments of the 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 filings 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，我們將做出前瞻性評論。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，請查看該公司向 SEC 提交的文件，包括我們最新的 2022 年全年 10-Q 和 10-K 文件中包含的標題為“風險因素”的部分。這些前瞻性陳述基於信息截至今天，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'll 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 our slide presentation available on Informatica's Investor Relations website.

此外，我們還將討論某些非公認會計準則財務指標。這些非公認會計原則財務指標是對根據公認會計原則編制的財務業績指標的補充，而不是替代。這些項目與最接近的美國公認會計原則 (GAAP) 衡量標準的調節可以在今天下午的新聞稿和 Informatica 投資者關係網站上的幻燈片演示中找到。

With that, it's my pleasure to turn the call over to Amit.

至此，我很高興將電話轉給阿米特。

Thank you, Victoria. Good afternoon, everyone, and thank you for joining us for the call today.

謝謝你，維多利亞。大家下午好，感謝您今天參加我們的電話會議。

Q1 results were strong, and we're off to a great start to the year. Key financial metrics exceeded the high end of our guidance range driven by traction from enterprise customers purchasing new cloud workloads. Subscription ARR grew 20% year-over-year, and cloud subscription ARR grew 41% year-over-year. Importantly, -- approximately 90% of cloud new bookings came from new workloads, with the remaining coming from migrations of on-prem maintenance customers.

第一季度的業績強勁，我們今年有了一個良好的開端。由於企業客戶購買新的雲工作負載的推動，關鍵財務指標超出了我們指導範圍的上限。訂閱 ARR 同比增長 20%，雲訂閱 ARR 同比增長 41%。重要的是，大約 90% 的雲新預訂來自新工作負載，其餘來自本地維護客戶的遷移。

Total revenues increased 1% year-over-year due to slower-than-expected decline in maintenance revenue and strong renewal rates. Non-GAAP operating income was $85 million.

由於維護收入下降速度慢於預期以及強勁的續訂率，總收入同比增長 1%。非 GAAP 營業收入為 8500 萬美元。

We continue to execute across all of our strategic initiatives. The resilience and durability of our business are demonstrated by consistent 93% plus renewal rates, strong net retention rate and 80% plus gross margins. We continue to deliver balanced profitable growth as we accelerate our complete transition to our cloud platform. And with our very strong cash position, we expect to reduce our net debt leverage ratio to approximately 2x by the end of this year, which is 6 to 12 months ahead of our commitment at the time of the IPO.

我們繼續執行所有戰略舉措。我們業務的彈性和持久性體現在持續 93% 以上的續訂率、強勁的淨保留率和 80% 以上的毛利率上。隨著我們加速向雲平台的完全過渡，我們將繼續實現平衡的利潤增長。憑藉我們非常強勁的現金狀況，我們預計到今年年底將淨債務槓桿率降低至約 2 倍，這比我們在 IPO 時的承諾提前了 6 至 12 個月。

We are encouraged by the early momentum of our cloud-only consumption-driven strategy. Our strategy continues to gain interest as seen in the sales mix shift from self-managed to cloud net new ARR and closing new cloud deals. Over 90% of the new business pipeline is comprised of cloud opportunities.

我們對純雲消費驅動戰略的早期勢頭感到鼓舞。我們的戰略繼續引起人們的興趣，從銷售組合從自我管理轉向雲淨新 ARR 以及完成新的雲交易中可以看出。超過 90% 的新業務渠道由雲機會組成。

We are also seeing early adoption of our new flexible IPU consumption program. And keeping to our commitments, we are introducing a new cloud subscription net retention rate beginning this quarter to provide more visibility into our cloud strategy. Mike will share that statistic later in the call.

我們還看到我們新的靈活 IPU 消費計劃的早期採用。為了履行我們的承諾，我們將從本季度開始引入新的雲訂閱淨保留率，以提高對我們雲戰略的了解。邁克稍後將在電話會議中分享該統計數據。

We're also well positioned to help our customers, no matter where their dealer sites. Through our IDMC platform, we serve multi-hybrid environments, which include on-premise and multi-cloud workloads. Customers with their own speed and strategy will move data into a full public cloud or a hybrid cloud. We have the technology capability to serve our customers' data environment and support their digital transformation journey from on-prem to cloud to a single cloud data management platform, IDMC. We are bringing an enterprise-grade data management platform with best-of-breed solutions, combined with the simplicity and flexibility of consumption-based pricing for our customers.

我們也有能力為客戶提供幫助，無論他們的經銷商位於何處。通過我們的 IDMC 平台，我們為多混合環境提供服務，其中包括本地和多雲工作負載。客戶可以按照自己的速度和策略將數據移動到完整的公共雲或混合雲中。我們擁有為客戶的數據環境提供服務的技術能力，並支持他們從本地到雲再到單一云數據管理平台 IDMC 的數字化轉型之旅。我們將為客戶提供具有最佳解決方案的企業級數據管理平台，並結合基於消費的定價的簡單性和靈活性。

Now looking at the macro environment. Like last quarter, we continue to observe elongated sales cycles for new deals, deal scrutiny and, to a lesser extent, year-over-year foreign exchange headwinds. Cloud adoption remains healthy, while customers and prospects continue to be measured in how they purchase given the macro environment. We expect this to continue for the remainder of the year.

現在看宏觀環境。與上季度一樣，我們繼續觀察到新交易的銷售週期延長、交易審查以及較小程度上的同比外匯逆風。雲的採用仍然保持健康，而在宏觀環境下，客戶和潛在客戶的購買方式將繼續受到衡量。我們預計這種情況將持續到今年剩餘時間。

Taking this all in, we are reiterating our full year 2023 guidance. It is appropriate to remain prudent this early in the year as we navigate an uncertain macroeconomic environment while transitioning to a cloud-focused new sales model.

考慮到這一切，我們重申 2023 年全年指引。在我們應對不確定的宏觀經濟環境並過渡到以雲為中心的新銷售模式的同時，在今年年初保持謹慎是適當的。

Now turning to our Q1 business highlights. We continue to deliver product differentiation and innovation that matters to our customers. Our unique IDMC platform advantage includes a best-in-class suite of solutions, processing mission-critical workloads at a scale with 50,000 metadata aware connections now leveraging 23 terabytes of active metadata in the cloud.

現在轉向我們第一季度的業務亮點。我們繼續提供對客戶至關重要的產品差異化和創新。我們獨特的 IDMC 平台優勢包括一流的解決方案套件，通過 50,000 個元數據感知連接大規模處理任務關鍵型工作負載，現在利用雲中 23 TB 的活動元數據。

To give you some examples of some recent product innovation highlights include: first, in our analytics services, we launched the industry's only free cloud data loading, integration and ELT and ETL service with Informatica Cloud Data Integration Free and PayGo. These services allow us to entry into departmental ingestion and integration use cases and target data practitioners and nontechnical users in marketing, sales and revenue operation teams to build data pipes within minutes.

舉幾個近期產品創新亮點的例子，包括：首先，在我們的分析服務中，我們通過Informatica Cloud Data Integration Free和PayGo推出了業界唯一的免費云數據加載、集成以及ELT和ETL服務。這些服務使我們能夠進入部門攝取和集成用例，並針對營銷、銷售和收入運營團隊中的數據從業者和非技術用戶，在幾分鐘內構建數據管道。

Next, we launched new data services in IDMC that process industry standard and custom messages for healthcare, retail, manufacturing and field serve solutions. These data services can use HIR and FHIR standards to exchange messages with healthcare partners. The NACHA standard to exchange messages with financial services partners, and the EDIFACT and EDI [astral] standards to experience messages with manufacturing and retail partners.

接下來，我們在 IDMC 中推出了新的數據服務，用於處理醫療保健、零售、製造和現場服務解決方案的行業標準和自定義消息。這些數據服務可以使用 HIR 和 FHIR 標準與醫療保健合作夥伴交換消息。 NACHA 標準用於與金融服務合作夥伴交換消息，EDIFACT 和 EDI [astral] 標準用於與製造和零售合作夥伴體驗消息。

Turning to MDM and the MDM 360 app services. We announced the availability of MDM SaaS on the Google Cloud Platform. We continue to scale our Customer 360 solution by launching extensions to master legal entities to support regulatory compliance requirements like Basel III and FATCA, helping banks [comply] with Global Legal Entity Identifier Foundation.

轉向 MDM 和 MDM 360 應用服務。我們宣佈在 Google Cloud Platform 上推出 MDM SaaS。我們繼續擴展我們的 Customer 360 解決方案，推出對主法人實體的擴展，以支持巴塞爾 III 和 FATCA 等監管合規要求，幫助銀行[遵守]全球法人機構識別基金會。

And lastly, in data governance, data quality and data marketplace services, we introduced a new data quality accelerator bundle for (inaudible) data profiling capabilities for the SAP ecosystem, (inaudible) data enrichment and curation capability in data governance and catalog and expanded UI customization and search in data marketplace.

最後，在數據治理、數據質量和數據市場服務方面，我們引入了新的數據質量加速器包，用於 SAP 生態系統的（聽不清）數據分析功能、數據治理和目錄中的（聽不清）數據豐富和管理功能以及擴展的 UI數據市場中的定制和搜索。

Now AI has been a part of our DNA. Actually, since 2017, when I launched AI CLAIRE, our AI CLAIRE at Informatica World. The IDMC platform powered by CLAIRE AI, which in the last few years has continued to scale and grow as we've curated thousands of machine learning algorithms under the cover of AI. CLAIRE today processes 54 trillion mission-critical cloud transactions per month as of March, a 69% increase year-over-year, demonstrating strong customer usage of our platform.

現在人工智能已經成為我們 DNA 的一部分。事實上，從2017年我在Informatica World推出AI CLAIRE，我們的AI CLAIRE開始。 IDMC 平台由 CLAIRE AI 提供支持，在過去幾年中，隨著我們在 AI 的掩護下策劃了數千種機器學習算法，該平台不斷擴展和發展。截至 3 月份，CLAIRE 目前每月處理 54 萬億筆任務關鍵型雲交易，同比增長 69%，這表明客戶對我們平台的使用率很高。

Last week, we unveiled our latest innovation, CLAIRE-generated classifications, a groundbreaking solution designed to streamline data classifications for automated data governance in organizations. CLAIRE automates the complex process of creating data classification, saving both time and resources for organizations by using an organization metadata and data patterns. As a result, we estimate a 70%-plus reduction in time required to curate and create classifications.

上週，我們推出了最新的創新成果——CLAIRE 生成的分類，這是一個突破性的解決方案，旨在簡化組織中自動化數據治理的數據分類。 CLAIRE 自動執行創建數據分類的複雜過程，通過使用組織元數據和數據模式為組織節省時間和資源。因此，我們估計策劃和創建分類所需的時間將減少 70% 以上。

To give you a real-life example, a leading automotive company witness the transformative power of CLAIRE-generated classifications I just talked about firsthand. Previously, this company had a team of 10 data domain curators working for 2 years to create 200 data classifications. With the help of CLAIRE, they generated 400 classifications, 200 of the original and an incremental 200 in a matter of minutes. This remarkable outcome demonstrates the power of CLAIRE driving automation at operational scale.

舉一個現實生活中的例子，一家領先的汽車公司親眼目睹了我剛才談到的 CLAIRE 生成的分類的變革力量。此前，該公司有一個由 10 名數據域管理者組成的團隊，花了 2 年時間創建了 200 個數據分類。在 CLAIRE 的幫助下，他們在幾分鐘內生成了 400 個分類，其中 200 個是原始分類，另外 200 個是增量分類。這一非凡的成果證明了 CLAIRE 在運營規模上推動自動化的力量。

Our consistent focus and commitment to delivering product differentiation and innovation has won us recognition from industry analysts and thought leaders. Informatica is recognized as the leader in the inaugural IDC Marketscape Worldwide Cloud Integration Software and Services 2023 Vendor Assessment Report. We were also recognized as a leader in the Forrester Wave: Data Management for Analytics, Q1 2023 report. And we are proud again to be named to CRN's Cloud 100 2023 List for the second consecutive year. And we also recently published our inaugural sustainability report, which speaks to our commitment to environmental, social and governance matters. This report reflects how we continually strive to support our customers, communities and colleagues.

我們對提供產品差異化和創新的一貫關注和承諾為我們贏得了行業分析師和思想領袖的認可。 Informatica 在首份 IDC Marketscape 全球雲集成軟件和服務 2023 年供應商評估報告中被評為領導者。我們還被《Forrester Wave：2023 年第一季度分析數據管理》報告評為領導者。我們很榮幸再次連續第二年入選 CRN 的 Cloud 100 2023 榜單。我們最近還發布了首份可持續發展報告，該報告體現了我們對環境、社會和治理問題的承諾。該報告反映了我們如何不斷努力支持我們的客戶、社區和同事。

Our cloud native AI-powered data management platform continues to resonate in the market with enterprise customers. In Q1, customers spending more than $1 million in subscription ARR increased by 27% year-over-year to 208 customers. Customers spending more than $100,000 in subscription ARR increased 11% year-over-year to 1,921 customers as we continue to process new workloads and drive ARR growth across customers of all sizes.

我們的雲原生人工智能數據管理平台繼續在市場上與企業客戶產生共鳴。第一季度，訂閱 ARR 支出超過 100 萬美元的客戶同比增長 27%，達到 208 名客戶。隨著我們繼續處理新的工作負載並推動各種規模客戶的 ARR 增長，訂閱 ARR 支出超過 100,000 美元的客戶同比增長 11%，達到 1,921 名客戶。

Our global sales and customer success teams have done a terrific job unlocking value for our customers, increasing customer engagement through mission-critical workloads and upselling with new use cases leveraging our modern IDMC platform. I'll give you a few examples. Gilead Sciences is a biopharmaceutical company that focuses on antiviral drugs advancing innovative medicines to prevent and treat life-threatening diseases, including HIV, viral hepatitis and cancer. Building on its existing MDM usage, Gilead is expanding with new use cases to leverage IDMC's cloud data governance and catalog, data integration, data marketplace and additional MDM solutions to evolve the critical business systems, centrally manage the data and help them scale for the future.

我們的全球銷售和客戶成功團隊在為客戶釋放價值、通過關鍵任務工作負載提高客戶參與度以及利用我們現代 IDMC 平台的新用例進行追加銷售等方面做出了出色的工作。我給你舉幾個例子。吉利德科學公司是一家生物製藥公司，專注於抗病毒藥物開發創新藥物，以預防和治療危及生命的疾病，包括艾滋病毒、病毒性肝炎和癌症。在現有 MDM 使用的基礎上，吉利德正在擴展新的用例，以利用 IDMC 的雲數據治理和目錄、數據集成、數據市場和其他 MDM 解決方案來發展關鍵業務系統、集中管理數據並幫助它們面向未來進行擴展。

Cathay Pacific Airlines, the flagship carrier of Hong Kong, they are supporting the new operations model, and they've adopted a cloud modernization strategy. The Cathay Pacific team recognized that the cloud strategy would require a holistic, modern integration platform capable of handling operational, cloud and hybrid integration, application integration as well as data catalog and data governance. A power center customer for over a decade, Cathay Pacific expanded the partnership with Informatica to modernize the data integration of the cloud.

國泰航空是香港的旗艦航空公司，他們正在支持新的運營模式，並採用了雲現代化戰略。國泰航空團隊認識到，雲戰略需要一個全面、現代化的集成平台，能夠處理運營、雲和混合集成、應用程序集成以及數據目錄和數據治理。國泰航空是十多年來的電力中心客戶，擴大了與 Informatica 的合作夥伴關係，以實現雲數據集成的現代化。

We also see success with our ability to sign new cloud logo wins. Daimler Trucks headquartered in Germany is one of the world's largest commercial vehicle manufacturers with over 40 production sites across the globe and more than 100,000 employees. They manufacture trucks and buses such as the Mercedes-Benz, Freightliner, Western Star and Thomas Built Buses brand names. In addition to financing, leasing, fleet management, investments and insurance brokerage services, Daimler Truck chosen Informatica's IDMC platform for their global data marketplace project. They will leverage the IDMC capabilities to build a bridge between data producers on one side and data consumers on the other side, maximizing data's value, increasing productivity and supporting business initiatives.

我們還看到了簽署新雲徽標的能力所取得的成功。戴姆勒卡車總部位於德國，是全球最大的商用車製造商之一，在全球擁有 40 多個生產基地和超過 100,000 名員工。他們生產卡車和公共汽車，例如 Mercedes-Benz、Freightliner、Western Star 和 Thomasbuilt Buses 等品牌。除了融資、租賃、車隊管理、投資和保險經紀服務外，戴姆勒卡車還為其全球數據市場項目選擇了 Informatica 的 IDMC 平台。他們將利用 IDMC 功能在一側的數據生產者和另一側的數據消費者之間架起一座橋樑，從而最大限度地提高數據價值、提高生產力並支持業務計劃。

We continue to expand our ecosystem with increased partner engagement momentum. We recently launched a new Microsoft Azure PoD in Dubai to scale our market reach in the Middle East and partner with regional customers as they grow their data management environment. We also expanded our departmental low-friction service offerings for our new Cloud Data Integration Free and PayGo that I talked about with support for Amazon Redshift, Microsoft Synapse Analytic, Google BigQuery, Snowflake and Databricks. And Informatica was a launch partner for Snowflake's Telecom Data Cloud.

我們不斷擴大我們的生態系統，增加合作夥伴的參與動力。我們最近在迪拜推出了新的 Microsoft Azure PoD，以擴大我們在中東的市場覆蓋範圍，並在區域客戶發展數據管理環境時與他們合作。我們還為新的 Cloud Data Integration Free 和 PayGo 擴展了部門低摩擦服務產品，我談到了對 Amazon Redshift、Microsoft Synapse Analytic、Google BigQuery、Snowflake 和 Databricks 的支持。 Informatica 是 Snowflake 電信數據云的啟動合作夥伴。

Our GSI partners are creating solutions with the help of Informatica practitioners to accelerate customers' data-driven strategies on IDMC. Current solutions that are being marketed jointly include MDM as a service with Deloitte, Medicare, Medicaid with KPMG and Rapid Reference Data with Cognizant. Many other solutions are in process of being created with GSIs and larger boutique services partners. Our migration factory program has expanded to more than 45 partners. Almost half are already delivering projects and have been awarded work. To date, we have migrated 4% of our legacy base over to IDMC, up from 3.6% last quarter at a 2.1 conversion ratio.

我們的 GSI 合作夥伴正在 Informatica 從業者的幫助下創建解決方案，以加速客戶在 IDMC 上的數據驅動戰略。目前聯合營銷的解決方案包括與德勤合作的 MDM 服務、與畢馬威合作的 Medicare、Medicaid 以及與 Cognizant 合作的快速參考數據。許多其他解決方案正在與 GSI 和大型精品服務合作夥伴一起創建。我們的遷移工廠計劃已擴展到超過 45 個合作夥伴。近一半已經交付項目並已獲得工作。迄今為止，我們已將 4% 的傳統基礎遷移到 IDMC，高於上季度的 3.6%，轉換率為 2.1。

In summary, we are pleased with our execution in Q1. We are focused on maintaining our business for a balanced profitable growth and delivering on a cloud-only consumption-driven strategy in our business priorities.

總之，我們對第一季度的執行情況感到滿意。我們專注於維持我們的業務實現平衡的盈利增長，並在我們的業務優先事項中實施僅雲消費驅動的戰略。

We crossed a very important milestone in the first quarter, which is $1 billion in subscription ARR. And as we walk into the second quarter, we expect to cross $0.5 billion in cloud subscription ARR. These significant milestones validate that the product innovation and the go-to-market investments that we have made over the years resonate with enterprises across the globe while we continue to deliver continuous profitability and cash flow growth.

我們在第一季度跨越了一個非常重要的里程碑，即訂閱 ARR 達到 10 億美元。當我們進入第二季度時，我們預計雲訂閱 ARR 將突破 5 億美元。這些重要的里程碑證明，我們多年來進行的產品創新和上市投資引起​​了全球企業的共鳴，同時我們繼續實現持續的盈利能力和現金流增長。

As I wrap up, I'd like to thank all of my Informatica colleagues across the globe for their hard work and continuous commitment. I would also like to thank our partners, customers and shareholders for supporting Informatica. We look forward to hosting many of you next week at Informatica World, our user conference in Las Vegas.

最後，我要感謝全球所有 Informatica 同事的辛勤工作和持續奉獻。我還要感謝我們的合作夥伴、客戶和股東對 Informatica 的支持。我們期待下週在拉斯維加斯舉行的 Informatica World 用戶大會上接待大家。

With that, let me turn the call over to Mike. Mike, take it away.

接下來，讓我把電話轉給邁克。邁克，把它拿走。

Thank you, Amit, and good afternoon, everyone. Q1 was a solid financial quarter across the board, with key growth and profitability metrics exceeding our expectations entering the quarter.

謝謝阿米特，大家下午好。第一季度是一個全面穩健的財務季度，關鍵增長和盈利指標超出了我們進入本季度的預期。

I'd like to begin by the review of our Q1 results with Annual Recurring Revenue or ARR. Informatica's total ARR is comprised of 3 components: cloud subscription ARR, self-managed subscription ARR and maintenance ARR on perpetual licenses. Substantially, all of our new software sales are subscriptions, so we also sum the first 2 categories into the subscription ARR metric.

我想首先回顧一下我們第一季度的年度經常性收入（ARR）結果。 Informatica 的總 ARR 由 3 個部分組成：雲訂閱 ARR、自我管理訂閱 ARR 和永久許可證的維護 ARR。實質上，我們所有的新軟件銷售都是訂閱，因此我們還將前兩個類別匯總到訂閱 ARR 指標中。

Our total ARR was $1.53 billion at the end of Q1, an increase of 10% over the prior year driven by new cloud workloads and strong renewal rates. We added over $136 million in net new total ARR versus the prior year. Foreign exchange negatively impacted total ARR by approximately $3.4 million on a year-over-year basis, somewhat better than expectations when we set our guidance in February.

截至第一季度末，我們的總 ARR 為 15.3 億美元，在新的雲工作負載和強勁的續訂率的推動下，比上年增長了 10%。與上一年相比，我們的淨新總 ARR 增加了超過 1.36 億美元。外匯對總 ARR 產生了同比約 340 萬美元的負面影響，略好於我們 2 月份制定指導時的預期。

Turning now to the subscription components of our ARR. Cloud subscription ARR was $483 million, a 41% increase year-over-year and $15 million above the high end of our February guidance. Cloud subscription ARR represents 47% of our total subscription ARR, up from 40% a year ago. Our cloud subscription ARR growth of $140 million year-over-year was driven by new workloads and strong renewal rates. Notably, approximately 90% of the quarter's cloud new bookings came from new workloads, with approximately 10% coming from migrations of on-premise maintenance customers.

現在轉向我們的 ARR 的訂閱組件。雲訂閱 ARR 為 4.83 億美元，同比增長 41%，比我們 2 月份指導值的上限高出 1500 萬美元。雲訂閱 ARR 占我們總訂閱 ARR 的 47%，高於一年前的 40%。新的工作負載和強勁的續訂率推動了我們的雲訂閱 ARR 同比增長 1.4 億美元。值得注意的是，本季度約 90% 的雲新預訂來自新工作負載，其中約 10% 來自本地維護客戶的遷移。

Self-managed subscription ARR declined versus last quarter, as expected, to $538 million. This was down 1% sequentially and up 6% year-over-year. Given our focus on new cloud sales, we expect self-managed subscription ARR to continue to decline throughout the year.

正如預期的那樣，自我管理訂閱 ARR 較上季度下降至 5.38 億美元。環比下降 1%，同比增長 6%。鑑於我們對新雲銷售的關注，我們預計自我管理訂閱 ARR 將在全年繼續下降。

Our total subscription ARR, which is simply the sum of our cloud and self-managed ARR, grew by 20% year-over-year to $1.02 billion, $5 million above the high end of our February guidance range. Subscription ARR now represents 67% of total ARR. Foreign exchange negatively impacted total subscription ARR by approximately $1.2 million on a year-over-year basis.

我們的總訂閱 ARR（即我們的雲和自我管理 ARR 之和）同比增長 20%，達到 10.2 億美元，比我們 2 月份指導範圍的上限高出 500 萬美元。訂閱 ARR 目前佔總 ARR 的 67%。外匯對總訂閱 ARR 產生了同比約 120 萬美元的負面影響。

The third component of our total ARR is maintenance, which now comprises 33% of total ARR. Maintenance ARR was down 6% year-over-year to $513 million, in line with our guidance. Maintenance renewal rates were strong at 96%, consists of the year-ago period, demonstrating consistent -- continued stickiness in our customer base. As a reminder, we have intentionally reduced perpetual license sales to an insignificant amount in favor of subscription offerings. Therefore, we expect maintenance on perpetual licenses to continue to gradually decline since we're not adding new maintenance customers in each period.

總 ARR 的第三個組成部分是維護，目前佔總 ARR 的 33%。維護 ARR 同比下降 6% 至 5.13 億美元，與我們的指導一致。與去年同期相比，維護續訂率高達 96%，這表明我們的客戶群具有持續的粘性。提醒一下，我們有意將永久許可證銷售量減少到微不足道的數量，以支持訂閱服務。因此，我們預計永久許可證的維護量將繼續逐漸下降，因為我們不會在每個時期添加新的維護客戶。

Stepping back, you can see that our total ARR growth of 10% for the quarter was driven by very strong growth in our cloud subscription ARR, offset by gradual declines of our self-managed subscription ARR and maintenance ARR. These dynamics are the direct result of our cloud-only consumption-driven strategy, and we expect these trends to continue in future quarters.

退一步來看，您可以看到本季度 10% 的總 ARR 增長是由雲訂閱 ARR 的強勁增長推動的，但被我們的自我管理訂閱 ARR 和維護 ARR 的逐漸下降所抵消。這些動態是我們純雲消費驅動戰略的直接結果，我們預計這些趨勢將在未來幾個季度持續下去。

We saw good growth in our average subscription ARR per customer in the first quarter. It grew to approximately $270,000, a 17% increase year-over-year. We had 3,780 active subscription customers in Q1, an increase of 106 subscription ARR customers year-over-year.

我們看到第一季度每個客戶的平均訂閱 ARR 出現了良好的增長。增長至約 270,000 美元，同比增長 17%。第一季度我們有 3,780 名活躍訂閱客戶，訂閱 ARR 客戶同比增加 106 名。

Our subscription net retention rate in Q1 was 110% versus the prior year's rate of 113%. As we have described before, this net retention rate decline is driven by the self-managed subscription component of ARR as we focus on new cloud sales.

我們第一季度的訂閱淨保留率為 110%，而去年同期為 113%。正如我們之前所描述的，這種淨保留率下降是由 ARR 的自我管理訂閱組件推動的，因為我們專注於新的雲銷售。

To help you better understand our net retention rate, we are pleased to begin disclosing this quarter our cloud subscription net retention rate as an additional key business metric. For Q1, cloud subscription net retention rate was 118% versus the prior year's rate of 116%. In the press release we filed this afternoon, you can find more details on cloud subscription NRR, including data for the past 9 quarters.

為了幫助您更好地了解我們的淨保留率，我們很高興在本季度開始披露我們的雲訂閱淨保留率作為額外的關鍵業務指標。第一季度，雲訂閱淨保留率為 118%，而去年同期為 116%。在我們今天下午提交的新聞稿中，您可以找到有關雲訂閱 NRR 的更多詳細信息，包括過去 9 個季度的數據。

Now I'd like to review our revenue results for the quarter. GAAP total revenues were $365 million in the first quarter, an increase of 1% year-over-year. This exceeded the high end of our February guidance range by over $3 million due to a slower-than-expected decline in maintenance revenue and strong renewal, partially offset by lower professional services revenues.

現在我想回顧一下我們本季度的收入結果。第一季度 GAAP 總收入為 3.65 億美元，同比增長 1%。由於維護收入下降速度慢於預期以及續訂強勁，這超出了我們 2 月份指導範圍的上限超過 300 萬美元，但部分被專業服務收入下降所抵消。

Foreign exchange negatively impacted total revenues by approximately $7 million on a year-over-year basis, in line with February expectations.

外匯對總收入的負面影響約為 700 萬美元，與 2 月份的預期一致。

As discussed last quarter, our strategic shift to cloud creates a revenue headwind for us in the short term. This is due to the different accounting treatment of new cloud subscription sales compared to new self-managed subscription sales. In last quarter's call, I highlighted the expected impact of this mix shift on FY '23 revenue guidance to be approximately $80 million. As expected, the new sales mix this quarter was more heavily weighted to the cloud than it was a year ago. Therefore, we experienced the expected accounting-driven revenue headwind.

正如上季度所討論的，我們向雲的戰略轉變在短期內給我們帶來了收入阻力。這是由於與新的自我管理訂閱銷售相比，新的雲訂閱銷售的會計處理不同。在上個季度的電話會議中，我強調了這種組合轉變對 23 財年收入指導的預期影響約為 8000 萬美元。正如預期的那樣，本季度的新銷售組合比一年前更注重雲計算。因此，我們經歷了預期的會計驅動的收入逆風。

To give you an idea of its magnitude, if you -- if our mix of cloud versus self-managed new bookings was the same this quarter as it was in Q1 2022, total revenues would have been approximately $24 million higher in this quarter than we reported, which would have increased our year-over-year revenue growth rate to approximately 7%.

為了讓您了解其規模，如果您 - 如果本季度我們的雲與自我管理新預訂的組合與 2022 年第一季度相同，那麼本季度的總收入將比我們高出約 2400 萬美元據報導，這將使我們的收入同比增長率達到約 7%。

Subscription revenue increased 8% year-over-year to $214 million, representing 59% of total revenue compared to 55% a year ago. Our quarterly subscription renewal rate was 93%, flat year-over-year.

訂閱收入同比增長 8%，達到 2.14 億美元，佔總收入的 59%，而去年同期為 55%。我們的季度訂閱續訂率為 93%，與去年同期持平。

Maintenance and professional services revenue were $151 million, representing 41% of total revenue in Q1, driven by lower-than-expected professional services revenues and the gradual decline of our maintenance revenue. Stand-alone maintenance revenue represented 34% of total revenue for the quarter. Implementation, consulting and education revenues has comprised the remainder of this category, representing 7% of total revenue.

由於專業服務收入低於預期以及維護收入逐漸下降，維護和專業服務收入為 1.51 億美元，佔第一季度總收入的 41%。獨立維護收入佔該季度總收入的 34%。實施、諮詢和教育收入構成了該類別的其餘部分，佔總收入的 7%。

Turning to the geographic distribution of our business. U.S. revenue grew 1% year-over-year to $233 million, representing 64% of total revenue. International revenue made up the remainder and was flat year-over-year at $132 million. Using exchange rates from Q1 last year, international revenue would have been approximately $7 million greater in the quarter, representing international revenue growth of 5% year-over-year.

轉向我們業務的地理分佈。美國收入同比增長 1%，達到 2.33 億美元，佔總收入的 64%。國際收入佔其餘部分，與去年同期持平，為 1.32 億美元。按照去年第一季度的匯率計算，該季度的國際收入將增加約 700 萬美元，即國際收入同比增長 5%。

Consumption-based IPUs are a frictionless way to access the IDMC platform and are a core part of our strategy. We are pleased to report that approximately 45% of first quarter cloud new bookings were IPU-based consumption deal. IPUs now represent 41% of total cloud subscription ARR, up 3 percentage points sequentially.

基於消費的 IPU 是訪問 IDMC 平台的無障礙方式，也是我們戰略的核心部分。我們很高興地報告，第一季度雲新預訂中約 45% 是基於 IPU 的消費交易。 IPU 目前占云訂閱 ARR 總額的 41%，比上一季度上升 3 個百分點。

As Amit mentioned, we launched a new flexible IPU consumption pricing model at the end of January, and we are shifting our sales efforts to focus more on consumption-based engagements. We continue to expect IPU adoption to increase during the year.

正如阿米特提到的，我們在一月底推出了新的靈活的 IPU 消費定價模型，並且我們正在將銷售工作轉向更多地關注基於消費的互動。我們繼續預計今年 IPU 的採用率將會增加。

Now I'd like to move to our profitability metrics. Please note that I will discuss non-GAAP results unless otherwise stated. In Q1, our gross margin was 80%. We've been pleased to maintain a stable 80-plus percent gross margin for more than 2 years, even as our subscription sales mix shifts to the cloud. Operating expenses were consistent with our expectations, which included $27 million of GAAP nonrecurring restructuring expenses related to January's workforce reduction. Looking at Q2, we expect a sequential increase in sales and marketing costs as a result of travel and event expenses related to Informatica World.

現在我想談談我們的盈利指標。請注意，除非另有說明，我將討論非 GAAP 業績。第一季度，我們的毛利率為 80%。即使我們的訂閱銷售組合轉向雲端，我們仍然很高興在兩年多的時間裡保持穩定的 80% 以上的毛利率。運營費用符合我們的預期，其中包括與 1 月份裁員相關的 2700 萬美元 GAAP 非經常性重組費用。展望第二季度，我們預計由於 Informatica World 相關的差旅和活動費用，銷售和營銷成本將連續增加。

Operating income was approximately $85 million for the quarter, exceeding the high end of our February guidance range. Operating margin was 23.2%, flat to last year. Adjusted EBITDA was $89 million, and net income was $45 million. Net income per diluted share was $0.15 based on approximately 289 million outstanding diluted shares. The basic share count in Q1 was approximately 285 million shares.

本季度營業收入約為 8500 萬美元，超出了我們 2 月份指導範圍的上限。營業利潤率為 23.2%，與去年持平。調整後 EBITDA 為 8900 萬美元，淨利潤為 4500 萬美元。根據約 2.89 億股稀釋後流通股計算，稀釋後每股淨利潤為 0.15 美元。第一季度的基本股數約為2.85億股。

Q1 adjusted unlevered free cash flow after-tax was approximately $123 million better than expectations. This is due to higher collections and other favorable working capital dynamics. Adjusted unlevered free cash flow after-tax margin was 34%, up 10 percentage points year-over-year. Cash paid for interest in the quarter was approximately $34 million.

第一季度調整後無槓桿稅後自由現金流約為 1.23 億美元，好於預期。這是由於更高的收款額和其他有利的營運資金動態。調整後無槓桿自由現金流稅後利潤率為34%，同比上升10個百分點。本季度支付利息的現金約為 3400 萬美元。

We ended the first quarter in a strong cash position with cash plus short-term investments of $798 million. Net debt was $1.06 billion, and our trailing 12 months of adjusted EBITDA was $372 million. This resulted in a net leverage ratio of 2.8x. We expect the business to naturally delever to approximately 2x by the end of 2023, which is 6 to 12 months ahead of our commitment at the time of the IPO.

截至第一季度末，我們的現金狀況強勁，現金加短期投資達 7.98 億美元。淨債務為 10.6 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 2.8 倍。我們預計到 2023 年底，該業務將自然去槓桿化至約 2 倍，這比我們在 IPO 時的承諾提前了 6 至 12 個月。

Now I will turn to guidance, and I'll start with the full year. While we delivered better-than-expected results in Q1, we are taking a prudent approach and reiterating our full year 2023 guidance. We're early in the year during a continued period of macroeconomic uncertainty, and our transition to a cloud-only consumption-driven sales model continues. Therefore, we think it is prudent to maintain our previously announced full year guidance. You can find the details of our full year guidance in the press release we filed this afternoon.

現在我將轉向指導，我將從全年開始。雖然我們在第一季度取得了好於預期的業績，但我們正在採取謹慎的態度並重申我們的 2023 年全年指導。今年年初，宏觀經濟持續存在不確定性，我們仍在繼續向僅雲消費驅動的銷售模式過渡。因此，我們認為維持之前公佈的全年指引是謹慎的做法。您可以在我們今天下午提交的新聞稿中找到我們全年指導的詳細信息。

Next, turning to our guidance for the second quarter. I'll begin by highlighting that we expect our sales mix to continue to shift from self-managed to the cloud. In Q1, 81% of subscription net new ARR was from cloud. In Q2, we expect cloud subscription ARR to continue to grow, while self-managed ARR is likely to decline on both a sequential and year-over-year basis.

接下來，轉向我們對第二季度的指導。首先我要強調的是，我們預計我們的銷售組合將繼續從自我管理轉向雲。第一季度，81% 的訂閱淨新 ARR 來自云。在第二季度，我們預計雲訂閱 ARR 將繼續增長，而自我管理 ARR 可能會環比和同比下降。

With this in mind, we are establishing guidance for the second quarter ending June 30, 2023, as follows: we expect GAAP total revenues to be $355 million to $365 million, representing approximately a 3% year-over-year decrease. We expect subscription ARR to be in the range of $1.02 billion to $1.03 billion, representing approximately 14% year-over-year growth. We expect cloud subscription ARR to be in the range of $501 million to $507 million, representing approximately 35% year-over-year growth. And we expect non-GAAP operating income to be in the range of $67 million to $77 million, representing approximately a 3% year-over-year increase.

考慮到這一點，我們正在為截至 2023 年 6 月 30 日的第二季度製定指引如下：我們預計 GAAP 總收入為 3.55 億至 3.65 億美元，同比下降約 3%。我們預計訂閱 ARR 將在 10.2 億美元至 10.3 億美元之間，同比增長約 14%。我們預計雲訂閱 ARR 將在 5.01 億美元至 5.07 億美元之間，同比增長約 35%。我們預計非 GAAP 營業收入將在 6700 萬美元至 7700 萬美元之間，同比增長約 3%。

Now for modeling purposes, I'd like to provide some additional information. First, we expect adjusted unlevered free cash flow after-tax to be in the range of $60 million to $80 million. And as a reminder, our full year unlevered free cash flow guidance remains unchanged at $340 million to $360 million.

現在出於建模目的，我想提供一些附加信息。首先，我們預計調整後的無槓桿稅後自由現金流將在 6000 萬美元至 8000 萬美元之間。提醒一下，我們的全年無槓桿自由現金流指引保持在 3.4 億至 3.6 億美元不變。

Second, let me provide some color on our interest expense expectations. For the second quarter, we estimate cash paid for interest will be approximately $37 million. And for the full year, we estimate cash paid for interest will be approximately $145 million. This is based upon forecast average 1-month LIBOR of approximately 5% for the second quarter, plus the 2.75% interest rate spread on our outstanding term loan. Beginning in July, we'll transition our term loan debt to SOFR. And our interest rate spread on 1-month SOFR will be approximately 2.86%. Our expected full year interest rate based on a blend of 1-month LIBOR and SOFR is 4.9%. And inclusive of the credit spread, we expect an interest rate of approximately 7.8% for the full year.

其次，讓我對我們的利息支出預期進行一些說明。我們預計第二季度支付利息的現金約為 3700 萬美元。我們預計全年支付的利息現金約為 1.45 億美元。這是基於第二季度約 5% 的平均 1 個月 LIBOR 預測，加上我們未償還定期貸款 2.75% 的利差。從 7 月開始，我們將把定期貸款債務轉為 SOFR。我們 1 個月 SOFR 的利差約為 2.86%。我們根據 1 個月 LIBOR 和 SOFR 綜合計算的預期全年利率為 4.9%。考慮到信貸利差，我們預計全年利率約為 7.8%。

Keep in mind, all of our debt bears interest at a variable rate. And therefore, our forecast interest costs are based on forward curve estimates of LIBOR and SOFR, which may materially change due to future market conditions.

請記住，我們所有的債務都以可變利率計息。因此，我們預測的利息成本是基於 LIBOR 和 SOFR 的遠期曲線估計，這可能會因未來的市場狀況而發生重大變化。

Third, let me discuss our expectations for income taxes. Our Q1 non-GAAP tax rate was 23%, and we expect that rate to continue for the full year 2023. We estimate full year 2023 cash taxes to be approximately $100 million. On a GAAP basis, we expect continued volatility of our income tax provision and rate.

第三，讓我討論一下我們對所得稅的預期。我們第一季度的非 GAAP 稅率為 23%，我們預計 2023 年全年將維持這一稅率。我們預計 2023 年全年現金稅約為 1 億美元。根據公認會計原則，我們預計所得稅撥備和稅率將持續波動。

Lastly, our share count assumptions. For the second quarter of 2023, we expect basic weighted average shares outstanding to be approximately 287 million shares and diluted weighted average shares to be approximately 291 million shares. For the full year 2023, we expect basic weighted average shares outstanding to be approximately 288 million shares and diluted weighted average shares to be approximately 293 million shares.

最後，我們的股份數量假設。 2023年第二季度，我們預計已發行基本加權平均股數約為2.87億股，稀釋加權平均股數約為2.91億股。 2023年全年，我們預計已發行基本加權平均股數約為2.88億股，稀釋加權平均股數約為2.93億股。

Before starting the Q&A session, I'd like to share some closing thoughts. Over the past 4 months, I've had the chance to be on the road to meet some of our analysts and investors. And I appreciate the depth in which you follow the company and the understanding you have of the underlying fundamentals of our business. I've received a lot of constructive feedback in these meetings on the positioning and instrumentation of our business, and many of you have expressed your desire to learn even more about our strategy and longer-term business trajectory.

在開始問答環節之前，我想分享一些結束語。在過去的 4 個月裡，我有機會在路上會見了我們的一些分析師和投資者。我很欣賞您對公司的深度關注以及您對我們業務基本面的理解。在這些會議上，我收到了很多關於我們業務定位和工具的建設性反饋，你們中的許多人都表示希望更多地了解我們的戰略和長期業務軌跡。

To that end, I am pleased to announce that we plan to host an Investor Day on Tuesday, September 5, in San Francisco. And we hope many of you are able to join us in person. Please stay tuned for more details as they become available.

為此，我很高興地宣布，我們計劃於 9 月 5 日星期二在舊金山舉辦投資者日活動。我們希望你們中的許多人能夠親自加入我們。請繼續關注更多詳細信息。

Operator, you can now open the line for questions.

接線員，您現在可以撥打電話提問。

(Operator Instructions) Our first question comes from the line of Andrew Nowinski with Wells Fargo.

（操作員說明）我們的第一個問題來自富國銀行的安德魯·諾文斯基（Andrew Nowinski）。

Congrats on a nice quarter. Good start to the fiscal year. I want to ask a question first, I guess, on the sales cycle elongation. I know you said you've been seeing this historically and expect to continue going forward, but other vendors have talked about seeing more of maybe a spike in that or a change in that dynamic in the last few weeks of the quarter. Just wondering if you saw anything similar.

恭喜您度過了一個美好的季度。本財年開局良好。我想我想先問一個關於銷售週期延長的問題。我知道您說過您在歷史上已經看到過這種情況，並期望繼續前進，但其他供應商已經談到，在本季度的最後幾週，這種情況可能會出現激增或發生變化。只是想知道你是否看到過類似的東西。

Yes. I think -- Andrew, good to talk to you. No change to what we said as we walked into the year. What we saw in Q4 is what we walked into the year, which is what we baked into our guidance for this year, and we saw Q1 execute against that. We didn't see anything get better or getting worse, basically exactly where it was. So nothing new to report over there than what we saw walking into the year and what we have shared with you as we put the guide for the year.

是的。我想——安德魯，很高興與你交談。當我們進入這一年時，我們所說的沒有改變。我們在第四季度看到的就是我們今年的情況，這就是我們今年的指導方針，我們看到第一季度的執行情況與此相反。我們沒有看到任何事情變得更好或變得更糟，基本上就在原來的地方。因此，除了我們在今年的所見所聞以及我們在發布今年指南時與您分享的內容之外，沒有什麼新的內容可以報告。

Okay. Very good. And then I just had a question on the large customer momentum you guys talked about. I mean it looks like you only added about 5 customers that spent over $100,000 in ARR and 2 that crossed that $1 million threshold this quarter, which looks like one of the lower sequential changes that we've seen over the last few years. So is there more to the momentum that you're talking about maybe that we're not seeing in those numbers?

好的。非常好。然後我有一個關於你們談論的大客戶動力的問題。我的意思是，本季度您似乎只添加了大約 5 個 ARR 支出超過 100,000 美元的客戶和 2 個超過 100 萬美元門檻的客戶，這看起來是我們在過去幾年中看到的較低的連續變化之一。那麼，您所談論的動力是否還有更多我們在這些數字中沒有看到的？

I think the way to think about that, Andrew, is that internally, Q4 to Q1 is a very fundamental different way to look at it. Q4 is the biggest quarter. Q4 is the smallest quarter. So we never look at Q4 to Q1 as anything operationally that we track to us, we look year-over-year. We have classic linearity for the year, and we track like that. Q-to-Q from Q4 to Q1 is something that is kind of comparing apples to oranges given our biggest quarter and our smallest quarter.

安德魯，我認為思考這個問題的方法是，在內部，第四季度到第一季度是一種非常根本的不同看待方式。第四季度是最大的季度。 Q4 是最小的季度。因此，我們從不將第四季度到第一季度視為我們跟踪的任何運營情況，我們會逐年查看。我們對這一年有經典的線性，我們就是這樣跟踪的。從第四季度到第一季度的環比情況就像是比較蘋果和橙子，考慮到我們最大的季度和最小的季度。

Our next question comes from the line of Matt Hedberg with RBC.

我們的下一個問題來自 RBC 的馬特·赫德伯格 (Matt Hedberg)。

Echo the success on cloud, it's great to see. I guess a question -- one of the topics that we hear a lot from is cloud cost optimization. And I'm curious, how do your customers think about that? And how does Informatica really play into perhaps that trend?

迴響雲上的成功，很高興看到。我猜想一個問題——我們經常聽到的主題之一是云成本優化。我很好奇，你的客戶對此有何看法？ Informatica 是如何真正融入這一趨勢的呢？

Yes. But -- I think it's a tale of 2 cities. What you hear on cloud optimization from the large hyperscalers, effectively, customers obviously have massive spend that are spanning multiyear. It is very different to what they do with us because those end up being across the stack, Matt, as you know, like infrastructure, platform, applications, things of that nature.

是的。但是——我認為這是兩個城市的故事。您從大型超大規模提供商那裡聽到的有關雲優化的信息，實際上，客戶顯然擁有跨越多年的巨額支出。這與他們對我們所做的事情非常不同，因為這些最終會跨越整個堆棧，馬特，正如你所知，比如基礎設施、平台、應用程序等類似性質的東西。

I'll say 2 things. One, we've been net beneficiaries in some ways because customers can draw down the hyperscaler commits to marketplace by buying Informatica products and -- which is all of our products available on their marketplace. And not just availability on the marketplace, but our deep integrations with the hyperscaler product allows customers to actually not just draw down, but use it very effectively. So that's kind of been helping us. And we've talked about how that is in an area of growth for us.

我就說兩件事。第一，我們在某些​​方面一直是淨受益者，因為客戶可以通過購買 Informatica 產品來兌現超大規模提供商對市場的承諾——這是我們在其市場上提供的所有產品。不僅是市場上的可用性，而且我們與超大規模產品的深度集成使客戶實際上不僅可以使用它，而且可以非常有效地使用它。這對我們很有幫助。我們已經討論過這對我們來說是一個增長領域。

Secondly, we talked about execution of the quarter. Raw demand and I think I'm going to go back to what even Andrew asked. When we think of raw conversations that they're having with customers, and I've been traveling quite a bit, those are happening at pretty good scale. In fact, we're headed into Informatica World next week. It's actually 2, 3 weeks earlier this year. And the attendance over there is at 2019 levels. And so effectively, you're still seeing -- of course, we maintained the prudence on conversion into deals, all the stuff that I talked about. But in terms of the raw interest and the conversations, those are pretty healthy.

其次，我們討論了本季度的執行情況。原始需求，我想我會回到安德魯所問的問題。當我們想到他們與客戶進行的原始對話時，我已經出差了很多次，這些對話的規模相當大。事實上，我們下週將進入 Informatica World。今年實際上已經提前了兩三週。那裡的出席人數是 2019 年的水平。如此有效，你仍然看到 - 當然，我們對轉化為交易保持謹慎，我談到的所有內容。但就原始興趣和對話而言，這些都是相當健康的。

I'd add one more thing, Matt. It's Mike. Keep in mind that our consumption model is somewhat different than what you would see from the hyperscalers themselves or even someone like a Snowflake. When a customer buys our cloud platform product, they buy it most of the time with IPUs, sometimes with MDM record, but it's not a direct drive month-to-month consumption model where our revenue or the amount they pay us goes up and down based upon their usage. They pay us an annual fee for a number of IPUs that they can then deploy across any of the capabilities of the platform.

我還要補充一件事，馬特。是邁克。請記住，我們的消費模式與您從超大規模企業本身甚至雪花之類的人那裡看到的消費模式有些不同。當客戶購買我們的雲平台產品時，他們大多數時候是通過IPU購買的，有時是通過MDM記錄購買的，但這並不是直接驅動我們的收入或他們支付給我們的金額上下波動的逐月消費模式根據他們的用途。他們向我們支付一些 IPU 的年費，然後他們可以在平台的任何功能上部署這些 IPU。

And at renewal time, they decide whether to buy more. And in the meantime, if they use more than their allocation, they can pay us overages also. So we're not really subject in this sort of short-wave volatility in month-to-month consumption spend for cloud providers. So what we do is we watch the IPU usage and consumption very closely to make sure that we sold the right amount to our customers, and they're still using them. And those trends continue to be very favorable.

在續訂時，他們決定是否購買更多。與此同時，如果他們使用的數量超過了他們的配額，他們也可以向我們支付超額費用。因此，我們並沒有真正受到雲提供商每月消費支出的這種短波波動的影響。因此，我們所做的就是密切關注 IPU 的使用和消耗，以確保我們向客戶出售了正確數量的產品，並且他們仍在使用它們。這些趨勢仍然非常有利。

Got it. That's helpful. And then maybe just a quick one on it. You guys have been talking about AI and CLAIRE for a long time now. Is there a degenerative AI angle to Informatica's kind of AI strategy going forward as well?

知道了。這很有幫助。然後也許只是快速介紹一下。你們談論人工智能和克萊爾已經很長時間了。 Informatica 未來的人工智能戰略是否也存在退化的人工智能角度？

Matt, we are about a couple of days away from Informatica World. I think you may be coming there, so stay tuned.

Matt，距離 Informatica World 大約還有幾天時間。我想你可能會去那裡，所以請繼續關注。

Our next question comes from the line of Pinjalim Bora with JPMorgan.

我們的下一個問題來自 Pinjalim Bora 與摩根大通的對話。

Congrats on the quarter. I want to go back to the bookings trends. Seems like you're seeing consistent bookings trends in Q1. Help us understand how does the environment look to you through May now. Have you seen any change after kind of the financial sector turmoil at all?

恭喜本季度。我想回到預訂趨勢。您似乎在第一季度看到了一致的預訂趨勢。幫助我們了解您對五月份的環境有何看法。在金融業動蕩之後，您是否看到過任何變化？

Pinjalim, no change. For us, as I said before, I'll repeat that, what we saw as we ended last year and what we baked into giving the guidance for this year is what we saw in Q1 is as what we see now. We haven't seen anything get worse or better. So basically, we're just being consistently seeing what we had -- what we thought would be the case for the year. And right now, so far, it has been there. So in April, no change to what we saw in last quarter.

平賈林，沒有變化。對於我們來說，正如我之前所說，我會重複一遍，我們在去年年底看到的情況以及我們為今年提供的指導，我們在第一季度看到的情況就是我們現在看到的情況。我們沒有看到任何事情變得更糟或更好。所以基本上，我們只是不斷地觀察我們所擁有的——我們認為今年的情況。現在，到目前為止，它一直在那裡。因此，四月份，我們在上季度看到的情況沒有變化。

Okay. Understood. And on IPUs, I believe Q1 marked a big cohort of renewal for IPU-based customers. Maybe help us understand how did you end up executing that, how well the renewal rates? And more specifically, we have been hearing that IPU has dramatically reduced the friction of using the platform. Is there a difference in characteristics with respect to expansion rates on IPU-based customers alone versus overall cloud retention rate?

好的。明白了。在 IPU 方面，我相信第一季度標誌著基於 IPU 的客戶的大量更新。也許可以幫助我們了解您最終是如何執行該操作的，續訂率如何？更具體地說，我們聽說 IPU 極大地減少了使用該平台的摩擦。僅基於 IPU 的客戶的擴展率與整體雲保留率的特徵是否存在差異？

I'll give you the philosophical in IPU, and then Mike will detail into a lot of other operational stuff. It does. I think I've always said that. In fact, it's the biggest, most dramatic simplification of our technology platform. I mean you see the breadth of our IDMC platform. And pretty much customers, they buy -- even if they buy one IPU, they actually have entitlement to every service, and there are so many services in -- on the IDMC platform that you can see, Pinjalim. So yes, it dramatically eases that.

我將向您介紹 IPU 的哲學原理，然後 Mike 將詳細介紹許多其他操作性內容。確實如此。我想我一直都這麼說。事實上，這是我們技術平台最大、最顯著的簡化。我的意思是您看到了我們 IDMC 平台的廣度。幾乎很多客戶都會購買——即使他們購買一個 IPU，他們實際上也有權獲得每一項服務，而且有很多服務——在你可以看到的 IDMC 平台上，Pinjalim。所以是的，它極大地緩解了這種情況。

And to be candid, it just plays out into renewal also because -- you know very well, customers can go from use case A to use case B to use case C. And sometimes customers in the middle of the quarter like you know what I was -- I thought 6 months ago, use case A was important along the way. But I want to do use case B. They don't have to come back and kind of make a procurement cycle. They can immediately move into use case B with all those capabilities. So dramatically simplifies, reduces the friction, and we see that in the ease of usage for IPU customers. I'll hand it over to Mike to give you some more details on the IPU consumption.

坦率地說，它只是在更新中發揮作用，因為——你很清楚，客戶可以從用例 A 轉到用例 B，再轉到用例 C。有時，像你這樣的季度中期的客戶知道我什麼6 個月前，我認為用例 A 一路走來很重要。但我想做用例 B。他們不必回來製定採購週期。他們可以立即進入具有所有這些功能的用例 B。如此顯著地簡化，減少了摩擦，我們在 IPU 客戶的易用性中看到了這一點。我將把它交給 Mike，為您提供有關 IPU 消耗的更多詳細信息。

Pinjalim, you're right, this was the first meaningful cohort of IPU renewals that we had up. That being said, I wouldn't call it a big cohort, still a relatively small number compared to the available to renew in our cloud ARR overall for the quarter, but it was meaningful. And the good news is that it renewed almost at exactly the same rates that we saw the rest of our cloud subscription ARR renew. So, so far, so good, and we feel real good about the result. And the size of that IPU renewal cohort will continue to grow gradually as the year goes on.

Pinjalim，你說得對，這是我們進行的第一個有意義的 IPU 更新。話雖這麼說，我不會稱其為一個大群體，與本季度我們的雲 ARR 整體可更新的數量相比，仍然是一個相對較小的數字，但它很有意義。好消息是，它的續訂率幾乎與我們看到的其余云訂閱 ARR 的續訂率完全相同。所以，到目前為止，一切都很好，我們對結果感覺非常好。隨著時間的推移，議會聯盟更新群體的規模將繼續逐漸增長。

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

我們的下一個問題來自古根海姆證券公司的霍華德·馬。

I have one for Mike and then for one for Amit as well. First for Mike. So it's encouraging to see the outperformance in both total and subscription ARR. But if you look at the mix, so fully managed ARR outperform -- or I'm sorry, fully managed cloud ARR outperformed, right? But self-managed underperformed your -- the implied guidance. I'm just wondering, is that due to Informatica's better-than-expected success and encouraging more self-managed customers to expand on cloud? Or is it a function of perhaps less demand? And the follow-on to that is, so what gives you the confidence in the mix for annual guide? If you can go one layer deeper into the inputs that go into forecasting that mix, that would be really helpful.

我有一份給邁克，也有一份給阿米特。首先是邁克。因此，看到總 ARR 和訂閱 ARR 均表現出色，令人鼓舞。但如果你看看整個組合，那麼完全託管的 ARR 表現優於大市——或者抱歉，完全託管的雲 ARR 表現優於大市，對吧？但自我管理的表現低於你的——隱含的指導。我只是想知道，這是由於 Informatica 的成功超出預期並鼓勵更多自我管理的客戶在雲上擴展嗎？或者是需求減少的結果？接下來是，是什麼讓您對年度指南的組合充滿信心？如果您可以更深入地了解預測該組合的輸入，那將非常有幫助。

Yes. Sure, Howard. It wasn't that the self-managed customers were shifting over to cloud. As we mentioned, 90% of the new bookings for cloud in the first quarter were new workloads. It wasn't moving from maintenance ARR, and it wasn't moving from self-managed ARR. It was new sales to either new or existing customers that wanted to do new stuff with the IDMC platform.

是的。當然，霍華德。這並不是說自我管理的客戶正在轉向雲。正如我們提到的，第一季度 90% 的新雲預訂都是新工作負載。它沒有從維護 ARR 中轉移，也沒有從自我管理 ARR 中轉移。這是針對想要利用 IDMC 平台做新事情的新客戶或現有客戶的新銷售。

What we saw and the reason why cloud outperformed our expectations versus guidance and self-managed underperformed our expectations versus guidance was that our cloud-only sales motion, where in our developed countries, we sell essentially only cloud, worked even better than we expected. And to some extent, we -- where we exceeded in cloud, we underperformed a little bit in self-managed, but the total subscription, as you can see, was better. So there was more in the cloud bucket than the self-managed bucket than we expected, but there was more in the overall [better] than expected we, too. So it wasn't movement from left pocket to right pocket. It was just more new sales into the cloud.

我們所看到的以及雲計算的表現優於我們的預期（與指導相比）以及自我管理的表現低於我們的預期（與指導相比）的原因是，我們的純雲銷售活動（在我們的發達國家，我們基本上只銷售雲）的效果甚至比我們預期的還要好。在某種程度上，我們在雲方面超出了我們的水平，但在自我管理方面我們表現不佳，但正如您所看到的，總訂閱量更好。因此，雲存儲桶中的內容比自我管理存儲桶中的內容多於我們的預期，但總體而言也比我們預期的要多。所以這不是從左口袋到右口袋的移動。這只是更多新的雲銷售。

So Mike, I understand that it's not migration. It's just new. It's expansion -- self-managed customers expanding on cloud. But if that continues to happen, could that cause your -- the mix to shift even more to cloud exiting the year? I guess it could.

邁克，我知道這不是移民。這只是新的。這是擴展——自我管理的客戶在雲上擴展。但如果這種情況繼續發生，是否會導致您的組合在今年退出時更多地轉向雲？我想是可以的。

Sure. The mix is in -- yes, yes. We expect the mix to continue to increase more to the cloud as the year goes on. I think we cited the statistic. But if you look at the net new ARR that you can calculate in Q1, 81% of it was cloud. If we look at our pipeline, close to 90% of it is cloud. So that's what we're working on. That's what we're selling, and we expect the mix to trend towards that.

當然。混合是——是的，是的。我們預計隨著時間的推移，雲的組合將繼續增加。我想我們引用了統計數據。但如果你看看第一季度可以計算出的淨新 ARR，就會發現其中 81% 是雲。如果我們查看我們的管道，就會發現其中接近 90% 是雲。這就是我們正在努力的方向。這就是我們所銷售的產品，我們預計產品組合將朝此方向發展。

And Howard to add to what just Mike said, it's just Q1. I wouldn't read into 1 quarter as to what extrapolation for the year is. As we just said, we just -- we feel comfortable for the guidance for the year. So I mean there can be Q-over-Q volatility on a number like that. And I don't think that we feel like that's a reflection of the full year yet.

霍華德補充一下邁克剛才所說的，這只是第一季度。我不會讀到一個季度來推斷今年的情況。正如我們剛才所說，我們對今年的指導感到滿意。所以我的意思是，這樣的數字可能會出現環比波動。我不認為我們認為這反映了全年的情況。

I have one quick follow-up for you. So we've been hearing about our enterprise customers that are under consuming, right? There are a lot of enterprises that are under consuming relative to their hyperscaler commitments. So do you think -- or perhaps do you have any evidence that maybe Informatica could be benefiting from these excess credits? And if that is the case maybe it's not, but if it is, which product families do you think could stand a benefit the most?

我有一個快速的後續行動要給你。所以我們一直聽說我們的企業客戶消費不足，對嗎？相對於其超大規模的承諾，許多企業的消費不足。那麼您是否認為——或者您是否有任何證據表明 Informatica 可能會從這些超額積分中受益？如果是這樣的話，也許不是，但如果是這樣，您認為哪些產品系列最能受益？

Yes. I wouldn't look into product families. I think the simplest way I can describe it to you, obviously, can't speculate as to what the hyperscalers. I think -- because they sell end-to-end stack, and I'm selling infrastructure, server storage, compute. I'm selling platform stack. I'm selling a whole set of compute. And we're selling a whole set of commits. Where it benefits us is, like I said, right, because all of our products, IDMC is fully available on the marketplace. So customers who had commits can draw down the commits by leveraging Informatica products. And because we have native integration to them and we have such tight alignment with them, and by the way, they're -- and the partnership are so tight, they also encourage that, of course, customers want that. And of course, we encourage that the -- and the GSIs also lead the way in such transformative projects. So we benefit from those drawdowns, and that allows customers to draw down the [big commit] dollars against hyperscalers.

是的。我不會研究產品系列。我想我可以用最簡單的方式向您描述它，顯然，無法推測超大規模的內容。我認為——因為他們銷售端到端堆棧，而我銷售基礎設施、服務器存儲、計算。我正在銷售平台堆棧。我正在出售一整套計算機。我們正在出售一整套的承諾。正如我所說，它對我們有利的地方是，因為我們所有的產品，IDMC 都在市場上完全可用。因此，已做出承諾的客戶可以利用 Informatica 產品來減少承諾。因為我們與他們有本地集成，並且我們與他們有如此緊密的聯盟，順便說一句，他們 - 並且合作夥伴關係如此緊密，他們也鼓勵，當然，客戶想要這樣。當然，我們鼓勵 — — 以及 GSI 也在此類變革性項目中發揮帶頭作用。因此，我們從這些提款中受益，這使客戶能夠針對超大規模企業提款[大額承諾]資金。

(Operator Instructions) Our next question comes from the line of Fred Lee with Credit Suisse.

（操作員說明）我們的下一個問題來自瑞信銀行的 Fred Lee。

Very nice cloud ARR quarter. There's actually impressive underlying acceleration here on a 2-year stack. This might be splitting hairs a little bit, but considering the various economic mini crises in the quarter, were there any changes in bookings linearity in the quarter in Q1 versus historical trends? And secondly, I was wondering if you could offer some color on how the tone of conversations with customers have changed at all in Q1 versus the prior 2 quarters.

非常好的雲 ARR 季度。實際上，兩年堆棧中存在令人印象深刻的潛在加速。這可能有點讓人吹毛求疵，但考慮到本季度的各種小型經濟危機，第一季度的預訂線性度與歷史趨勢相比是否有任何變化？其次，我想知道您是否可以提供一些關於第一季度與前兩個季度相比與客戶對話的語氣有何變化的信息。

Yes. No change. I would say just -- the answer to both of the questions, no change. We -- in classic linearity that we see, I mean, we are an enterprise software company. So that plastic linearity that we at Informatica have seen, we saw that in Q1. So there was no difference to what we saw here that we would have seen differently in the Q1 of last year or the year before.

是的。不用找了。我想說的是——兩個問題的答案都沒有改變。我們——在我們看到的經典線性中，我的意思是，我們是一家企業軟件公司。因此，我們在 Informatica 已經看到了塑性線性，我們在第一季度就看到了這一點。因此，我們在這裡看到的情況與去年或前年第一季度的情況沒有什麼不同。

And as I said, I think the discussions -- I've said that many times, I'm going to repeat myself. We've been a thoughtful prudent company. What we saw in Q4 of last year, we baked that into when we walked into this year, when we gave the guide for the year. And I'll reiterate that we continue to see the same thing. And that allows us to -- and any lower performance of Q1 that just allows us to derisk the year, and we -- allows us to hold the guide for the year. We don't see -- we haven't seen anything worse off or better off given where the world is right now.

正如我所說，我認為討論——我已經說過很多次了，我將重複一遍。我們一直是一家深思熟慮、審慎的公司。我們在去年第四季度看到的情況，當我們進入今年並給出今年的指南時，我們將其融入其中。我要重申，我們繼續看到同樣的事情。這使我們能夠——第一季度的任何較低表現只會讓我們消除今年的風險，而且我們——允許我們保持今年的指導。考慮到世界目前的狀況，我們沒有看到任何情況變得更糟或更好。

Our next question comes from the line of Fred Havemeyer with Macquarie.

我們的下一個問題來自 Fred Havemeyer 與 Macquarie 的對話。

I wanted to ask about the competitive landscape and also where some of the upstarts are coming into some of the conversations. I think I've seen lately, and this might speak more towards where VC funding has been going, but more advertising for API integration companies and data integration companies that can be rather bespoke on subways and everywhere than I think ever seen before. So I would just like to get an update about what Informatica sees and who potentially you're seeing in your competitive landscape and whether overall win rates may have changed or if there's just anything to call out at all.

我想詢問競爭格局以及一些新貴在哪些方面參與了一些對話。我想我最近看到了，這可能更多地說明了風險投資的去向，但 API 集成公司和數據集成公司的廣告更多了，這些公司可以在地鐵和任何地方進行定制，比我以前見過的要多。因此，我只想了解 Informatica 的最新看法，以及您在競爭格局中可能看到的人，以及總體勝率是否可能發生變化，或者是否有任何需要注意的地方。

Great question. I have always said that, and I'll begin by saying I always, have always and always focused on what the customer wants. At the end of the day, if we all focus on what the customer wants, competition can come and go. In my lifetime here, I've seen many competitors come in -- the competitive cycle have changed. They were different competitors 7 years ago. They changed 3 years ago, and now they're different now. And what has been consistent is that they have come and gone and we just stayed. So I'll repeat that we focus on what customers want.

很好的問題。我一直這麼說，而且我首先要說的是，我始終、始終、始終關注客戶的需求。歸根結底，如果我們都專注於客戶的需求，競爭就會來來去去。在我的一生中，我看到了許多競爭對手的加入——競爭週期已經改變。 7年前他們是不同的競爭對手。三年前他們改變了，現在他們已經不一樣了。一直以來，他們來了又走，而我們只是留下來。所以我要重申，我們關注客戶的需求。

Having said that, look, I think when you talked about the whole VC thing, look, tremendous growth in this landscape. Hence, you see a lot of investment, right? And of course, it happens, right? Every VC invests in particular, and then you suddenly see tremendous number of small companies mushroom. And then over a course of time, many of them dissolve, and that is a very natural evolution cycle of start-ups. And you're going to see that in this space also.

話雖如此，我想當你談論整個風險投資的事情時，你看，這個領域的巨大增長。因此，你看到了很多投資，對嗎？當然，它會發生，對吧？每個風險投資都會進行特別的投資，然後你突然會看到大量的小公司如雨後春筍般湧現。然後隨著時間的推移，其中許多會解散，這是初創企業的一個非常自然的演變週期。您也會在這個空間中看到這一點。

What I feel good about is that our focus on mission-critical workloads with a platform that has 2 things: best-of-breed solutions as well as a single platform with consumption-based pricing where customers can start and scale. And with the addition of PayGo and Free, actually, we've gone to the departmental level also that we can really, really start very easy. Customers, tremendous amount of choice. And that resonates. And that is something that we're going to keep pushing down on. And maybe at the other one is that our partnership with the hyperscalers, our enterprise-grade presence across the globe, our adherence to so many different industry verticals that I talked about gives large companies the ability to start very quickly. So those are all the things that are relevant to us to continue to drive penetration, demand and stickiness of our products.

我感到滿意的是，我們專注於任務關鍵型工作負載，平台具有以下兩點：最佳解決方案以及基於消費定價的單一平台，客戶可以在其中啟動和擴展。事實上，隨著 PayGo 和 Free 的加入，我們已經達到了部門級別，我們真的可以非常非常容易地開始。客戶，有大量的選擇。這引起了共鳴。這是我們將繼續推動的事情。另一方面，也許我們與超大規模企業的合作夥伴關係、我們在全球的企業級業務、我們對我談到的許多不同行業垂直領域的堅持，使大公司有能力快速啟動。因此，這些都是與我們相關的事情，可以繼續推動我們產品的滲透、需求和粘性。

Our next question comes from the line of Patrick Colville with Scotiabank.

我們的下一個問題來自豐業銀行的帕特里克·科爾維爾。

Can I just circle back to the IPU question earlier? Because I think the consumption model is most of us on the sell side and most investors in the buy side [knows better] the likes of kind of a Snowflake and others. I think what you are articulating earlier is that the Informatica consumption model is slightly different. You pay a commit, and you have different allowances. So would you mind just talking through, I guess, the similarities and differences? And then also in terms of accounting and when do you record revenue? Do you record revenue when the consumption happens or when the deal is signed?

我可以回到剛才議會聯盟的問題嗎？因為我認為消費模式是我們大多數人作為賣方，而大多數投資者作為買方[更了解]，就像雪花和其他人一樣。我認為您之前所闡述的是 Informatica 的消費模式略有不同。你支付承諾，並且你有不同的津貼。那麼我想你介意談談相似點和不同點嗎？然後在會計方面，你什麼時候記錄收入？您是否在消費發生或簽署交易時記錄收入？

Yes. Sure, Patrick. Let me give that a shot. A fairly complicated answer or it could be a very complicated answer. I'll try to be brief. So yes, our model is very different in that the customer engages in a multiyear commitment with us. Our average new business term is 2.4 years. More and more of our deals are 3 plus, so that's growing. And they commit to a fixed payment to us annually in advance. So they pay us once a year, 3 times if it's a 3-year contract in advance, and that buys them a certain number of IPUs. Then they can use those IPUs, if it's the traditional IPU. They have those IPUs to use every month. And if they don't use them that month, then the clock resets, and then they get the same number of IPUs to use the next month. If they go over, there's overages, and they can buy extra from us, and we would recognize extra revenue at that time.

是的。當然，帕特里克。讓我試一下。一個相當複雜的答案，或者可能是一個非常複雜的答案。我會盡量簡短。所以，是的，我們的模式非常不同，因為客戶與我們簽訂了多年的承諾。我們的平均新業務期限為 2.4 年。我們越來越多的交易是 3 以上，所以這個數字還在增長。他們承諾每年提前向我們支付固定付款。因此，他們每年向我們支付一次費用，如果是提前簽訂三年合同的話，他們會支付 3 次費用，這樣他們就可以購買一定數量的 IPU。然後他們可以使用這些 IPU（如果是傳統的 IPU）。他們每個月都有這些 IPU 可供使用。如果他們當月不使用它們，那麼時鐘會重置，然後他們會在下個月獲得相同數量的 IPU 來使用。如果他們超過了，那就是超額了，他們可以從我們這裡購買額外的，那時我們就會確認額外的收入。

Flex IPUs are exactly the same, except the bucket renews once a year. So if you're a seasonal business like a retailer and you've got a big Black Friday and you need a lot of IPUs around that week, but not so much in January, then the Flex IPU model is for you. But it's still a 3-year deal. You pay a fixed price annually advanced. And if you go over, you pay us when that happens.

Flex IPU 完全相同，只是存儲桶每年更新一次。因此，如果您是像零售商這樣的季節性企業，並且您有一個重要的黑色星期五，並且您在那週需要大量 IPU，但在一月份不需要那麼多，那麼 Flex IPU 模型適合您。但這仍然是一份為期3年的合同。您每年預付固定價格。如果你過去了，你就付錢給我們。

As far as revenue recognition, it's recognized just like any other SaaS company that would have a fixed contract -- fixed multiyear contract. If it's cloud, SaaS, we recognize it ratably monthly as the term goes on. And if it's self-managed, which is effectively on-prem, it's recognized as on-prem companies are recognized under ASC 606, which is a majority of the total contract value is recognized upfront, and then the rest of it is amortized over the period. And that's -- we're selling very little of that, so it's becoming less and less relevant. Does that answer your question?

就收入確認而言，它的確認方式與任何其他擁有固定合同（固定多年合同）的 SaaS 公司一樣。如果是雲、SaaS，隨著期限的推移，我們每個月都會認可它。如果它是自我管理的，即有效地在本地部署，則它會被視為本地公司根據 ASC 606 得到認可，即合同總價值的大部分被預先確認，然後其餘部分在合同期內攤銷。時期。那就是——我們銷售的很少，所以它變得越來越不相關。這是否回答你的問題？

That was a terrific answer. And I guess Victoria (inaudible) won't be happy with me asking a second question, but I'll sneak one in. If a customer doesn't consume for whatever reason, what happens then? Do you push the credits out? Or do you recognize the revenue?

這是一個很棒的答案。我猜維多利亞（聽不清）不會高興我問第二個問題，但我會偷偷地問一個問題。如果顧客出於某種原因不消費，那麼會發生什麼？你把積分推出了嗎？或者你確認收入嗎？

Yes, we recognized the revenue for sure. If it's a 3-year contract for $100 a year, we're going to recognize it's $100 ratably every year for 3 years, irrespective of what happens, unless we're in breach and the customer sued us, which never happened. The only thing that can happen during that 3 years is they buy more. And then at renewal, if they haven't used anywhere near the amount that they thought they were going to, then they might try to negotiate a new deal on a lower usage level. That's why we're watching so carefully the IPU usage of our customers that are coming into the renewal cycle for the first time this year. And so far, so good on that. But it -- there's really -- there's no downside risk, again, unless we're in breach or whatever.

是的，我們確實確認了收入。如果這是一份每年 100 美元的 3 年期合同，我們將承認 3 年內每年的費用為 100 美元，無論發生什麼情況，除非我們違約並且客戶起訴我們（這種情況從未發生過）。這三年裡唯一可能發生的事情就是他們購買更多。然後在續訂時，如果他們的使用量遠沒有達到他們預期的水平，那麼他們可能會嘗試以較低的使用量協商達成新協議。這就是為什麼我們如此仔細地關註今年首次進入續訂週期的客戶的 IPU 使用情況。到目前為止，一切都很好。但它——確實——沒有任何下行風險，除非我們違約或其他什麼情況。

Our next question comes from the line of Brad Zelnick with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Brad Zelnick。

This is Jamie on for Brad. I just wanted to quickly follow up on the cloud marketplace question. How much does it account for as a percent of bookings mix? And I guess where do you expect this to go from here? And finally, is there any changes to incentives for the salespeople at the CSPs to sell Informatica's solution set?

這是傑米替補布拉德。我只是想快速跟進云市場問題。它佔預訂組合的百分比是多少？我猜你預計接下來會發生什麼？最後，CSP 銷售人員銷售 Informatica 解決方案集的激勵措施是否有任何變化？

We don't disclose the exact amount that goes through the marketplaces versus those that doesn't. For us, we're completely happy with either channel. And in terms of the incentives for us to work together with those cloud service providers, we do have mutual incentives. We incentivize our folks, and they incentivize their folks. So when we sell together and we both win, not only do we win as companies, but the individual sales reps involved win, too. But the actual specific mix of how much is marketplace versus [not], it's not something that we disclose.

我們不會透露通過市場與未通過市場的確切金額。對於我們來說，我們對這兩個渠道都非常滿意。就我們與這些雲服務提供商合作的激勵而言，我們確實有相互激勵。我們激勵我們的員工，他們也激勵他們的員工。因此，當我們一起銷售並且雙贏時，不僅我們作為公司獲勝，而且參與其中的個人銷售代表也獲勝。但實際具體的市場份額與非市場份額的比例，我們並沒有透露。

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

我們的下一個問題來自 Wolfe Research 的 Alex Zukin。

This is Allan on for Alex. Congrats on the strong results. I got a quick question and a follow-up, if I may. I want to start off with the new disclosure of cloud NRR. Could you just unpack the key drivers for that to be improving for the second straight quarter here, along with kind of how you'd high level think about that for the year?

這是亞歷克斯的艾倫。祝賀取得的強勁成果。如果可以的話，我有一個簡短的問題和後續行動。我想從雲 NRR 的新披露開始。您能否在此列出連續第二個季度改善的關鍵驅動因素，以及您對今年的高層有何看法？

Yes. So mathematically, it's the same as our existing NRR, which would be the same as what you'd see from most other companies. It is simply -- the customers that we had a year ago in the same period, how much did that same set of customers, that cloud customers, not including self-managed or management, cloud customers only, how much does that set of cloud customers a year ago, how much are they buying now. And they were buying $100 a year ago. They're now buying $118. And that is mostly driven by probably -- almost 100% driven by new workloads because, as you know, the IPU model is one where you generally buy more when you buy a new workload. It doesn't go down when you use less because we've got a fixed minimum for every year of the contract. And folks usually buy enough IPUs so that they think they can stay within their purchase level and not have to buy overages. So that you can think of that 18% as cross-sell, upsell into that cloud cohort that we've had a year ago. Does that answer the question?

是的。因此從數學上講，它與我們現有的 NRR 相同，這與您從大多數其他公司看到的相同。很簡單——我們一年前同一時期擁有的客戶，同一組客戶，雲客戶，不包括自我管理或管理，僅雲客戶，那組雲做了多少一年前的客戶，他們現在購買了多少。他們一年前購買了 100 美元。他們現在購買 118 美元。這主要是由新工作負載驅動的，幾乎 100% 是由新工作負載驅動的，因為如您所知，IPU 模型是您在購買新工作負載時通常會購買更多的模型。當您使用較少時，它不會下降，因為我們為合同的每一年都有固定的最低限度。人們通常會購買足夠的 IPU，以便他們認為可以保持在購買水平內，而不必購買過量的產品。因此，您可以將這 18% 視為對我們一年前的雲群體的交叉銷售和追加銷售。這能回答問題嗎？

Yes. But just if I were to follow up on that, like specifically, what are drivers for the cloud NRR number to be coming up? A quarter ago, it's 117%; Q3, it was 115% here; it's 118%. Like what are you seeing in the customer base perhaps that is driving that upwards?

是的。但如果我要跟進這一點，具體而言，雲 NRR 數字的驅動因素是什麼？一個季度前，該比例為 117%； Q3，這裡是115%；是118%。就像您在客戶群中看到的那樣，也許是推動這一增長的因素？

It's the breadth of the platform. Our customer could have begun with an analytics use case, and now they can go add covenants. They can add quality. They can do many more things. They may have begun with a simple ingestion or ETL use case. They can add ETL. They have been doing cloud only. They can add hybrid. So it's the breadth of the capabilities on the platform that allows the customer to then expand into broader use cases. That's what is basically the tailwind to it.

這是平台的廣度。我們的客戶本來可以從分析用例開始，現在他們可以添加契約。它們可以提高質量。他們可以做更多的事情。他們可能從簡單的攝取或 ETL 用例開始。他們可以添加 ETL。他們一直只做雲。他們可以添加混合動力。因此，平台上功能的廣度使客戶能夠擴展到更廣泛的用例。這基本上就是它的順風車。

Our next question comes from the line of Koji Ikeda with Bank of America.

我們的下一個問題來自美國銀行的池田浩司 (Koji Ikeda)。

Jumping over from a couple of calls here. So apologies if this topic was covered. But I did want to ask you a question on data governance and privacy, and specifically within the generative AI world. Just thinking about the products that you have available today, what is Informatica's role or maybe even expanding role as all these enterprises all over the world are trying to grasp and tackle the data that feeds these AI models that everyone is talking about today?

從這裡跳過幾個電話。如果這個主題被涵蓋，我們深表歉意。但我確實想問你一個關於數據治理和隱私的問題，特別是在生成人工智能領域。想想今天可用的產品，Informatica 的作用是什麼，甚至可能是擴大的作用，因為世界各地的所有這些企業都在試圖掌握和處理為今天每個人都在談論的人工智能模型提供數據的數據？

Sure, Koji. Good to hear from you. I think we'll cover a lot of that next week at Informatica World, if you're there. Obviously, we'll cover in all detail. I'll give you -- I mean there's so much to cover on that topic. I'll give a simple snippet. To actually leverage AI -- generative AI, to do something within an enterprise, it actually will become more and more paramount to have good data. I mean if you're going to let something automate and happen on the shop floor of a manufacturing plant, you can't afford to get it wrong. So data becomes very important.

當然，小二。很高興聽到你的消息。我想我們將在下週的 Informatica World 上討論很多相關內容（如果您在場的話）。顯然，我們將詳細介紹所有細節。我會給你——我的意思是關於這個話題有很多東西要講。我將給出一個簡單的片段。為了真正利用人工智能——生成式人工智能，在企業內部做某事，擁有良好的數據實際上將變得越來越重要。我的意思是，如果您想讓某些事情在製造工廠的車間實現自動化，那麼您就不能犯錯誤。所以數據就變得非常重要。

And just think of 2 very simple things. It's not just bringing data for many places. The quality of data becomes very important, right? Because you're going to make a decision out of a data model, and then you will basically let that run at scale. So data quality becomes incredibly important. You will -- so that's how we believe that this will all be a tailwind to us.

想想兩件非常簡單的事情。它不僅僅是為許多地方帶來數據。數據的質量變得非常重要，對吧？因為您將根據數據模型做出決策，然後基本上讓它大規模運行。因此，數據質量變得異常重要。你會的——所以我們相信這一切都將成為我們的順風車。

And I'll say like, what would large language models are on the Internet, ultimately, metadata will become the data language model with an enterprise, and we'll talk a lot about that next week when you come to Informatica World, and we absolutely see that as nothing else but tailwinds.

我會說，互聯網上的大型語言模型是什麼，最終，元數據將成為企業的數據語言模型，下週當您來到 Informatica World 時，我們將詳細討論這一點，我們絕對認為這只是順風。

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

我們的下一個問題來自花旗銀行的泰勒·拉德克 (Tyler Radke)。

Just a couple of quick questions on the numbers here. I guess, first, in terms of the self-managed ARR with the sequential decline, is it right to think about the roughly $5 million of sequential decline is converting to cloud in the quarter? Or did that go somewhere else?

關於這裡的數字，我想問幾個簡單的問題。我想，首先，就自我管理的 ARR 連續下降而言，考慮本季度大約 500 萬美元的連續下降是否轉換為雲？或者它去了其他地方嗎？

And then just curious, as you think about the second quarter, Amit, obviously, you rightly pointed out that Q1 is seasonally the weakest quarter from a bookings perspective, but it looks like you're guiding to add less incremental ARR on cloud in Q2 than Q1. So just curious if maybe there was some overperformance in Q1 that caused some deals to close earlier, just kind of the factors in the Q2 outlook.

然後只是好奇，當你想到第二季度時，阿米特，顯然，你正確地指出，從預訂的角度來看，第一季度是季節性最弱的季度，但看起來你正在指導在第二季度在雲上增加較少的增量 ARR比Q1。因此，我只是好奇第一季度是否存在一些超額表現，導致一些交易提前結束，這只是第二季度前景中的一些因素。

Tyler, it's Mike. So first, on the self-managed ARR or decline of ARR in Q2. You should think about that as normal churn for a component of the business where we're not focusing our efforts to sell new into that bucket. We're a cloud-only consumption-driven company now. All of our go-to-market efforts and sales incentives are focused around selling the cloud platform. And we are consciously allowing that self-managed subscription bucket to decline as customers churn as they would have anyway. It's just we're not selling new into that bucket. There's not a meaningful amount of movement from self-managed ARR to cloud ARR, at least not that we've seen so far.

泰勒，是邁克。首先，關於第二季度的自我管理 ARR 或 ARR 下降。您應該將其視為業務組成部分的正常流失，我們沒有集中精力向該領域銷售新產品。我們現在是一家純雲消費驅動型公司。我們所有的市場推廣工作和銷售激勵措施都集中在雲平台的銷售上。我們有意識地允許自我管理的訂閱量隨著客戶的流失而減少，無論如何，他們都會這樣做。只是我們不會在這個桶中銷售新產品。從自我管理 ARR 到雲 ARR 的轉變並沒有發生明顯的變化，至少到目前為止我們還沒有看到。

You're right with respect to the cloud net new for next quarter. The NAR, as we call it, for Q2 is modest. But look, we run the business on an annual basis. Enterprise software is inherently volatile from quarter-to-quarter, long sales cycles, big deal, uncertain deal, close timing. And we're really thinking about the year in the context of the 35% cloud growth guide that we've put out there and that we still feel good about. Q2 -- Q1 came in really strong, and we're setting Q2 at a level that we think is prudent based upon our expectations for the full year. We're not trying to signal that Q2 -- second half is going to be some sort of economic rebound. It's going to be better or Q2 is going to be materially worse. It's just that in the context of what we think is going to happen for the full year, it just feels like the prudent thing to guide to.

關於下個季度的新云網絡，您是對的。第二季度的 NAR（我們稱之為）適度。但是看，我們每年都在經營業務。企業軟件本質上存在季度波動、銷售週期長、大宗交易、交易不確定、時機接近等問題。我們確實是在 35% 的雲增長指南的背景下思考這一年的，我們已經發布了該指南，而且我們仍然對此感覺良好。第二季度——第一季度的表現非常強勁，根據我們對全年的預期，我們將第二季度設定在我們認為謹慎的水平。我們並不是想暗示第二季度下半年將出現某種經濟反彈。第二季度會變得更好，或者會變得更糟。只是在我們認為全年將會發生的情況的背景下，這感覺像是一個需要謹慎指導的事情。

I would point you just to last year. If you look at last year, Q1, Q2 were good quarters, Q3 was a disappointment, and then Q4 came back with gangbusters. And that's just the kind of volatility that you'll see in enterprise software like us. So don't read too much into the Q2 NAR number.

我只想向你指出去年的情況。如果你看看去年，第一季度、第二季度表現不錯，第三季度令人失望，然後第四季度表現強勁。這正是您在像我們這樣的企業軟件中看到的波動性。因此，不要過多解讀第二季度 NAR 數據。

Our next question comes from the line of Jeff Hickey with UBS.

我們的下一個問題來自瑞銀集團的傑夫·希基 (Jeff Hickey)。

I'll be quick on this. Kind of back to maybe Andrew's point at the top of the call on just customer count. I understand Q4 and Q1 might be apples to oranges. But maybe looking over a longer-term time horizon, I think you guys have now disclosed 5,500-plus customers, and I think that's down from 5,700 during the IPO and 5,600 in the 10-K. So just curious how we should think about that figure.

我會盡快處理此事。有點回到安德魯在電話會議頂部關於客戶數量的觀點。我知道第四季度和第一季度可能是蘋果與橘子。但也許從更長遠的角度來看，我認為你們現在已經披露了 5,500 多名客戶，我認為這比 IPO 期間的 5,700 名和 10-K 期間的 5,600 名有所下降。所以只是好奇我們應該如何看待這個數字。

I think we can follow up with that question. I don't think it declined customers...

我想我們可以跟進這個問題。我不認為它會拒絕顧客...

Yes. I don't know it either.

是的。我也不知道。

That's -- I think 5,700 going down to 5,500, I think we'll just follow up on that one, to be very honest, Jeff, with Victoria, and we can answer because we don't see any decline. And in fact, if anything, we've been very, very transparent with our customer number. And we will be very transparent that, hey, within that subscription customers and -- so -- and there is -- because the -- overall pool of the customers is that our subscription and maintenance, and then we are very clear about who amongst them are subscription-only customers. So we're happy to answer, we don't see any decline. So 5,700 (inaudible) that's like a surprise to me. We're happy to clarify it, generally.

那是——我認為 5,700 人會下降到 5,500 人，說實話，傑夫，我想我們會和維多利亞一起跟進這個問題，我們可以回答，因為我們沒有看到任何下降。事實上，如果說有什麼不同的話，那就是我們的客戶數量一直非常非常透明。我們將非常透明地表示，嘿，在訂閱客戶中，所以，還有，因為，整個客戶群就是我們的訂閱和維護，然後我們非常清楚其中有哪些人他們是僅限訂閱的客戶。所以我們很高興回答，我們沒有看到任何下降。 5,700（聽不清）這對我來說是一個驚喜。一般來說，我們很樂意澄清這一點。

Got it. Got it. And then maybe one just quick follow-up. Might just be on vertical mix and exposure that you guys have to financial services. Any color there? I know -- and Pinjalim was asking earlier. You said you saw kind of no change in March and April time frame, but I'm curious if there are any figures you can throw out there that help us think about the exposure.

知道了。知道了。然後也許只是快速跟進。可能只是你們對金融服務的垂直組合和接觸。那裡有什麼顏色嗎？我知道——Pinjalim 早些時候就問過。您說您在三月和四月的時間範圍內沒有看到任何變化，但我很好奇您是否可以提供任何數據來幫助我們考慮暴露情況。

Sure. Our exposure to financial services is less than 20%, and that includes insurance, not just banks and credit unions and so forth. And we haven't seen any material impact to our business due to the regional banking turmoil.

當然。我們的金融服務敞口不到 20%，其中包括保險，而不僅僅是銀行和信用合作社等。我們還沒有看到區域銀行業動盪對我們的業務造成任何重大影響。

There are no additional questions waiting at this time. I would like to pass the conference back over to the management team for closing remarks.

目前沒有其他問題等待。我想將會議轉交管理團隊進行閉幕致辭。

Well, thank you. Well, as you can see, we were pretty excited about how Q1 ended, strong results. We are excited about holding our guide for the year. I'm actually looking forward to next week. It's always fun to be with customers, which actually matters the most in a world like this more than competition, more than anything else. I'm looking forward to seeing many of you at our user conference, and you will see not only a lot of cool demos. I think a lot of questions that get asked. I think my lips are a little bit sealed right now because we can unveil them next week. And of course, as Mike said, we will do our Analyst Day on September 5. So look forward to hosting you all on that day. So thank you all for joining today and next week and then later in the year on the Analyst -- Investor Day.

嗯，謝謝。嗯，正如你所看到的，我們對第一季度的結束和強勁的結果感到非常興奮。我們很高興能舉辦今年的指南。其實我很期待下週。與客戶在一起總是很有趣，在這樣的世界裡，這實際上比競爭、比其他任何事情都更重要。我期待在我們的用戶大會上見到你們，你們不僅會看到很多很酷的演示。我認為有很多問題被問到。我想我現在有點緊張，因為我們可以在下週揭曉它們。當然，正如 Mike 所說，我們將在 9 月 5 日舉辦分析師日。所以期待那天接待大家。感謝大家今天和下週以及今年晚些時候的分析師投資者日的參與。

That concludes today's call. Thank you for your participation. You may now disconnect your line.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開線路。