Informatica Inc (INFA) 2023 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for joining today's Informatica Fourth Quarter 2023 Earnings Conference Call. My name is Tia, and I will be your moderator for today's call. (Operator Instructions)

女士們、先生們，午安。感謝您參加今天的 Informatica 2023 年第四季財報電話會議。我叫蒂亞，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 introduce your host, Victoria Hyde-Dunn, Vice President of Investor Relations. Please proceed.

現在我很高興向您介紹主持人，投資者關係副總裁維多利亞·海德-鄧恩 (Victoria Hyde-Dunn)。請繼續。

Thank you. Good afternoon, and thank you for joining Informatica's Fourth Quarter and Full Year 2023 Earnings Conference Call. Joining me today are Amit Walia, Chief Executive Officer; and Mike McLaughlin, Chief Financial Officer.

謝謝。下午好，感謝您參加 Informatica 2023 年第四季和全年財報電話會議。今天與我一起出席的是執行長 Amit Walia；和財務長麥克勞克林。

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. During the call, we'll 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 filings for the full year 2023.

在開始之前，我們有幾點提醒。我們的收益新聞稿和投影片簡報可在我們的投資者關係網站 Investors.informatica.com 上取得。我們準備好的發言將在電話會議結束後發佈在 IR 網站上。在電話會議期間，我們將發表前瞻性評論。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有重大差異。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 2023 年全年 10-Q 和 10-K 文件中包含的標題為“風險因素”的部分。

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. 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 on our slide presentation available on Informatica's Investor Relations website. It is my pleasure to turn the call over to Amit.

這些前瞻性陳述是基於截至目前的信息，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。此外，我們也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根據公認會計原則編制的財務績效指標的補充，而不是替代。這些項目與最接近的美國公認會計準則衡量標準的調節可以在今天下午的新聞稿以及 Informatica 投資者關係網站上提供的幻燈片演示中找到。我很高興將電話轉給阿米特。

Well, thank you, Victoria, and thank you, everyone, for joining us today. I will start today's call by summarizing 3 key points. First, Informatica closed an outstanding fiscal 2023, outperforming all the top and bottom line guidance metrics for the fourth quarter and the full year. This was driven by a relentless focus on executing our cloud-only, consumption-driven strategy, and strong customer momentum. These results are a testament to the power of our AI-powered IDMC platform and category leadership in data management as a mission-critical component of the modern data stack.

好吧，謝謝你，維多利亞，也謝謝大家今天加入我們。我將透過總結 3 個要點來開始今天的電話會議。首先，Informatica 完成了出色的 2023 財年業績，超越了第四季度和全年的所有營收和利潤指導指標。這是由於我們堅持不懈地專注於執行我們的純雲端、消費驅動型策略以及強勁的客戶動力。這些結果證明了我們人工智慧驅動的 IDMC 平台的強大功能以及作為現代資料堆疊的關鍵任務元件的資料管理領域的領導地位。

Second, at our December Investor Day, we shared Informatica's innovation journey to deliver the best data management product on the industry's only AI-powered data management platform in a multi-vendor, multi-cloud, hybrid approach. Last year, we executed very strongly against that strategy, and I believe we are entering Informatica's most exciting era yet. And third, our cloud-only, consumption-driven strategy has multiple growth engines: ongoing digital transformation, on-premise migration to Cloud and gen AI to fuel cloud growth and drive long-term value creation. Now let's discuss these topics in more detail.

其次，在 12 月的投資者日上，我們分享了 Informatica 的創新之旅，即透過多供應商、多雲、混合方法在業界唯一的人工智慧驅動的資料管理平台上提供最佳資料管理產品。去年，我們非常堅決地執行了這項策略，我相信我們正在進入 Informatica 迄今為止最令人興奮的時代。第三，我們的純雲端、消費驅動策略擁有多個成長引擎：持續的數位轉型、本地遷移到雲端和生成人工智慧，以推動雲端成長並推動長期價值創造。現在讓我們更詳細地討論這些主題。

Turning to results. We exceeded the high end of all our guidance metrics. In the fourth quarter, cloud subscription ARR grew 37% year-over-year to $617 million. Subscription ARR increased 14% year-over-year to $1.1 billion and total ARR rose 7% year-over-year to $1.6 billion. For the full year, total revenue grew 6% year-over-year to $1.6 billion. Non-GAAP operating income increased 32% year-over-year to $462 million, and adjusted unlevered free cash flow after tax rose 56% year-over-year to $451 million. We are pleased to have delivered a net debt leverage ratio of less than 2x, which is ahead of our IPO commitment by one full year. We also achieved 2 new annual milestones: we grew subscription revenues to $1 billion and cloud subscription revenue to $0.5 billion.

轉向結果。我們超出了所有指導指標的上限。第四季度，雲端訂閱 ARR 年增 37%，達到 6.17 億美元。訂閱 ARR 年成長 14%，達到 11 億美元，總 ARR 年增 7%，達到 16 億美元。全年總收入年增 6%，達到 16 億美元。非 GAAP 營業收入年增 32%，達到 4.62 億美元，調整後的無槓桿稅後自由現金流年增 56%，達到 4.51 億美元。我們很高興實現了低於 2 倍的淨債務槓桿率，這比我們的 IPO 承諾提前了整整一年。我們也實現了 2 個新的年度里程碑：訂閱收入成長至 10 億美元，雲端訂閱收入成長至 5 億美元。

At our December Investor Day, we shared early thoughts on 2024 guidance. We are raising full year non-GAAP operating income margin expectations and reaffirming all remaining metrics, including that we should expect cloud subscription ARR growth of [35%] for the full year of 2024. Our level of engagement with enterprise customers is stronger than ever, supported by our growing partner ecosystem, customer success initiatives and healthy cloud pipeline. In the full year, approximately 75% of cloud new bookings came from new cloud workloads and the expansion of existing cloud engagements. We are attracting new customers, expanding opportunities within existing customers and driving new workloads in G2K markets through our industry sales, enablement teams and partners.

在 12 月的投資者日上，我們分享了 2024 年指導的早期想法。我們正在提高全年非 GAAP 營業利潤率預期，並重申所有剩餘指標，包括我們預計 2024 年全年雲訂閱 ARR 增長 [35%]。我們與企業客戶的互動水平比以往任何時候都更強，由我們不斷發展的合作夥伴生態系統、客戶成功計畫和健康的雲端管道提供支援。全年約 75% 的雲端新預訂來自新的雲端工作負載和現有雲端業務的擴展。我們正在吸引新客戶，擴大現有客戶的機會，並透過我們的產業銷售、支援團隊和合作夥伴推動 G2K 市場的新工作負載。

Customer spending more than $1 million in subscription ARR increased 17% year-over-year to 240 customers. We had a record number of customers spending more than $5 million in subscription ARR, which grew 57% year-over-year. We pride ourselves on being the Switzerland of data and have accelerated ecosystem co-selling with Microsoft Azure, AWS, GCP, Snowflake and Databricks and announced a new strategic partnership with MongoDB. We launched a Canada point of delivery on Microsoft Azure, which enables access to IDMC as an Azure-native service purchased through Azure Marketplace.

訂閱 ARR 支出超過 100 萬美元的客戶年增 17%，達到 240 名。我們的訂閱 ARR 支出超過 500 萬美元的客戶數量創歷史新高，較去年同期成長 57%。我們為成為數據瑞士而感到自豪，並加速了與 Microsoft Azure、AWS、GCP、Snowflake 和 Databricks 的生態系統聯合銷售，並宣布與 MongoDB 建立新的策略合作夥伴關係。我們在 Microsoft Azure 上推出了加拿大交付點，允許將 IDMC 作為透過 Azure Marketplace 購買的 Azure 原生服務進行存取。

At Microsoft Ignite, as one of the first ISV design partners for Microsoft Fabric, we announced a new native app for Microsoft Fabric to seamlessly deliver data quality, data observability and data integration as well as multiple new connectors for Microsoft Fabric. At AWS re:Invent, we announced certification of our AWS HealthLake integrations, including health care and life sciences-specific data connectivity and format support as well as master data management accelerators for provider and payer. We are a launch partner for Amazon S3 Access Grants, delivering scalable permission management for S3 data Lakes for our cloud data marketplace and data access management capabilities, leveraging our recent Privitar acquisition. With both Microsoft and AWS, we showcased gen AI solutions at Microsoft Azure OpenAI and Amazon Bedrock, demonstrating how a trusted data foundation with IDMC enables customers to deliver enterprise-grade gen AI conversational apps.

在Microsoft Ignite，作為Microsoft Fabric 的首批ISV 設計合作夥伴之一，我們宣布推出一款適用於Microsoft Fabric 的新本機應用程序，可無縫提供數據品質、數據可觀察性和數據集成，以及適用於Microsoft Fabric 的多個新連接器。在 AWS re:Invent 上，我們宣布對 AWS HealthLake 整合進行認證，包括醫療保健和生命科學特定的資料連接和格式支援以及針對提供者和付款人的主資料管理加速器。我們是 Amazon S3 Access Grants 的啟動合作夥伴，利用我們最近收購的 Privita，為我們的雲端資料市場和資料存取管理功能提供可擴展的 S3 資料湖權限管理。我們與 Microsoft 和 AWS 一起在 Microsoft Azure OpenAI 和 Amazon Bedrock 上展示了 gen AI 解決方案，展示了 IDMC 的可信任資料基礎如何協助客戶提供企業級 gen AI 對話應用程式。

With Snowflake, we announced the general availability of Superpipe Snowflake, integrating complex ERP and CRM data to 3.5x faster than previous approaches and a public preview of our first Snowflake native app, the enterprise data integrator, enabling users to use Superpipe seamlessly from within the Snowflake product experience.

透過Snowflake，我們宣布Superpipe Snowflake 全面上市，整合複雜的ERP 和CRM 資料的速度比以前的方法快3.5 倍，並公開預覽我們的第一個Snowflake 原生應用程式（企業資料整合器），使用戶能夠從內部無縫使用Superpipe雪花產品體驗。

With Databricks, we enhanced Databricks' verified Unity Catalog support for our cloud data integration and cloud data integration free services. Lastly, we formed a new strategic partnership with MongoDB to deliver modern cloud-native, trusted data-driven apps across financial services, insurance and health care verticals. This partnership combines the benefits of MongoDB Atlas with our MDM SaaS solution.

透過 Databricks，我們增強了 Databricks 對我們的雲端資料整合和雲端資料整合免費服務的經過驗證的 Unity Catalog 支援。最後，我們與 MongoDB 建立了新的策略合作夥伴關係，跨金融服務、保險和醫療保健垂直領域提供現代雲端原生、可信任資料驅動的應用程式。這種合作夥伴關係將 MongoDB Atlas 的優勢與我們的 MDM SaaS 解決方案結合起來。

GSIs continue to expand their data and AI practices by enabling their practitioners at scale on IDMC. They also showed strong interest in taking solutions to market with IDMC. Lastly, Deloitte announced that they have partnered with Informatica and Workiva to launch a simplified ESG compliance offering by combining Informatica's AI-powered IDMC, Workiva's cloud-based regulatory reporting offering and Deloitte's technology, operational and domain experience.

GSI 透過在 IDMC 上大規模支援其從業者，繼續擴展其資料和人工智慧實踐。他們也對與 IDMC 合作將解決方案推向市場表現出濃厚的興趣。最後，德勤宣布與 Informatica 和 Workiva 合作，將 Informatica 的人工智慧驅動的 IDMC、Workiva 基於雲端的監管報告產品以及德勤的技術、營運和領域經驗相結合，推出簡化的 ESG 合規產品。

Sourced wins where partners bring Informatica into new opportunities increased to 31% of new business in 2023 as more partners doubled down and build their data and AI practices on Informatica, translating into more mind share and partners recommending Informatica more often. Our partner Migration Factory program continues to perform strongly to continue to accelerate our modernization strategy. We now have over 50 partners, including 8 of our GSIs certified as part of our program, and strong interest in PowerCenter Cloud Edition. We also launched an MDM Modernization Program and began treating the first partners during the quarter.

隨著越來越多的合作夥伴加倍努力並在Informatica 上建立資料和人工智慧實踐，合作夥伴為Informatica 帶來新機會的來源勝利將在2023 年增加到新業務的31%，從而轉化為更多的思想分享和合作夥伴更頻繁地推薦Informatica。我們的合作夥伴遷移工廠計劃持續表現強勁，並繼續加速我們的現代化策略。我們現在擁有 50 多個合作夥伴，其中包括 8 個作為我們計劃的一部分獲得認證的 GSI，並且對 PowerCenter Cloud Edition 抱有濃厚的興趣。我們還啟動了 MDM 現代化計劃，並在本季開始治療第一批合作夥伴。

In Q4, we added many new product innovations to IDMC. I'll just try to summarize a few, otherwise we'll run out of time. In Master Data Management and 360 Apps, we enhanced intelligent data matching capabilities to deliver better match outcomes and expanded our trust framework, very important for enterprise customers, and released a new connector for high-volume data extraction. MDM extension for SAP enables customers to migrate to the cloud by creating a reliable version of supplier data, reducing risk and accelerating the move to SAP S/4HANA. Lastly, we added a location master extension that helps optimize the supply chain and engage more effectively with customers. Cloud data governance and catalog now supports easy use of custom workflows and UI customization. We also introduced a new web browser extension called Quicklook for sharing information and providing data intelligence insights.

在第四季度，我們為 IDMC 添加了許多新的產品創新。我只是嘗試總結一些，否則我們就沒有時間了。在主資料管理和360應用程式中，我們增強了智慧資料匹配能力，以提供更好的配對結果，並擴展了我們的信任框架，這對企業客戶非常重要，並發布了用於大批量資料提取的新連接器。 SAP 的 MDM 擴充功能使客戶能夠透過建立供應商資料的可靠版本來遷移到雲，從而降低風險並加速向 SAP S/4HANA 的遷移。最後，我們添加了一個位置主擴展，有助於優化供應鏈並更有效地與客戶互動。雲端資料治理和目錄現在支援輕鬆使用自訂工作流程和 UI 自訂。我們還推出了一個名為 Quicklook 的新網頁瀏覽器擴展，用於共享資訊和提供資料智慧見解。

Our advanced scanner connectivity now includes Oracle, Qlik Cloud and Spotfire, with increased depth of Microsoft Power BI scanning and understanding of data workflows. In gen AI, the CLAIRE Metadata Foundation enables collecting and preparing high-quality metadata from each organization. Let me remind, IDMC is the metadata system of record for enterprises. We added auto cataloging, making it seamless for an organization's data management metadata to be auto cataloged in the central metadata inventory. This will help CLAIRE GPT and copilot to work from a very rich base of prepared metadata, enabling data teams and business users to work with data more effectively.

我們先進的掃描器連線現在包括 Oracle、Qlik Cloud 和 Spotfire，並增強了 Microsoft Power BI 掃描的深度和對資料工作流程的理解。在 gen AI 中，CLAIRE 元資料基金會能夠從每個組織收集和準備高品質的元資料。讓我提醒一下，IDMC 是企業的元資料記錄系統。我們新增了自動編目，使組織的資料管理元資料可以無縫地在中央元資料清單中自動編目。這將有助於 CLAIRE GPT 和 copilot 利用非常豐富的準備好的元資料進行工作，使資料團隊和業務使用者能夠更有效地處理資料。

CLAIRE copilot now has masking recommendations for auto-classified sensitive columns and clear-based auto-mapping recommendations for no code users in INFACore. These updates help gather high-quality metadata for AI, streamline the process of protecting sensitive data and create complex data pipelines. And lastly, and I know you are just here to hear about Privitar, we are on track to integrate Privitar's data access management capabilities into IDMC, including using IPUs to consume Privitar's capabilities. We're excited about these capabilities and look forward to broad availability later this month.

CLAIRE copilot 現在為 INFACore 中的無代碼使用者提供自動分類敏感列的屏蔽建議和基於清除的自動映射建議。這些更新有助於收集人工智慧的高品質元數據，簡化保護敏感數據的流程並創建複雜的數據管道。最後，我知道您只是來了解 Privitar，我們正在將 Privitar 的資料存取管理功能整合到 IDMC 中，包括使用 IPU 來使用 Privitar 的功能。我們對這些功能感到興奮，並期待在本月晚些時候廣泛提供。

Now that innovation always translates into great customer stories, and let me share a few. An outstanding new customer is Royal Caribbean Group, a leader in the vacation cruise line industry offering cruises throughout the world. As a part of system-wide modernization effort, they're investing in new financial, loyalty and reservation systems, which requires a modern master data management solution to ensure success. They've selected our MDM SaaS to support their modern MDM strategy to support superior guest experiences and customer loyalty with the power of high-quality data.

現在，創新總是會轉化為出色的客戶故事，讓我分享一些。皇家加勒比集團是一位傑出的新客戶，該集團是度假遊輪行業的領導者，在世界各地提供遊輪服務。作為全系統現代化工作的一部分，他們正在投資新的財務、忠誠度和預訂系統，這需要現代主資料管理解決方案來確保成功。他們選擇了我們的 MDM SaaS 來支持他們的現代 MDM 策略，利用高品質數據的力量來支持卓越的賓客體驗和客戶忠誠度。

Pella Corporation is a window and door manufacturing company with operations across the United States and select regions of Canada. In partnership with Microsoft, Pella selected our MDM SaaS and cloud data quality to manage and ensure the quality of their products, customer and supplier data to optimize their supply chain and inventory operations across the enterprise.

Pella Corporation 是一家門窗製造公司，業務遍及美國和加拿大部分地區。 Pella 與 Microsoft 合作，選擇了我們的 MDM SaaS 和雲端資料品質來管理和確保其產品、客戶和供應商資料的質量，從而優化整個企業的供應鏈和庫存營運。

Amgen is a leading global health tech company that offers a full suite of products and services across the entire health care value chain. They chose to partner with us with our MDM and broader IDMC solutions to centralize their customer and provide master data, which will drive more administrative efficiencies and better health outcomes through care delivery and customer care.

安進是一家全球領先的健康科技公司，在整個醫療保健價值鏈中提供全套產品和服務。他們選擇與我們合作，利用我們的 MDM 和更廣泛的 IDMC 解決方案來集中客戶並提供主數據，這將透過護理服務和客戶服務提高管理效率和更好的健康結果。

Now a great customer expansion story is in Australia, the University of Sydney, Australia's oldest university and home to approximately 75,000 students. The university has been a longstanding Informatica PowerCenter and MDM customer for over 2 years and have successfully undergone cloud migration projects for both areas.

現在，一個偉大的客戶擴張故事發生在澳洲雪梨大學，這是澳洲最古老的大學，擁有約 75,000 名學生。兩年多來，該大學一直是 Informatica PowerCenter 和 MDM 的長期客戶，並成功完成了這兩個領域的雲端遷移專案。

Their recent purchases for cloud master data management, data governance, data integration and data quality solutions reflect a platform expansion across the enterprise to further enable data sharing, enhance the university experience for their students and faculty and prepare their data foundation to effectively leverage AI.

他們最近購買的雲端主數據管理、數據治理、數據整合和數據品質解決方案反映了整個企業的平台擴展，以進一步實現數據共享，增強學生和教師的大學體驗，並為有效利用人工智慧做好數據基礎準備。

We are leaders in our core markets and our commitment to product differentiation and innovation continues to own us formal recognition from industry analysts. Informatica is a leader in the 2023 Gartner Magic Quadrant for Data Integration Tools report. This marks the 18th consecutive time we have been positioned highest on the ability to execute axis and furthest on the completeness of vision axis. We also received a strong rating in the product service and technology methodology categories for the 2023 Gartner Vendor Rating report, being the only data management provider that Gartner covers in that report.

我們是核心市場的領導者，我們對產品差異化和創新的承諾繼續獲得產業分析師的正式認可。 Informatica 是 2023 年 Gartner 資料整合工具魔力像限報告中的領導者。這標誌著我們連續 18 次在執行能力軸上排名最高，在視覺完整性軸上排名最遠。我們也在 2023 年 Gartner 供應商評級報告的產品服務和技術方法類別中獲得了很高的評級，是 Gartner 在該報告中涵蓋的唯一資料管理提供者。

In a report published by Forrester, Informatica received a Leader rating in the inaugural Forrester Wave Cloud Data Pipelines Q4 2023 report and a Leader rating in the Forrester Wave Product Information Management Q4 2023 report. This happens by building great products that help customers solve real, mission-critical business problems, creating value for them. Now during Investor Day in December, we presented 3 reasons illustrating how we at Informatica are their data management choice for enterprises.

在Forrester 發布的一份報告中，Informatica 在首份Forrester Wave 雲端資料管道2023 年第四季報告中獲得了領導者評級，並在Forrester Wave 產品資訊管理2023 年第四季報告中獲得了領導者評級。這是透過建立出色的產品來幫助客戶解決實際的、關鍵任務的業務問題並為他們創造價值來實現的。現在，在 12 月的投資者日期間，我們提出了 3 個理由，說明 Informatica 如何成為企業資料管理的選擇。

As a reminder, we firstly built the best data management products. Second, we have the only AI-powered data management platform in the market called IDMC, which is powered by our AI, CLAIRE. And third, we support extremely difficult mission-critical workloads that are multivendor, multicloud and hybrid though one IDMC platform. Last year, we executed very strongly against our cloud-only strategy, and I believe we are entering Informatica's most exciting year ahead.

提醒一下，我們首先建立了最好的資料管理產品。其次，我們擁有市場上唯一由人工智慧驅動的資料管理平台，稱為 IDMC，它由我們的人工智慧 CLAIRE 提供支援。第三，我們透過一個 IDMC 平台支援極其困難的關鍵任務工作負載，這些工作負載是多供應商、多雲和混合的。去年，我們非常有力地執行了純雲端策略，我相信我們正在進入 Informatica 最令人興奮的一年。

Our unwavering focus is to deliver profitable, accelerated growth while executing a cloud-only, consumption-driven go-to-market strategy and enhancing our AI-powered IDMC platform capabilities. That platform, IDMC, processed 86 trillion mission-critical cloud transactions in December, growing a whopping 62% year-over-year. We have a unique and differentiated AI-powered platform, helping enterprises' automation, data intelligence and increased efficiency to drive more workloads and many, many use cases.

我們堅定不移的重點是實現獲利、加速成長，同時執行純雲端、消費驅動的市場策略，並增強我們由人工智慧驅動的 IDMC 平台能力。該平台 IDMC 在 12 月處理了 86 兆筆關鍵任務雲端交易，較去年同期成長高達 62%。我們擁有獨特且差異化的人工智慧驅動平台，幫助企業實現自動化、資料智慧和提高效率，以推動更多工作負載和許多用例。

As I look ahead to 2024, we will fuel cloud growth in 3 ways. The first is through ongoing digital transformation. We have not done that yet across the globe within enterprises. Generative AI, hyperautomation, data democratization, building and deploying modern digital apps, cloud databases and analytics are some of the fundamental technology initiatives driving innovation, efficiency and success in this digital era. There is a tremendous amount of work still to be done to help customers become innovative digital companies including vendor consolidation. Enterprises need to move away from bespoke tactical tools and adapt an end-to-end data management platform that treats data strategically to drive digital transformation.

展望 2024 年，我們將透過 3 種方式推動雲端成長。第一個是透過持續的數位轉型。我們還沒有在全球範圍內的企業內部做到這一點。生成式人工智慧、超自動化、數據民主化、建構和部署現代數位應用程式、雲端資料庫和分析是這個數位時代推動創新、效率和成功的一些基本技術舉措。要幫助客戶成為創新數位公司，還有大量工作要做，包括供應商整合。企業需要擺脫客製化的戰術工具，並採用端到端資料管理平台來策略性地處理資料以推動數位轉型。

Second, we are unique to have $1 billion of on-prem maintenance and self-managed ARR. Migrating customers to the cloud is a very important priority. Approximately 25% of cloud new bookings in full year 2023 came from migrations. In the full year, we closed over 110 cloud modernization deals, which grew 35% year-over-year. Now as a reminder, we introduced PowerCenter cloud edition in August of last year to a significant -- to significantly lower the time to modernize from on-prem PowerCenter to IDMC. In Q4, PowerCenter Cloud Edition was 60%-plus of our modernization deals.

其次，我們獨一無二，擁有 10 億美元的本地維護和自我管理的 ARR。將客戶遷移到雲端是一個非常重要的優先事項。 2023 年全年，約 25% 的雲端新預訂來自遷移。全年，我們完成了 110 多項雲端現代化交易，年增 35%。現在提醒一下，我們在去年 8 月推出了 PowerCenter 雲端版本，以大幅縮短從本機 PowerCenter 到 IDMC 的現代化時間。第四季度，PowerCenter 雲端版占我們現代化交易的 60% 以上。

And lastly, in very early stages is gen AI, which is opening access to new customer opportunities. There is no gen AI without data. And for data to have value, it needs core data management such as holistic data, clean data, governed data, accessible data. Guess what? All of that is data management driven by IDMC. And CLAIRE, our AI engine, is embedded in all our solutions leveraging ML algorithms and NLP on metadata to drive intelligence and productivity, leveraging and accessing our 50,000-plus metadata web connections and now leveraging 40 petabytes of active metadata in the cloud. CLAIRE copilot is live today.

最後，gen AI 處於非常早期的階段，它正在為新的客戶機會打開大門。沒有數據就沒有新一代人工智慧。為了使資料有價值，需要核心資料管理，例如整體資料、清潔資料、治理資料、可存取資料。你猜怎麼了？所有這一切都是由 IDMC 驅動的資料管理。我們的AI 引擎CLAIRE 嵌入在我們的所有解決方案中，利用元資料上的ML 演算法和NLP 來驅動智慧和生產力，利用和存取我們的50,000 多個元資料Web 連接，現在利用雲端中的40 PB 活動元數據。克萊爾副駕駛今天上線。

CLAIRE GPT is in private preview, with 300-plus customers already signed up, and we plan to expand the preview to select partners by the end of this month. Today, private review customers use CLAIRE GPT for data discovery, metadata exploration cases, finding the right data sets for analytics and AI. We are making significant progress towards an expected launch in the second quarter.

CLAIRE GPT 處於私人預覽版，已有 300 多家客戶註冊，我們計劃在本月底之前將預覽版擴展到選定的合作夥伴。如今，私人審核客戶使用 CLAIRE GPT 進行資料發現、元資料探索案例，尋找適合分析和人工智慧的資料集。我們正在朝著預計在第二季推出的方向取得重大進展。

In summary, our strong results demonstrate that Informatica, with our AI-powered IDMC platform and category leadership in data management, is a mission-critical component of the modern data stack. We are firing on all cylinders in a $62 billion-plus cloud market opportunity. Informatica has been the best data management products on the industry's only AI-powered data management platform, IDMC, powered by AI CLAIRE, solving complex mission-critical workloads that are multi-cloud, multi-vendor and hybrid while delivering significant value to our customers.

總之，我們的強勁成果表明，Informatica 憑藉著人工智慧驅動的 IDMC 平台和資料管理領域的領先地位，是現代資料堆疊的關鍵任務元件。我們正全力投入價值超過 620 億美元的雲端市場機會。 Informatica 一直是業界唯一的人工智慧資料管理平台IDMC（由AI CLAIRE 提供支援）上的最佳資料管理產品，解決多雲、多供應商和混合的複雜任務關鍵型工作負載，同時為我們的客戶帶來巨大價值。

It's also a special time for the company as we celebrate our 30 years of heritage, driven by innovation and customer centricity. I'm incredibly proud of our accomplishments and very excited about the opportunities ahead on our cloud-only, consumption-driven journey.

對於公司來說，這也是一個特殊的時刻，我們慶祝我們在創新和以客戶為中心的推動下的 30 年傳統。我對我們所取得的成就感到無比自豪，並對我們純雲端、消費驅動的旅程中未來的機會感到非常興奮。

Informatica is a very special company. I completed 10 years last year myself. We are innovators, customer-centric, and we stay true to our values and our data. We look forward to sharing more product innovation at Informatica World in May and invite you to join us over there. Thank you to all our employees across the globe, our customers across the globe and our partners across the globe for making it a remarkable year.

Informatica 是一家非常特別的公司。去年我自己就完成了10年的學業。我們是創新者，以客戶為中心，並且忠於我們的價值觀和數據。我們期待在五月的 Informatica World 上分享更多產品創新，並邀請您加入我們。感謝我們在全球的所有員工、我們在全球的客戶以及我們在全球的合作夥伴，你們讓這一年成為了非凡的一年。

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

接下來，讓我把電話轉給麥克。麥克，請把它拿走。

Thank you, Amit, and good afternoon, everyone. Q4 was another solid financial quarter across the board, with key growth and profitability metrics exceeding our expectations, delivering a strong close to 2023. I'll begin the review of our Q4 results by reminding everyone how to best understand Informatica's ARR and GAAP revenues.

謝謝阿米特，大家下午好。第四季是另一個全面穩健的財務季度，關鍵成長和獲利指標超出了我們的預期，在接近2023 年時表現強勁。我將透過提醒大家如何最好地了解Informatica 的ARR 和GAAP 收入來開始回顧我們的第四季業績。

Our ARR and revenue fall into 3 major categories: cloud subscriptions, which delivered 37% ARR growth in FY '23; self-managed subscriptions, which we no longer actively sell and are, therefore, gradually declining; and maintenance on on-premise perpetual licenses, which is also in gradual decline. As I discussed at our December Investor Day, the trajectories of these 3 categories of ARR and revenue, that is the strong growth of our cloud business and the gradual decline of our self-managed subscriptions and maintenance are the direct result of our cloud-only strategy, and we expect more of the same in FY '24 and beyond.

我們的 ARR 和收入分為 3 個主要類別：雲端訂閱，在 23 財年實現了 37% 的 ARR 成長；自我管理訂閱，我們不再積極銷售，因此逐漸減少；以及對本地永久許可證的維護，該許可證也在逐漸減少。正如我在 12 月投資者日討論的那樣，這 3 類 ARR 和收入的軌跡，即我們的雲端業務的強勁增長以及我們的自我管理訂閱和維護的逐漸下降，是我們純雲業務的直接結果策略，我們預計24 財年及以後會出現更多相同的情況。

With that in mind, let's start with total ARR, which was $1.63 billion in Q4, an increase of 7% over the prior year. This was driven primarily by new cloud workloads, strong net expansion with existing customers and steady renewal rates. We added $109 million in net new total ARR versus the prior year. Foreign Exchange negatively impacted total ARR by $7 million on a year-over-year basis.

考慮到這一點，讓我們從總 ARR 開始，第四季度的 ARR 總額為 16.3 億美元，比上一年增長 7%。這主要是由新的雲端工作負載、現有客戶的強勁淨擴張以及穩定的續訂率所推動的。與前一年相比，我們的淨新總 ARR 增加了 1.09 億美元。外匯對總 ARR 的負面影響比去年同期減少了 700 萬美元。

Cloud Subscription ARR at the end of Q4 was $617 million, a 37% increase year-over-year and $8 million above the midpoint of our November guidance. Cloud subscription ARR now represents 38% of our total ARR, up from 30% a year ago. Foreign exchange negatively impacted cloud subscription ARR by approximately $2.3 million on a year-over-year basis.

第四季末的雲端訂閱 ARR 為 6.17 億美元，年增 37%，比我們 11 月指導值的中位數高出 800 萬美元。雲端訂閱 ARR 現在占我們總 ARR 的 38%，高於一年前的 30%。外匯對雲端訂閱 ARR 的負面影響年減約 230 萬美元。

New cloud workloads' strong net expansion with existing customers and steady cloud renewal rates drove cloud subscription net new ARR of $166 million year-over-year and $67 million quarter-over-quarter. Approximately 75% of fiscal 2023's cloud net new ARR came from new cloud workloads and expansion of existing cloud engagements, with the remaining 25% coming from on-premise customer migrations.

新的雲端工作負載與現有客戶的強勁淨擴張以及穩定的雲端續訂率推動雲端訂閱淨新 ARR 同比達到 1.66 億美元，環比達到 6700 萬美元。 2023 財年雲端淨新 ARR 中約 75% 來自新的雲端工作負載和現有雲端業務的擴展，其餘 25% 來自本地客戶遷移。

Our cloud subscription net retention rate at the end user level was 119% in the fourth quarter, up 2 percentage points year-over-year and up 1 percentage point versus last quarter. As we discussed at our December Investor Day, this metric defines the customer cohort for NRR at the beginning of the year ago period at the end user customer level. If we instead define the measurement cohort at the global parent level, our Q4 NRR was 125%, up 2 percentage points year-over-year and 1% sequentially.

第四季度，我們的最終用戶層面的雲端訂閱淨保留率為119%，較上季成長2個百分點，較上季成長1個百分點。正如我們在 12 月投資者日討論的那樣，該指標定義了去年年初最終用戶客戶級別的 NRR 客戶群。如果我們在全球家長層面定義測量隊列，我們的第四季度 NRR 為 125%，比去年同期上升 2 個百分點，環比上升 1%。

Self-managed subscription ARR declined in the quarter as expected to $516 million. This was down 2% sequentially and down 5% year-over-year. This was a slightly slower decline than we forecast in November. Subscription ARR, which is simply the sum of cloud ARR and self-managed ARR, grew by 14% year-over-year to $1.13 billion, which was $25 million above the midpoint of our November guidance.

本季自我管理訂閱 ARR 下降至 5.16 億美元，符合預期。環比下降 2%，年減 5%。這一下降速度比我們 11 月的預測稍慢。訂閱 ARR（即雲端 ARR 和自我管理 ARR 總和）年增 14% 至 11.3 億美元，比我們 11 月指導價值的中位數高出 2,500 萬美元。

Foreign exchange negatively impacted subscription ARR by approximately $5.6 million on a year-over-year basis. We saw good growth in our average subscription ARR per customer, which reached over $298,000 in Q4, a 13% increase year-over-year. The third component of total ARR is maintenance for on-premise perpetual licenses sold in the past, which now represents about 30% of total ARR. Maintenance ARR was down approximately 6% year-over-year to $494 million, in line with expectations.

外匯對訂閱 ARR 的負面影響年減約 560 萬美元。我們看到每位客戶的平均訂閱 ARR 出現了良好成長，第四季達到了 298,000 美元以上，較去年同期成長 13%。總 ARR 的第三個組成部分是過去銷售的本地永久許可證的維護，目前約佔總 ARR 的 30%。維護 ARR 年減約 6% 至 4.94 億美元，符合預期。

As Amit discussed, the migration of our on-premise customer base to IDMC and the cloud is a large opportunity for us. The introduction of PowerCenter Cloud Edition in Q3 of last year has helped accelerate the volume of signed migrations of our power center maintenance space. We're also seeing momentum from our self-managed base migrating to our cloud, and our on-premise MDM customers are beginning to migrate their on-prem solutions. So as a result, we are updating our migration reporting metric to include our entire on-prem base, not just maintenance.

正如 Amit 所討論的，將我們的本地客戶群遷移到 IDMC 和雲端對我們來說是一個巨大的機會。去年第三季推出的 PowerCenter 雲端版幫助加快了我們電力中心維護空間的簽章遷移量。我們也看到我們的自我管理基礎遷移到雲端的勢頭，並且我們的本地 MDM 客戶也開始遷移他們的本地解決方案。因此，我們正在更新我們的遷移報告指標，以包括我們的整個本地基礎，而不僅僅是維護。

As of the end of Q4, we have migrated 4.8% of our maintenance and self-managed ARR base to cloud, up from 3.7% last quarter. We have a life-to-date average 2:1 ARR uplift ratio on these migrations, including PowerCenter and MDM. Including only maintenance migration, as we have historically reported, our migrated base in Q4 was 6.5%, up from 5% last quarter.

截至第四季末，我們已將 4.8% 的維護和自我管理 ARR 基礎遷移到雲端，高於上季的 3.7%。這些遷移（包括 PowerCenter 和 MDM）的迄今為止平均 ARR 提升率為 2:1。僅包括維護遷移，正如我們歷史上報告的那樣，我們第四季度的遷移基數為 6.5%，高於上季度的 5%。

These 3 ARR components summed to 7.2% total ARR growth year-over-year. Cloud Subscription ARR growth of 37% drove this increase, offset by gradual declines in self-managed subscription and maintenance ARR. We expect similar trends to continue in 2024 as a direct and intentional result of our cloud-only, consumption-driven strategy.

這 3 個 ARR 組成部分總計 ARR 年成長 7.2%。雲端訂閱 ARR 成長了 37%，推動了這一成長，但被自我管理訂閱和維護 ARR 的逐漸下降所抵消。我們預計，作為我們純雲端、消費驅動策略的直接和有意的結果，類似的趨勢將在 2024 年持續下去。

Now I'd like to review our revenue results for the fourth quarter. GAAP total revenues were $445 million, an increase of 12% year-over-year. This exceeded the midpoint of our November guidance range by $15 million, due primarily to a slower-than-expected decline in self-managed revenue. Revenue from our Privitar acquisition was not material in the quarter. Foreign exchange positively impacted total revenues by approximately $2.6 million on a year-over-year basis.

現在我想回顧一下我們第四季的營收結果。 GAAP 總營收為 4.45 億美元，較去年同期成長 12%。這超出了我們 11 月份指導範圍的中點 1500 萬美元，主要是由於自我管理收入的下降速度慢於預期。我們收購 Privita 帶來的營收在本季並不重要。外匯對總收入產生了同比約 260 萬美元的正面影響。

As we have previously discussed, the accounting impact of our mix shift to cloud subscription sales and away from self-managed on-premises sales creates a headwind to GAAP revenues. If our cloud versus self-managed new bookings mix were the same this quarter as it was in Q4 of last year, total revenues would have been approximately $28 million higher than we reported. For the full year, revenue would have been $72 million higher.

正如我們之前所討論的，我們轉向雲端訂閱銷售和遠離自我管理的本地銷售的組合的會計影響對 GAAP 收入造成了不利影響。如果本季我們的雲端與自我管理的新預訂組合與去年第四季相同，那麼總收入將比我們報告的高出約 2800 萬美元。全年收入將增加 7,200 萬美元。

Subscription revenue increased 26% year-over-year to $300 million, representing 67% of total revenue compared to 60% a year ago. Our quarterly subscription renewal rate was approximately 89%, down 3.7 percentage points year-over-year due to lower self-managed subscription renewal rates, offset by higher cloud subscription renewal rates. For the full year, our subscription renewal rate was 92%.

訂閱收入年增 26%，達到 3 億美元，佔總收入的 67%，而一年前為 60%。我們的季度訂閱續訂率約為 89%，年減 3.7 個百分點，原因是自我管理訂閱續訂率較低，但被較高的雲端訂閱續訂率所抵銷。全年訂閱續訂率為 92%。

Maintenance and professional services revenues were $143 million, representing 32% of total revenue in Q4, in line with expectations. Maintenance revenue represented 27% of total revenue for the quarter. Our maintenance renewal rate in the quarter was 95%, in line with prior periods. Implementation, consulting and education revenues comprised the remainder of this category, down $7 million year-over-year, consistent with last quarter.

維護和專業服務收入為 1.43 億美元，佔第四季總收入的 32%，符合預期。維護收入佔該季度總收入的 27%。本季我們的維護續約率為 95%，與前期持平。實施、諮詢和教育收入構成了該類別的其餘部分，年減 700 萬美元，與上個季度一致。

And I have one additional call out to revenues. Starting this quarter, we will be disclosing GAAP revenue from cloud subscriptions in our quarterly reports. In Q4, cloud subscription revenue was $140 million or 47% of subscription revenues, growing 39% year-over-year. For the full year, cloud subscription revenue was $500 million, also growing 39% year-over-year. As a reminder, due to the timing differences between revenue and ARR recognition, the relative growth rates of these 2 metrics will differ from period to period.

我還有一項關於收入的呼籲。從本季開始，我們將在季度報告中揭露雲端訂閱的 GAAP 收入。第四季度，雲端訂閱營收為 1.4 億美元，佔訂閱收入的 47%，較去年同期成長 39%。全年雲端訂閱收入為 5 億美元，較去年同期成長 39%。提醒一下，由於收入和 ARR 確認之間的時間差異，這兩個指標的相對成長率會因期間而異。

Turning to the geographic distribution of our business. U.S. revenue grew 7% year-over-year to $279 million, representing 63% of total revenue, while international revenue grew 21% to $166 million. Using exchange rates from Q4 last year, international revenue would have been approximately $7 million lower in the quarter, representing international revenue growth of 16% year-over-year.

轉向我們業務的地理分佈。美國營收年增 7%，達到 2.79 億美元，佔總營收的 63%，國際營收成長 21%，達到 1.66 億美元。以去年第四季的匯率計算，該季度的國際營收將減少約 700 萬美元，國際營收年增 16%。

Turning to consumption-based IPU. Approximately 45% of fourth quarter cloud new bookings were IPU-based deals. IPUs now represent 47% of cloud subscription ARR, up 2 percentage points sequentially. The remainder of our Q4 cloud bookings were primarily for customer or supplier records for our MDM products, which is also a multiyear committed consumption-based pricing model.

轉向基於消費的 IPU。第四季雲端新預訂中約 45% 是基於 IPU 的交易。 IPU 目前佔雲端訂閱 ARR 的 47%，比上一季上升 2 個百分點。我們第四季度的其餘雲端預訂主要用於我們的 MDM 產品的客戶或供應商記錄，這也是一個多年承諾的基於消費的定價模式。

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 83%, up 1 percentage point year-over-year, and operating expenses were consistent with expectations. As part of our November 2023 restructuring plan, we incurred nonrecurring restructuring charges of approximately $32 million in the fourth quarter of 2023. We expect approximately $3 million to $5 million of restructuring expenses to be incurred in the first quarter of 2024, consistent with the range we provided in November. We continue to estimate the cost savings benefited these restructuring actions in 2024 will be approximately $84 million on a GAAP basis and approximately $70 million on a non-GAAP basis.

現在我想繼續討論我們的獲利指標。請注意，除非另有說明，我將討論非 GAAP 業績。第四季度，我們的毛利率為83%，較去年成長1個百分點，營運費用符合預期。作為我們2023 年11 月重組計畫的一部分，我們在2023 年第四季產生了約3,200 萬美元的非經常性重組費用。我們預計2024 年第一季將產生約300 萬至500 萬美元的重組費用，與範圍一致我們在 11 月提供。我們繼續估計，到 2024 年，這些重組行動將帶來約 8,400 萬美元的成本節約（以 GAAP 計算）和約 7,000 萬美元（非 GAAP 計算）。

Operating income was $162 million in the fourth quarter, growing 42% year-over-year and exceeding the midpoint of our November guidance range by $22 million. Operating margin was 36.4%, an 8 percentage point improvement from a year ago. Adjusted EBITDA was $166 million and net income was $97 million. Net income per diluted share was $0.32 based on approximately $305 million outstanding diluted shares. Basic share count was approximately 293 million shares. And please note that we did not repurchase any Class A common stock as part of the $200 million share repurchase authorization we announced in November.

第四季營業收入為 1.62 億美元，年增 42%，比我們 11 月指導範圍的中位數高出 2,200 萬美元。營業利益率為 36.4%，比去年同期增加 8 個百分點。調整後 EBITDA 為 1.66 億美元，淨利為 9,700 萬美元。基於約 3.05 億美元的稀釋後流通股，每股稀釋後淨利為 0.32 美元。基本股數約2.93億股。請注意，作為我們 11 月宣布的 2 億美元股票回購授權的一部分，我們沒有回購任何 A 類普通股。

Fourth quarter adjusted unlevered free cash flow after tax was $155 million, $31 million better than expectations due to higher operating income performance and cash collections. Adjusted unlevered free cash flow after tax margin was 35% and grew about 12 percentage points year-over-year. Cash paid for interest in the quarter was $38 million, in line with expectations.

第四季調整後無槓桿稅後自由現金流為 1.55 億美元，比預期好 3,100 萬美元，原因是營業收入表現和現金回款提高。調整後的稅後無槓桿自由現金流為 35%，較去年同期成長約 12 個百分點。本季支付利息的現金為 3,800 萬美元，符合預期。

We ended the fourth quarter with a strong cash position with cash plus short-term investments of $992 million, an increase of $276 million year-over-year. Net debt was $850 million, and the trailing 12 months of adjusted EBITDA was $479 million. This resulted in a net leverage ratio of 1.8x at the end of December. I'm pleased to share that we delivered on our IPO deleveraging commitment of less than 2x one year early.

截至第四季末，我們的現金狀況強勁，現金加上短期投資為 9.92 億美元，年增 2.76 億美元。淨債務為 8.5 億美元，過去 12 個月調整後 EBITDA 為 4.79 億美元。這導致 12 月底的淨槓桿率為 1.8 倍。我很高興地告訴大家，我們提前一年兌現了不到兩倍的 IPO 去槓桿化承諾。

Turning now to 2024 guidance. We are reaffirming the 2024 pre-guidance we shared at our December Investor Day. We expect our cloud subscription ARR to grow by 35% year-over-year in 2024, off of a higher base than we expected in early December. We expect total ARR and GAAP total revenue growth to inflect in 2024 and grow faster than in 2023, also off of a higher base than originally forecast. And we expect to grow our non-GAAP operating income margin by 420 basis points from our FY '23 guidance margin of 27.8%, which is a 300 basis point increase from our actual full year 2023 margin of 29%.

現在轉向 2024 年指導。我們重申我們在 12 月投資者日分享的 2024 年前期指引。我們預計 2024 年我們的雲端訂閱 ARR 將年增 35%，基數高於我們 12 月初的預期。我們預計總 ARR 和 GAAP 總收入成長將在 2024 年發生變化，成長速度將快於 2023 年，而且基數也高於最初預測。我們預計非 GAAP 營業利潤率將比 2023 財年指導利潤率 27.8% 增長 420 個基點，比 2023 年全年實際利潤率 29% 增長 300 個基點。

Taking all this into account, we are establishing the following guidance for the full year ending December 31, 2024. Note that all growth rates refer to the midpoint of the guidance range. We expect GAAP total revenues to be in the range of $1.685 billion to $1.705 billion, representing approximately 6.3% year-over-year growth. We expect total ARR to be in the range of $1.718 billion to $1.772 billion, representing approximately 7.3% year-over-year growth. We expect subscription ARR to be in the range of $1.261 billion to $1.295 billion, representing approximately 12.8% year-over-year growth. We expect cloud subscription ARR to be in the range of $826 million to $840 million, representing approximately 35.1% year-over-year growth.

考慮到所有這些，我們正在為截至 2024 年 12 月 31 日的全年制定以下指引。請注意，所有成長率均指指引範圍的中點。我們預計 GAAP 總營收將在 16.85 億美元至 17.05 億美元之間，年增約 6.3%。我們預計總 ARR 將在 17.18 億美元至 17.72 億美元之間，年增約 7.3%。我們預計認購 ARR 將在 12.61 億美元至 12.95 億美元之間，年增約 12.8%。我們預計雲端訂閱 ARR 將在 8.26 億美元至 8.4 億美元之間，年增約 35.1%。

We expect non-GAAP operating income to be in the range of $533 million to $553 million, representing approximately 17.5% year-over-year growth, and we expect unadjusted unlevered free cash flow after tax to be in the range of $535 million to $555 million, representing approximately 20.8% year-over-year growth.

我們預計非 GAAP 營業收入將在 5.33 億美元至 5.53 億美元之間，年增約 17.5%，我們預計稅後未經調整的無槓桿自由現金流將在 5.35 億美元至 555 美元之間萬元，年增約20.8%。

Our guidance for the first quarter ending March 31, 2024, is as follows. We expect GAAP total revenues to be in the range of $375 million to $395 million, representing approximately 5.4% year-over-year growth. We expect subscription ARR to be in the range of $1.135 billion to $1.155 billion, representing approximately 12.2% year-over-year growth. We expect cloud subscription ARR to be in the range of $645 million to $655 million, representing approximately 34.5% year-over-year growth. We expect non-GAAP operating income to be in the range of $97 million to $117 million, representing approximately 26.2% year-over-year growth.

我們對截至 2024 年 3 月 31 日的第一季的指導如下。我們預計 GAAP 總營收將在 3.75 億美元至 3.95 億美元之間，年增約 5.4%。我們預計認購 ARR 將在 11.35 億美元至 11.55 億美元之間，年增約 12.2%。我們預計雲端訂閱 ARR 將在 6.45 億美元至 6.55 億美元之間，年增約 34.5%。我們預計非 GAAP 營業收入將在 9,700 萬美元至 1.17 億美元之間，年增約 26.2%。

Now for modeling purposes, I'd like to provide a few more pieces of additional information. First, we expect adjusted unlevered free cash flow after tax for the first quarter to be in the range of $102 million to $122 million. We expect quarterly free cash flow linearity in FY '24 to be similar to FY '23. Second, we estimate cash paid for interest will be approximately $39 million in the first quarter and approximately $144 million for the full year, using forward interest rates based on 1 month SOFR.

現在出於建模目的，我想提供更多一些附加資訊。首先，我們預計第一季調整後的無槓桿稅後自由現金流將在 1.02 億至 1.22 億美元之間。我們預期 24 財年的季度自由現金流線性度將與 23 財年相似。其次，我們估計第一季支付利息的現金約為 3,900 萬美元，全年約為 1.44 億美元，使用基於 1 個月 SOFR 的遠期利率。

For tax rates, we reported a 2023 non-GAAP tax rate of 23%, and we expect that rate to continue for fiscal 2024. Looking at fiscal 2025 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 geographic distribution of operational activity. Cash taxes in 2024 are expected to be consistent with 2023.

對於稅率，我們報告的 2023 年非 GAAP 稅率為 23%，我們預計該稅率將在 2024 財年繼續保持。展望 2025 財年及以後，我們預計長期、穩定的非 GAAP 稅率24%，這反映了我們預計現金稅最終將根據我們的營運活動的結構和地理分佈進行結算。 2024 年的現金稅預計與 2023 年一致。

Lastly, our share count assumptions. For the first quarter of 2024, we expect basic weighted average shares outstanding to be approximately 297 million shares and diluted weighted average shares outstanding to be approximately 310 million shares. For the full year of 2024, we expect basic weighted average shares outstanding to be approximately 302 million and diluted weighted average shares outstanding to be approximately 315 million.

最後，我們的股份數量假設。 2024年第一季，我們預期基本加權平均已發行股數約2.97億股，稀釋加權平均已發行股數約3.1億股。 2024年全年，我們預期基本加權平均已發行股數約為3.02億股，稀釋加權平均已發行股數約為3.15億股。

In summary, we are very pleased with our strong performance in 2023. We successfully transitioned to our cloud-only, consumption-driven strategy and solidified the foundation upon which we will deliver accelerating total growth in 2024 and beyond. Operator, you can now open the line for questions. Thank you.

總而言之，我們對 2023 年的強勁表現感到非常滿意。我們成功過渡到純雲端、消費驅動的策略，並鞏固了我們在 2024 年及以後實現加速整體成長的基礎。接線員，現在可以撥打電話提問。謝謝。

(Operator Instructions) The first question comes from the line of Matt Hedberg with RBC Capital Markets.

（操作員說明）第一個問題來自 RBC Capital Markets 的 Matt Hedberg。

Congrats on a really strong end of the year and a great outlook for '24. A lot of things to digest here. I guess maybe to start with, you made comments on growth in new cloud workload is really exciting to hear, and I feel like it's sort of powering a lot of people that you guys included. I guess I'm wondering, could you double click on that a little bit more? Where are you seeing that growth in workload? Is it a particular customer segment? Is it digitally native customers? Is it more mainstream? Any more color on sort of -- I don't know if there's any like gen AI focus on some of the new workloads, but any additional color there would be helpful.

恭喜您在今年年底取得了非常強勁的業績，並為 24 年帶來了美好的前景。這裡有很多東西要消化。我想也許首先，您對新雲端工作負載成長的評論真的很令人興奮，而且我覺得這為包括你們在內的許多人提供了動力。我想我想知道，你能再雙擊一下嗎？您在哪裡看到工作量的成長？這是一個特定的客戶群嗎？是數位原生客戶嗎？是不是更主流了？任何更多的顏色——我不知道是否有任何類似的人工智慧專注於一些新的工作負載，但任何額外的顏色都會有幫助。

(technical difficulty)

（技術難度）

Hi, everybody. I think we're back with you. Operator, you can go ahead and open the line to the calls -- to the questions.

大家好。我想我們又回到你身邊了接線員，您可以繼續撥打電話，詢問問題。

(Operator Instructions) The first question comes from the line of Matt Hedberg with RBC Capital Markets.

（操作員說明）第一個問題來自 RBC Capital Markets 的 Matt Hedberg。

I think I already asked the question, but maybe we lost you guys in that. Well done on the quarter and the guide, really good to see such a strong exit rate and a lot of opportunities in '24. A lot of things to think about on the call. You guys talked about growth in new cloud workload, which is really good to hear. I'm wondering if you could double click on that. Like where is that coming from? Is it particular verticals? Is it -- anything driving that comment. Because that's really exciting to see just from an overall industry perspective and certainly feels like you guys are well positioned to monetize that.

我想我已經問過這個問題了，但也許我們因此失去了你們。本季度和指南做得很好，很高興看到 24 年如此強勁的退出率和大量機會。通話中需要考慮很多事情。你們談到了新的雲端工作負載的成長，這真是太好了。我想知道你是否可以雙擊它。就像那是從哪裡來的？是特定的垂直領域嗎？是什麼推動了這項評論？因為從整個行業的角度來看，這確實令人興奮，而且肯定感覺你們已經做好了利用這一點的有利條件。

Matt, thanks for the question. Sorry, we lost the call. We're back. But look, I think here is what I think I saw as we exited the year and into the second half of the year. I mean, look, digital transformation is not done. And the beauty is that digital transformation transitioning to gen AI transformation is all bleeding over. And what we are seeing is our top markets, enterprise customers, have come back where they were in a lot more cut defense mode, are back into -- while efficiency, automation, those things have not gone away. But they are basically going back into funding transformational initiatives. And they all become data initiatives. So for example, and I talked about some of the customers in this call. If taking out growth, how do you create customer loyalty programs? How do you think about making sure you can create better supply chain? So those transformation initiatives that I would say I argue -- I would argue that when we ended last year, 2022, with somewhat on the back burner where people were a lot more on defense. They've come back on the offense, and we are seeing investment in those.

馬特，謝謝你的提問。抱歉，我們失去了電話。我們回來了。但是，我想這就是我在今年結束和進入下半年時所看到的情況。我的意思是，看，數位轉型還沒完成。美妙之處在於，從數位轉型到新一代人工智慧轉型的過程正在不斷發生。我們看到的是，我們的頂級市場、企業客戶已經回到了原來的防禦模式，回到了——而效率、自動化這些東西並沒有消失。但他們基本上又重新開始為轉型計劃提供資金。它們都成為數據舉措。例如，我在這次通話中談到了一些客戶。如果考慮成長，您如何建立客戶忠誠度計畫？您如何看待確保能夠創造更好的供應鏈？因此，我想說的是，我認為，當我們去年（2022 年）結束時，我認為這些轉型舉措在某種程度上被擱置了，人們更專注於防守。他們在進攻端回歸，我們也看到了對這些方面的投資。

Got it. That's helpful. And then the launch of PowerCenter Cloud in August felt like a real inflection point, I guess, I'd say, for the company in terms of really modernizing the base, and I think maybe, Mike, I don't know you pointed out that I think you said 60% of Cloud modernization deals were driven by PowerCenter Cloud. I'm wondering, is that an uplift to customer spend when they migrate to that? Just sort of curious on the kind of the economics of that because it feels like that's another big opportunity given your large base.

知道了。這很有幫助。然後，8 月推出的 PowerCenter Cloud 感覺像是一個真正的轉折點，我想，我想說的是，對於公司來說，在真正現代化基礎方面，我想也許，邁克，我不知道你指出我認為您說過60% 的雲端現代化交易是由PowerCenter Cloud 推動的。我想知道，當客戶遷移到該平台時，這是否會增加他們的支出？只是對這種經濟方式感到好奇，因為鑑於您的龐大基礎，感覺這是另一個巨大的機會。

Yes. So Matt, don't think of it as an uplift. The uplift has stayed consistent. Think of it just by increasing the velocity. So with PowerCenter Cloud Edition, the time to migrate the workloads actually accelerates dramatically. And with that, also the customers can do that a lot more at their own pace, so it derisks their migration, which allows more customers to enter their migration journeys with a lot less risk and a lot higher velocity. So that increases the velocity and conversions. Uplifts have stayed pretty consistent for us. So I would not look at it as uplift, more as increasing the velocity and derisking that program.

是的。所以馬特，不要認為這是一種提升。提升一直保持一致。只需增加速度即可想到這一點。因此，借助 PowerCenter Cloud Edition，遷移工作負載的時間實際上大大縮短了。這樣，客戶也可以按照自己的步調做更多的事情，因此消除了遷移的風險，這使得更多的客戶能夠以更低的風險和更高的速度進入遷移之旅。這樣就提高了速度和轉換率。對我們來說，提升一直相當穩定。因此，我不會將其視為提升，而更多地將其視為提高速度並降低該計劃的風險。

And just to be super clear, every migration, whether it's the prior style migration that took up to 2 years in some cases or PowerCenter Cloud Edition, which dramatically shortens that to 6 months or less, there's an uplift for every one of those migrations regardless of the size. So we've historically seen about 2:1 uplift between the migration ARR that we had been earning and the cloud ARR we earned after the migration, and that's consistent so far with PowerCenter Cloud Edition.

需要非常明確的是，每次遷移，無論是先前的遷移（在某些情況下需要長達2 年的時間）還是PowerCenter Cloud Edition（將時間大幅縮短至6 個月或更短），無論哪種遷移，每一次遷移都會有所提升的尺寸。因此，從歷史上看，我們獲得的遷移 ARR 與遷移後獲得的雲端 ARR 之間大約有 2:1 的提升，到目前為止，這與 PowerCenter Cloud Edition 是一致的。

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

下一個問題來自德意志銀行的 Brad Zelnick。

I'll echo my congrats for a strong finish to the year. Amit, I wouldn't ask about go-to-market. Coming out of sales kickoff, what were the key themes in the playbook for 2024 this year? And maybe specific just following Matt's question around PowerCenter Cloud Edition, what specifically are you going to incentivize both direct sales and partners to sell that product? Because it just seems like such a tremendous opportunity to unlock and modernize the existing on-prem base?

我也對今年圓滿成功表示祝賀。阿米特，我不會問有關上市的問題。銷售啟動後，今年 2024 年策略的關鍵主題是什麼？或許具體來說，就像 Matt 關於 PowerCenter Cloud Edition 的問題一樣，您具體將如何激勵直接銷售人員和合作夥伴銷售該產品？因為這似乎是解鎖和現代化現有本地基礎的巨大機會？

Brad, thanks for the question. I couldn't agree more. It's a great opportunity. I'll tell you, the 2 words I used that pickup was focus and execution. I mean in some ways, the pivot to cloud-only, consumption driven that we started last year, as you see, went very well. And this year, there is no change in strategy. We have to just kind of continue to scale, which is focus and execution. And so I think that those are the 2 words.

布拉德，謝謝你的提問。我完全同意。這是一個很好的機會。我告訴你，我用的兩個字就是專注和執行。我的意思是，從某些方面來說，正如您所看到的，我們去年開始轉向純雲、消費驅動，進展非常順利。而今年，策略沒有改變。我們必須繼續擴大規模，這就是重點和執行力。所以我認為這就是兩個字。

I think people are pretty excited. And what we've done is, first of all, on migration, PowerCenter Cloud Edition is a tremendous accelerant. Everybody is super excited about that one. Of course, as you know, we talked about the numbers in Q4, but you can imagine the pipeline build that's happening is all -- is the momentum of that one.

我認為人們非常興奮。我們所做的首先是在遷移方面，PowerCenter Cloud Edition 是一個巨大的促進劑。每個人都對此感到非常興奮。當然，如您所知，我們討論了第四季度的數字，但您可以想像正在發生的管道建設就是這一切的動力。

We continue to incent our reps more than a normal deal for migrations because it takes a little bit of extra work. So that's always an extra incentive for our reps. And thirdly, all the hard work you've done with partners has started paying off now. Pretty much every migration deal goes to partners.

我們繼續為我們的代表提供比正常遷移更多的激勵，因為這需要一些額外的工作。因此，這對我們的代表來說始終是額外的激勵。第三，您與合作夥伴所做的所有努力現在已經開始得到回報。幾乎每筆遷移交易都會流向合作夥伴。

We talked about our migration factory program. All of the large partners have built, by the way, migration factories within their Informatica practices to basically take these migrations and run it through their factories. And remember, for them, migration is one step to a larger end-to-end modernization journey that they can have in the practice to give them a higher multiple on that migration than a classic software project. So all of those things are basically bearing fruit right now.

我們討論了我們的遷移工廠計劃。順便說一句，所有大型合作夥伴都在其 Informatica 實踐中建立了遷移工廠，基本上可以進行這些遷移並透過其工廠運作。請記住，對他們來說，遷移是邁向更大的端到端現代化之旅的一步，他們可以在實踐中獲得比經典軟體專案更高的遷移倍數。所以所有這些事情現在基本上都在結出碩果。

Maybe just as a follow-up, I want to pull on that partner thread. A lot of new and exciting and expanded partnerships you talked about. But specific to the SIs, I think you said -- I think it was 33% of new booking sourced from SIs, I could have that wrong. Is it unreasonable to think that we could get to 50& maybe even this year? And what kind of commitments do you have from the largest SIs in terms of investing in certifications and capacity building even more around Informatica?

也許只是作為後續行動，我想利用合作夥伴的線索。您談到了許多新的、令人興奮的和擴大的合作夥伴關係。但具體到 SI，我想您說過——我認為 33% 的新預訂來自 SI，我可能錯了。認為我們今年可以達到 50 甚至可能是不合理的嗎？最大的 SI 在投資認證和能力建設（甚至更多地圍繞 Informatica）方面做出了哪些承諾？

I think, first of all, 31% is a very good number. It was 31%. And I think we're in a good ZIP code. Think of it as a law of larger numbers. So I think I look at it like that. The place that I'll guide -- I'll point to is in what makes me very excited is that all the large SIs. Pretty much if you look at where the growth is coming from them, data and AI practices for them are pretty much driving growth. And when you think of anybody's data and AI practice, they pretty much have largely 5 or 6 partners, they end up being the 3 hyperscalers, the 2 data warehouse and data lake companies and us. And uniquely, we are the only one that works with all of them because in the world where customers are, they would be using 1 or 2 of those 5, but they end up using us for data management, and we work with all of them. So that makes it very unique.

我認為，首先，31%是一個非常好的數字。是 31%。我認為我們的郵遞區號很好。將其視為大數定律。所以我想我是這樣看的。我要指導的地方——我要指出的是讓我非常興奮的是所有的大型系統整合商。如果你看看他們的成長來自哪裡，你會發現他們的數據和人工智慧實踐很大程度上推動了成長。當你想到任何人的資料和人工智慧實踐時，他們幾乎都有 5 或 6 個合作夥伴，他們最終是 3 個超大規模企業、2 個資料倉儲和資料湖公司以及我們。獨特的是，我們是唯一一家與所有這些公司合作的公司，因為在客戶所在的世界中，他們會使用這5 個中的一到兩個，但他們最終使用我們進行資料管理，而我們與他們所有人合作。這使得它非常獨特。

And our platform being all the products, best products makes it very easy for the GSIs to not have to go do a lot of hard work. So we are part of their reference architecture. That momentum is bearing fruit. And large transformation projects, customers want somebody at scale like us, best products or platform and the ability to drive customer success and value creation for customers.

我們的平台包含所有產品，最好的產品，使 GSI 很容易不必做很多艱苦的工作。所以我們是他們參考架構的一部分。這種勢頭正在結出碩果。對於大型轉型項目，客戶希望有像我們這樣的規模、最好的產品或平台以及推動客戶成功和為客戶創造價值的能力。

And let me just clarify the data a little bit, that 31% is deals that were brought to us by the partners. So they were sourced. If you look at the amount of our bookings that are co-sold with or where we're side-by-side with a partner in selling the deal regardless of who sourced it, that's roughly 70%, a little more than 70% as we disclosed at our Investor Day in December. So the partners source a lot of business for us. And more than a majority, we're shoulder to shoulder with them delivering and selling it in the field.

讓我稍微澄清一下數據，31% 是合作夥伴帶給我們的交易。所以他們是有來源的。如果你看看我們與合作夥伴共同銷售的預訂量，或者我們與合作夥伴並肩銷售的預訂量，無論是誰提供的，大約為 70%，略高於 70%，因為我們在12 月份的投資者日披露了這項資訊。所以合作夥伴為我們帶來了很多業務。我們與大多數人並肩在現場交付和銷售產品。

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

下一個問題來自 Wolfe Research 的 Alex Zukin。

The large deal activity, customers over 1 million, really stood out this quarter. Can you maybe talk about, did you see evidence of some sort of a budget flush, competitive displacements? Or are you seeing kind of now a return to a more normalized buying environment? And then I've got a quick follow-up.

客戶數量超過 100 萬的大型交易活動在本季尤為突出。您能否談談，您是否看到了某種預算充裕、競爭性取代的證據？或者您現在看到某種程度的回歸更加正常化的購買環境？然後我會進行快速跟進。

Sure, Alex. Thanks. I think that the way I would say that the buying environment, I would say we've seen the same for the last couple of months. I would not say that the buying environment has probably dramatically changed in a meaningful way, early days. I would say that what's happening is I'll put them into a couple of categories, Alex for you.

當然，亞歷克斯。謝謝。我認為，就像我所說的購買環境一樣，我會說過去幾個月我們也看到了同樣的情況。我不會說早期的購買環境可能已經發生了有意義的巨大變化。我想說的是，我會將它們分為幾個類別，亞歷克斯為你服務。

Number one is the CoCd strategy of having all the data management best products on one platform with consumption-based pricing makes it very easy for customers to make a very simple decision of actually consolidating a lot of the bespoke tool spend they were doing because that creates more risk. In fact, it creates more spend for them. So that is definitely playing to our favor.

第一個是CoCd 策略，將所有資料管理最佳產品集中在一個平台上，並採用基於消費的定價，使客戶可以輕鬆地做出一個非常簡單的決定，即實際整合他們正在做的大量定制工具支出，因為這會產生更多風險。事實上，這為他們創造了更多支出。所以絕對對我們有利。

Second is we talked about partnerships. Most of the transformation deals and the big deals you're talking about, like I said, customers are definitely pivoting towards defense to more offense in a way. But they are still trying to conserve costs by automating efficiencies, but they are funding what are called growth initiatives. And in those transformation initiatives, our partnerships going hand-to-hand with the GSI or a hyperscaler and us. This large auto company in U.K., massive EV project, it was literally one hyperscaler, one ecosystem player, one GSI and us because they needed that scale to give them the confidence. That is coming to us, coming to our benefit.

其次，我們談到了合作關係。正如我所說，大多數轉型交易和您所談論的大交易，在某種程度上，客戶肯定會從防禦轉向更多進攻。但他們仍在試圖透過自動化效率來節省成本，但他們正在為所謂的成長計畫提供資金。在這些轉型措施中，我們的合作關係與 GSI 或超大規模企業和我們攜手並進。這家英國大型汽車公司的大型電動車專案實際上是一個超大規模企業、一個生態系統參與者、一個 GSI 和我們，因為他們需要這種規模來給他們信心。這正在降臨到我們身上，為我們帶來好處。

And thirdly, which is just the very uniqueness of our platform that we can do a traditional digital transformation product or project; the same product and the same platform allows them to do gen AI project. So they can fund their gen AI initiatives on the same platform using IPUs and they can get going and experimenting and starting on that and not having to do 2 different things. So those are all playing to our advantage.

第三，我們平台的獨特之處在於我們可以做傳統的數位轉型產品或專案；相同的產品和相同的平台允許他們做 gen AI 專案。因此，他們可以使用 IPU 在同一平台上資助他們的新一代人工智慧計劃，他們可以開始進行實驗並開始，而不必做兩件不同的事情。所以這些都對我們有利。

Perfect. And then maybe tying into that, I guess, maybe a little bit on Matt's question is, are you seeing the gen AI initiative funding kind of migrate from the experimentation phase to the kind of production phase yet? If not, how many quarters do you think that takes when customers are ready to do that? And how durable or sustainable is this, I would say, bump that a lot of companies are getting when partnering with one of the hyperscalers and being able to offer customers multiple ways to retire their core consumption credits with those hyperscalers on a plethora of services. How durable is that trend as well?

完美的。然後也許與此相關，我想，也許馬特的問題是，你是否看到 gen AI 計劃資金從實驗階段轉移到生產階段？如果沒有，您認為客戶準備好這樣做需要多少個季度？我想說的是，這種持久性或可持續性如何，是許多公司在與超大規模企業合作時所獲得的衝擊，並且能夠為客戶提供多種方式，透過這些超大規模企業的大量服務來取消其核心消費信用。這種趨勢有多持久？

So 2 different questions, Alex. I'll go to the second one first. I think I don't look at it from a durability point of view. The thing is that, that was excess capacity sold by the hyperscalers that customers had to draw down. In our case, they need the stuff we bring to them because these are mission-critical workloads. So they were able to allocate those dollars over here. We end up always being in mission-critical must-have workloads. So the customers over a period of time, always end up with us doing things that they want to do and have to do and must do, which is why, look, you've seen we've never gone belly up or belly down. They've been very steady. So I would look at it like that. I don't look at it as it's something that will go away over a period of time. We don't see anything like that.

所以有兩個不同的問題，亞歷克斯。我先講第二個。我認為我不是從耐用性的角度來看待它的。問題是，這是超大規模企業出售的過剩產能，客戶不得不使用它們。就我們而言，他們需要我們為他們提供的東西，因為這些是任務關鍵型工作負載。所以他們能夠把這些美元分配到這裡。我們最終總是處於關鍵任務的必備工作負載中。因此，在一段時間內，客戶總是讓我們做他​​們想做、必須做和必須做的事情，這就是為什麼，你看，你已經看到我們從未陷入困境或陷入困境。他們一直很穩定。所以我會這樣看。我不看它，因為它會在一段時間後消失。我們沒有看到這樣的事情。

Yes. You should not think of our growth or our sales as being driven to any material degree by excess commits at the hyperscalers that the customers have to spend and therefore they figure, let's just spend it on Informatica even though we don't need it. Yes, that's not what's driving it.

是的。您不應該認為我們的成長或我們的銷售在任何實質程度上是由客戶必須花費的超大規模的承諾所推動的，因此他們認為，讓我們把錢花在 Informatica 上，即使我們不需要它。是的，這不是推動它的原因。

And then to your first question on gen AI. Look, I think this is a year where I would say more in the second half, you will see the workloads turning into first production go-lives to some extent. And I can remember, when I say production go-live for G2K kind of customers, these are not, these are nonmaterial, very critical go-lives. It's not like you can just run a data science experiment and if it goes wrong, it goes wrong. That's how I define our production go-live. I do expect those to happen. I think a lot of work is happening right now. First is experimenting on a small scale and trying to take it to a bigger scale then trying to make sure you can truly run it without a destination, wrong inferences. You can't -- if you're owning it, if you're running it in customer set and environment, you can't get that wrong. So I do see some of them going into production in the second half of this year. And of course, as it goes over there, customers start thinking about the governance and other things that become very important, especially if they're regulated industries. So we see that. A lot of work going on in that area with our customers. I see that in CLAIRE GPT Private Preview, the kind of stuff we are doing. I feel pretty good about it.

然後是關於人工智慧時代的第一個問題。聽著，我認為今年下半年我會說更多，你會看到工作負載在某種程度上轉變為首次生產上線。我記得，當我說 G2K 類客戶的生產上線時，這些不是，這些是非物質的、非常關鍵的上線。這並不是說你可以只進行一個數據科學實驗，如果出錯了，它就出錯了。這就是我如何定義我們的生產上線。我確實希望這些會發生。我認為現在正在進行很多工作。首先是進行小規模試驗，並嘗試將其擴大到更大的規模，然後嘗試確保您可以真正運行它，而無需目的地、錯誤的推論。你不能——如果你擁有它，如果你在客戶群和環境中運行它，你就不會出錯。所以我確實看到其中一些將在今年下半年投入生產。當然，隨著情況的發展，客戶開始考慮治理和其他變得非常重要的事情，特別是如果它們是受監管的行業。所以我們看到了這一點。我們與客戶在該領域正在進行大量工作。我在 CLAIRE GPT Private Preview 中看到了我們正在做的事情。我對此感覺很好。

The next question comes from the line of Kash Rangan with Goldman Sachs.

下一個問題來自 Kash Rangan 與高盛的對話。

So tailor-made. It's so difficult to go after Zelnick and Zukin because they ask such good questions, but I'm going to try. I'm going to try. So first of all, congrats on the quarter and the finish of the year.

如此量身訂製。追隨澤爾尼克和祖金是如此困難，因為他們提出了很好的問題，但我會嘗試。我要嘗試一下。首先，恭喜本季和年底。

Yes, it is tough to go after Zelnick and Zukin. Yes. But I'm going to try. So when you look at the cloud business, I mean you're on track to finishing up close to $1 billion run rate somewhere in calendar '24 or early '25. And you got there in a relatively short period of time. Or as the on-prem -- I fondly remember the founding of Informatica in 1994, I was sitting with the [guys]. So congratulations on your 30th anniversary. It took 30 years to get the on-prem business to a certain scale, right?

是的，追隨澤爾尼克和祖金是很困難的。是的。但我會嘗試一下。因此，當您關注雲端業務時，我的意思是您預計在 24 年或 25 年初的某個時間完成接近 10 億美元的運行率。你在相對較短的時間內到達了那裡。或者作為本地部署，我深深地記得 1994 年 Informatica 成立時，我和[同事們]坐在一起。祝賀你們成立 30 週年。 On-Prem業務花了30年才達到某個規模，對嗎？

When you look at the cloud, if the cloud does extend the growth path to a greater level of durability and longer level of growth versus the on-premise, which took 30 years to get here, what are the things that will enable the cloud journey to be a longer journey? And if you could offer some proof points, Amit and Mike, on why you are, if you are, underrepresented with respect to your cloud wallet share as you begin this journey, that would be great.

當您審視雲端時，如果雲端確實將成長路徑延伸到了比本地部署（花了 30 年才達到這一水平）更高水平的耐用性和更長的成長水平，那麼哪些因素將推動雲端之旅是一個更長的旅程？阿米特和麥克，如果你們能提供一些證據來說明為什麼你們在開始這一旅程時在雲端錢包份額方面代表性不足（如果你們確實如此），那就太好了。

And then finally, not to be out then. As you look at the existential risks of this category, not at the company, how do you think about framing the risk posed by the cloud data warehousing companies that have their own native ETL tools are in a world that promises maybe to be ETL -- no ETL or ETL-like. How does Informatica thrive on that work?

最後，不要出去。當您審視這一類別的存在風險（而不是公司的風險）時，您如何看待擁有自己的原生 ETL 工具的雲端資料倉儲公司所帶來的風險，這些公司所處的世界可能會成為 ETL ——沒有ETL 或類似ETL。 Informatica 如何在這項工作中蓬勃發展？

Thanks, Kash. I think I'll comment on the first one first. I couldn't agree more. I said that at the Investor Day that the pace of the innovation to get us to $1 billion of subscription and now getting towards $1 billion of cloud, it has happened in less than 1/3 of the time frame that the company took to reach $1 billion of license revenues. I couldn't agree more that we are definitely firing on all cylinders and the platform strategy is working.

謝謝，卡什。我想我會先評論第一個。我完全同意。我在投資者日說過，創新的步伐使我們的認購額達到 10 億美元，現在又邁向 10 億美元的雲，這一速度只用了公司達到 1 美元所需時間的 1/3。億的授權收入。我完全同意，我們肯定正在全力以赴，而且平台策略正在發揮作用。

To your second question, I mean, I'll break it into a couple of parts. First of all, Kash, I will respectfully remind everybody that Informatica is not an ETL-only company. I think this goes back again to the question that I think we'll have to maybe continue to remind ETL is a very small component of what we do. We have 7 product categories, data integration and data engineering, data quality, app integration and API management, data catalog, MDM apps, data governance, data marketplace.

對於你的第二個問題，我的意思是，我會把它分成幾個部分。首先，Kash，我謹提醒大家，Informatica 並不是一家只做 ETL 的公司。我認為這又回到了一個問題，我認為我們可能必須繼續提醒 ETL 只是我們所做工作的一個非常小的組成部分。我們有 7 個產品類別：資料整合和資料工程、資料品質、應用程式整合和 API 管理、資料目錄、MDM 應用程式、資料治理、資料市場。

In data integration sits ETL, ELT, mass ingestion, I can go on and on and on. Actually, ETL is a very, very small component of the world. And in fact, when we gave out a free services, we actually genuinely believe that the small companies who came out with just ingestion-only capabilities will basically run out of business. We are not an ETL company anymore. We do larger data management, in which no data warehouse -- by the way, all these data warehouses, you can have 10 connectors, which creates a simple ETL. But when you think of the metadata, when you think of quality, when you think of governance, when you think of the broader elastic, when you think of ELT at scale pushed down performance, when you talk about SAP, when you talk about those [complex] -- it's a whole different world.

在資料整合方面，有 ETL、ELT、大規模攝取，我可以一直說下去。實際上，ETL 是世界上非常非常小的組成部分。事實上，當我們提供免費服務時，我們確實相信那些僅具有僅攝取功能的小公司基本上會破產。我們不再是一家 ETL 公司。我們進行更大的資料管理，其中沒有資料倉儲——順便說一句，所有這些資料倉儲，你可以有10個連接器，這創建了一個簡單的ETL。但是，當您想到元資料時，當您想到品質時，當您想到治理時，當您想到更廣泛的彈性時，當您想到ELT 大規模降低效能時，當您談論SAP 時，當您談論這些時[複雜]－這是一個完全不同的世界。

We just don't see that -- that part is where Informatica sizes and grows. I would -- ETL, it's immaterial to Informatica's growth today and has 0 bearing on how we will grow tomorrow. We have moved beyond that in a significant way. So I think I'll just kind of almost echo that for the larger group and you, that's not what I worry about, where Informatica is and where Informatica is going.

我們只是沒有看到這一點——這部分正是 Informatica 規模和發展的地方。我認為——ETL，它對 Informatica 今天的成長無關緊要，對我們明天的成長方式沒有任何影響。我們已經在很大程度上超越了這一點。因此，我想我幾乎會重複這一點，對於更大的群體和您來說，這不是我擔心的問題，即 Informatica 的現狀和 Informatica 的發展方向。

And I'll circle back to the first part of your question where you're talking a little bit about wallet share and so forth. The data management market is still very fragmented. And if you remember back to Investor Day, we showed the IDC TAM growing at 27% through 2027. And getting to north of $60 billion and our cloud right now on a revenue basis is only $500 million as we disclosed for the first time in our release today. So we don't have a big share of that TAM, although we are the leading provider.

我將回到你問題的第一部分，你在其中談論了一些關於錢包份額等問題。數據管理市場仍然非常分散。如果您還記得投資者日，我們顯示，到2027 年，IDC TAM 將以27% 的速度成長。正如我們在我們的報告中首次披露的那樣，我們的雲端收入目前已超過600 億美元，而目前的收入僅5 億美元。今天發布。因此，儘管我們是領先的供應商，但我們在 TAM 中所佔的份額並不大。

But we think that because we have the best data management products delivered on the industry's only platform that serves multivendor, multicloud and hybrid workloads, that we at least will maintain our market share, and we think we're going to grow it. And the buildup to the 35% growth that we think we're going to deliver in '24 between net new expansion -- net new customers and expansion of existing workloads and migrations is just not heroic based on what the TAM is growing by and our share of that TAM.

但我們認為，由於我們在業界唯一為多供應商、多雲和混合工作負載提供服務的平台上提供了最好的數據管理產品，因此我們至少將保持我們的市場份額，並且我們認為我們將擴大這一市場佔有率。我們認為我們將在 24 年實現淨新擴張（淨新客戶與現有工作負載和遷移的擴張）之間實現 35% 的成長，根據 TAM 的成長方式和我們的成長，這並不是英雄式的。該TAM 的份額。

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

下一個問題來自豐業銀行 Patrick Colville 的電話。

I want to go back to generative AI. I mean you touched on it in the prepared remarks and you touched on it in the Q&A. But can you just give us, I guess, the 101, like how does Informatica benefit from generative AI? And when do you see this gen AI benefit hitting the financial model?

我想回到生成式人工智慧。我的意思是，您在準備好的發言中提到了這一點，並且在問答中也提到了這一點。但我想您能否向我們介紹 101，例如 Informatica 如何從生成式 AI 中受益？什麼時候會看到這一代人工智慧的好處影響到財務模型？

Yes. So I think 2-part question. So I think, think about it this way, what is gen AI? So first of all, in the gen AI world, as we all know, right now, the models are being put out there and everyone wants to train the models to do something of value, very simplistically put. And I think in that world, there is no value in the model without good data going in and good inference coming out. A little bit like you all live in the world of Excel, and Excel by itself doesn't deliver any value. When you basically create a good model and put good data in that Excel model in this conversation, you get data from us, it puts out a big inference.

是的。所以我認為問題分為兩個部分。所以我想，這樣想一下，什麼是gen AI？首先，在新一代人工智慧世界中，眾所周知，現在模型正在被推出，每個人都想訓練模型做一些有價值的事情，非常簡單地說。我認為在那個世界裡，如果沒有良好的資料輸入和良好的推理，模型就沒有價值。有點像你們都活在 Excel 的世界中，而 Excel 本身並不能提供任何價值。當您基本上創建一個好的模型並將好的數據放入該對話中的 Excel 模型中時，您會從我們那裡獲得數據，它會得出一個很大的推論。

The biggest opportunity in front of us, and we are seeing that, is that customers have realized -- in fact, data management or data is becoming a business process in itself. They need to make sure that they have good data, holistic data, clean data. They all understand the context of that data, which is lineage. They understand the governance of that data. They can make sure that in that context, democratization happens in being much more governed. All of those things are basically what we do. And we see that is happening as we speak. The new stack, everybody wants to get that in order as the experiments on the side become more and more and more operational. There's a lot of other stuff that's happening using the Internet data that's different.

我們看到，擺在我們面前的最大機會是客戶已經意識到——事實上，資料管理或資料本身正在成為一個業務流程。他們需要確保擁有良好的數據、全面的數據、乾淨的數據。他們都了解該數據的背景，即血統。他們了解這些數據的治理。他們可以確保在這種情況下，民主化會在更嚴格的治理下發生。所有這些事情基本上都是我們所做的。就在我們說話的時候，我們看到這種情況正在發生。對於新的堆疊，每個人都希望隨著側面的實驗變得越來越可操作而使其井然有序。使用網路資料正在發生許多其他不同的事情。

When you have to use your company data to do all that stuff you talked about, that's where we are. In fact, the CLAIRE GPT preview that's going on, we see some of the great things, customers with data discovery, classifying data, automating data quality. We see classifications improved by 60%. Data -- quality of data is growing by 100x. Think of that is what is automation and what CLAIRE is being able to do. That's where we come into play. And the other one is that it's a complex part of the data stack to do as these things.

當您必須使用公司數據來做您談到的所有事情時，這就是我們的處境。事實上，在正在進行的 CLAIRE GPT 預覽中，我們看到了一些很棒的事情，客戶可以進行資料發現、資料分類、資料品質自動化。我們看到分類提高了 60%。數據－數據品質成長了 100 倍。想一想，這就是自動化，也是 CLAIRE 能夠做到的。這就是我們發揮作用的地方。另一個是它是資料堆疊中完成這些事情的複雜部分。

Customers don't want to have bespoke tools doing it because then you can't figure out what's happening where, basically consolidating it on a platform, which again, gives them consumption-based price and makes it a ton easier. That's where we are seeing a lot of value. And I think this year, we are going to see the early tailwinds of that. It's kind of baked into our model. And I think I do see that basically in the next few years, digital transformation will become nothing else but gen AI-driven digital transformation.

客戶不希望使用客製化工具來做這件事，因為這樣你就無法弄清楚在哪裡發生了什麼，基本上將其整合在一個平台上，這又給了他們基於消費的價格，並使事情變得更加容易。這就是我們看到很多價值的地方。我認為今年，我們將看到這方面的早期成果。它已經融入我們的模型中了。我認為我確實看到，基本上在未來幾年內，數位轉型將成為人工智慧驅動的數位轉型。

Yes, exciting times. And I guess the CLAIRE AI GPT, the kind of your -- Informatica's copilot. Is that a charge that Informatica charges for? Or will that be kind of part of the core product offering?

是的，激動人心的時刻。我猜 CLAIRE AI GPT 是 Informatica 的副駕駛。 Informatica 是否收取此費用？或者這會成為核心產品的一部分嗎？

Part of the core product offering; it's IPO consumption. So we want -- they are basically driving more IPO consumption, no separate SKUs out there. Basically, it is going to be part and parcel of what the individual products are and what customers are going to do with them, and they will basically draw down IPU usage and increase IPU consumption.

核心產品的一部分；這是IPO消費。所以我們希望——他們基本上推動了更多的 IPO 消費，沒有單獨的 SKU。基本上，它將成為各個產品的本質以及客戶將如何使用它們的重要組成部分，並且他們基本上會減少 IPU 使用量並增加 IPU 消耗量。

(Operator Instructions) Our next question comes from the line of Koji Ikeda with Bank of America.

（操作員指令）我們的下一個問題來自美國銀行的 Koji Ikeda 線路。

When I think about Informatica and taking it back to the IPO and the results and the execution since then, the IPO, it really seems like it's just been business as usual, good execution as usual, but maybe not platform as usual. And what I mean by that is the platform, the offering, IDMC, has definitely gotten bigger and better since the IPO. A lot of new announcements over the past year, CLAIRE GPT, IPU pricing model, I mean, a lot has been announced. So I guess the question here is what are you most excited for within all the announcements over the past years as growth drivers over the medium term?

當我想到 Informatica 並把它帶回 IPO 以及自 IPO 以來的結果和執行時，IPO 看起來真的就像平常一樣，一如既往的良好執行，但可能不是像往常一樣的平台。我的意思是，自 IPO 以來，IDMC 的平台、產品肯定變得更大、更好。過去一年發布了許多新消息，CLAIRE GPT、IPU 定價模型，我的意思是，已經發布了許多消息。所以我想這裡的問題是，在過去幾年作為中期成長動力的所有公告中，您最興奮的是什麼？

Exactly. What a tough question. You asked me -- you want me to pick my most favorite kid in all this stuff. I'll attempt. But look, I'll go back, I'd put it in 3 things. It's not one because it's always a power of things that come together. One is the innovation strategy. We not only bet on the platform because we knew that, as Mike said, it's a very fragmented market. There are hundreds of bespoke tools running around. And we knew that -- by the way, not all of them are best-of-breed also, as much as they said that. We had best-of-breed products on one platform. So the consolidation, derisking of customer strategy to basically go with one vendor with the best products and the only platform has worked, and that's allowing customers to manage their hybrid multivendor landscape, which is true for every enterprise.

確切地。多麼棘手的問題。你問我——你想讓我在所有這些東西中選出我最喜歡的孩子。我會嘗試一下。但是看，我會回去，我會把它分成三件事。它不是一個，因為它總是聚集在一起的力量。一是創新戰略。我們不僅押注於這個平台，因為我們知道，正如麥克所說，這是一個非常分散的市場。有數百種定制工具正在運行。我們知道——順便說一句，並不是所有的人都是最好的，正如他們所說的那樣。我們在一個平台上擁有同類最佳的產品。因此，整合、消除客戶策略風險，基本上與擁有最好產品和唯一平台的供應商合作的做法已經奏效，這使得客戶能夠管理他們的混合多供應商環境，這對每個企業來說都是如此。

Second is IPU pricing is killer. It reduces the whole selling cycle of talking about so many different pricing models that exist and makes the conversation strategic and value driven. You go drive value with the customers. Guess what? You can go low, you can go high. In fact, more often than not, customer wants to then say, "Oh, geez, I know I'm going to do this mission-critical workload. I want to do this more with you. Beautiful". So we have a very strategic outlook.

其次，IPU 的定價是殺手鐧。它減少了談論現有的許多不同定價模型的整個銷售週期，並使對話具有策略性和價值驅動。您與客戶一起推動價值。你猜怎麼了？你可以走低，也可以走高。事實上，客戶常常想說：「哦，天啊，我知道我要完成這個關鍵任務工作負載。我想和你一起做更多這件事。太棒了」。所以我們有一個非常戰略性的前景。

Third one is the whole strategic partner ecosystem that we have built with the hyperscalers, the Snowflakes and the Databricks and the GSIs, it's very important. Because large G2K transformation projects basically do not happen by one tool doing a small corner project. That happens with scale vendors going in and helping customers drive value. The trifecta of this is what is bearing fruit.

第三個是我們與超大規模供應商、Snowflakes、Databricks 和 GSI 建立的整個策略合作夥伴生態系統，這非常重要。因為大型的G2K改造專案基本上不會透過一個工具做一個小角落專案來實現。當規模供應商介入並幫助客戶創造價值時，就會發生這種情況。這三重奏正在結出果實。

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

我們的下一個問題來自馬霍華與古根漢的對話。

Great. I also want to add my congratulations on a strong finish to the year that had no lack of challenges. Amit, I wanted to ask you about the expanded cloud technology partnerships that you had called out. So I'm talking specifically Microsoft fabric and the Superpipe with Snowflake, Databricks' Unity Catalog, the integration of MDM with MongoDB. Can you give us a sense of the organizational alignment that it takes to establish these partnerships? And how much of a barrier to entry do you think it is to competitors? So that's one part. And then the second part is if we were to think about the data and the amount of revenue that Informatica generates from these partnerships across hyperscalers, Snowflake, Databricks, MongoDB versus other data sources and destinations, is that former group, is that going to approach 100% at some point in the near term?

偉大的。我也想祝賀您在充滿挑戰的這一年中取得了圓滿成功。阿米特，我想問一下您所呼籲的擴大雲端技術合作夥伴關係的情況。所以我特別指的是 Microsoft Fabric 和有 Snowflake 的 Superpipe、Databricks 的 Unity Catalog、MDM 與 MongoDB 的整合。您能否讓我們了解建立這些夥伴關係所需的組織協調？您認為這對競爭對手來說有多大的進入障礙？這就是一部分。然後第二部分是，如果我們要考慮 Informatica 從超大規模提供者、Snowflake、Databricks、MongoDB 與其他資料來源和目的地的這些合作夥伴關係中產生的資料和收入金額，前一組是否會接近短期內某個時候會達到100% 嗎？

Sure, Howard. So I think first question, look, Rome wasn't built in a day. These partnerships for us have not -- they didn't start yesterday. In fact, we -- many, many years ago, we started working with Azure. We started working -- by the way, we were the partner -- we launched partners with Redshift. And Redshift came out with AWS and with GCP. When BigQuery came out and with Snowflake, very, very early days with Snowflake and Databricks. So we've been working with them from very early days. And I think while it is becoming a lot more visible now, every time something new comes out, we are design partners. We won the design partner of the year with AWS. I mean we've been working with them for so many years.

當然，霍華德。所以我認為第一個問題，羅馬不是一天造成的。我們的這些夥伴關係並不是昨天才開始的。事實上，我們很多很多年前就開始使用 Azure。我們開始工作——順便說一句，我們是合作夥伴——我們與 Redshift 建立了合作夥伴關係。 Redshift 與 AWS 和 GCP 一起推出。當 BigQuery 與 Snowflake 一起出現時，Snowflake 和 Databricks 的誕生非常非常早。因此，我們從很早就開始與他們合作。我認為，雖然現在它變得越來越明顯，但每次有新的東西出現時，我們都是設計夥伴。我們與 AWS 一起榮獲年度設計合作夥伴獎。我的意思是我們已經與他們合作了很多年。

We are the design partner for Microsoft Fabric. So you can see we are there at the table with them and they're conceiving the new technologies because our joint customers want that. So these partnerships have come from a long time and it has built technology trust, go-to-market trust, customer trust. So it comes from that place. And hence, they multiply. And today, we are seeing the snowball effect of that one. And so that's the way to think about it.

我們是 Microsoft Fabric 的設計合作夥伴。所以你可以看到我們和他們坐在一起，他們正在構思新技術，因為我們的共同客戶想要這樣。因此，這些合作夥伴關係已經建立了很長時間，並且建立了技術信任、進入市場信任和客戶信任。所以它來自那個地方。因此，它們會繁殖。今天，我們看到了這效應的滾雪球效應。這就是思考這個問題的方式。

Second is, I think, look, the 100% comment, we shared at our Investor Day. And the way to think about it is, clearly, the new workloads are growing. But when you think of an enterprise, the reason why I hesitate on the 100% thing, if you look at a data warehousing project in an enterprise, right, data is still coming from old sources and new sources, right?

其次，我想，看，我們在投資者日分享的 100% 評論。顯然，新的工作負載正在成長。但是當你想到一個企業時，我之所以對100%的事情猶豫不決，如果你看一個企業中的資料倉儲項目，對吧，資料仍然來自舊來源和新來源，對嗎？

So in that context, IDMC is pulling data from the old mainstream, but also from the new Microsoft or the new MongoDB database or the new Snowflake, so on and so forth. So it's going to be both. Of course, the latter will continue to grow bigger in size as more and more data gets housed there as an example. But the old ones will not become 0 because data is still sitting over there. As that stuff gets retired, naturally, it won't matter to us. Our job is to bring -- make sure that we can connect and manage the entire data landscape of the enterprise. Hence, I hesitate to talk about the zero-sum game. But of course, all our growth and all our investments, as you can see, is pivoted towards the future, and that's what we invest in.

因此，在這種情況下，IDMC 正在從舊的主流中提取數據，但也從新的 Microsoft 或新的 MongoDB 資料庫或新的 Snowflake 等中提取數據。所以兩者都會。當然，例如，隨著越來越多的數據被存放在那裡，後者的規模將繼續變得更大。但舊的不會變成 0，因為數據仍然在那裡。隨著這些東西退役，大自然對我們來說就不再重要了。我們的工作是確保我們能夠連結和管理企業的整個資料環境。因此，我對於談論零和遊戲猶豫不決。但當然，正如你所看到的，我們所有的成長和所有投資都是面向未來的，這就是我們投資的方向。

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。

Congratulations to the team for a really strong quarter here. Wanted to ask about the transactions that you're seeing flowing through cloud. I mean 62% year-over-year growth in transactions is really impressive. And as you're ramping, of course -- rather, continuing to grow cloud, how should we think about this overall cloud metric? Is it something illustrative here, just in general, showing that you have a tremendous increase in usage? Or is this something that we should be considering as like perhaps proxy related to IPUs?

祝賀團隊在這裡度過了一個非常強勁的季度。想詢問您所看到的流經雲的交易。我的意思是，交易量同比增長 62% 確實令人印象深刻。當然，隨著您的不斷發展，而是繼續發展雲，我們該如何考慮這個整體雲指標？這裡是否有一些說明性​​的東西，只是一般而言，表明您的使用量有了巨大的增加？或者這是我們應該考慮的事情，就像與 IPU 相關的代理一樣？

So think about it as usage. So I would not correlate it to ARR and all. The best indicator of that is that it is -- it means that it's more activity, more usage of our products on our IPU cloud -- through IPUs on our platform. So obviously, customers are doing more and more and more work. And I look at it, that's what it is. That's why we track that very, very closely. We see exactly what action is happening. So that's -- it's a directional sense to say, heavy activity, which means that we don't have products sitting on shelf. People go, use it. And that covers a broad swath of usage. It could be governance usage. It could be a master data management usage. It could be ELT usage, it could be pure data quality usage. All of those kind of things are baked into this transaction metric that we share.

因此，請將其視為用法。所以我不會將其與 ARR 等相關聯。最好的指標是——這意味著透過我們平台上的 IPU，我們的 IPU 雲端上的產品有更多的活動和更多的使用。顯然，客戶正在做越來越多的工作。我看著它，就是這樣。這就是為什麼我們非常非常密切地追蹤這一點。我們清楚地看到正在發生什麼行動。所以，這是一種方向性的說法，即大量活動，這意味著我們沒有貨架上的產品。人們走了，使用它。這涵蓋了廣泛的用途。這可能是治理用途。它可能是主資料管理用途。可能是 ELT 使用，也可能是純粹的數據品質使用。所有這些事情都被納入我們共享的交易指標中。

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)。

You talked about how you're seeing kind of a greater appetite from customers to do transformations, and earlier this week, we heard from Teradata some pressure on some large customer losses. And it does seem like as IT budgets are picking up, the move to the cloud is accelerating. I'm wondering, I guess, first, if I look at your non-cloud business, the on-prem subscription ARR and maintenance, those were a bit stronger than expected. So could you just unpack again what was driving that? And then secondly, if we are seeing this broader shift to the Cloud, how do you kind of think about the timing of when that happens to your on-prem base? Is it tied to these large core system migrations? Or is it completely independent event?

您談到了您如何看到客戶對轉型的興趣更大，本週早些時候，我們從 Teradata 聽到了一些大型客戶流失的壓力。隨著 IT 預算的增加，向雲端的遷移似乎正在加速。我想，首先，如果我看看你們的非雲端業務、本地訂閱 ARR 和維護，這些業務比預期要強一些。那麼你能再次解開是什麼驅動了這個嗎？其次，如果我們看到這種更廣泛的向雲端的轉變，您如何看待這種情況發生在您的本地基礎上的時間？它與這些大型核心系統遷移有關嗎？或者說它是完全獨立的事件？

Tyler, so you're right. The self-managed subscription portion of our 3 buckets of ARR and revenue did outperform our expectations for 2023. Maintenance was pretty close in line and cloud outperformed also, as you can see, based on the results versus the guide. But the self-managed did end up higher than we thought. And it turns out that there are a meaningful number of customers out there that are federal government that are agencies that have difficulty moving to the cloud in the short term.

泰勒，所以你是對的。我們的 3 個 ARR 和收入類別中的自我管理訂閱部分確實超出了我們對 2023 年的預期。正如您所看到的，根據結果與指南，維護非常接近，雲端也表現出色。但自我管理的結果確實比我們想像的還要高。事實證明，有大量客戶是聯邦政府，這些機構在短期內難以遷移到雲端。

We have tertiary geographies that are not cloud ready. And those customers still need our product and still get a tremendous amount of value out of our product. So much of the outperformance was some of those customers adding on to their existing implementation because they need more, not because they don't want to go to the cloud eventually, but they just -- now it's a small number, so forecasting it has a pretty high standard deviation around it and just ended up that it landed higher than we thought. We still do not emphasize that we don't actively sell it as being -- because it is end of sale. And frankly, we're happy with it because it means we have a lot of happy customers that want to stay with us as a company and as a brand. And those will eventually become cloud customers for us in the future.

我們的第三個地區還沒有做好雲端準備。這些客戶仍然需要我們的產品，並且仍然從我們的產品中獲得巨大的價值。如此出色的表現很大程度上是因為一些客戶添加了現有的實施，因為他們需要更多，而不是因為他們最終不想轉向雲，但他們只是——現在這個數字很小，所以預測它已經圍繞它的標準差相當高，最終它的降落速度比我們想像的還要高。我們仍然不強調我們不會主動出售它——因為它已經結束銷售了。坦白說，我們對此感到滿意，因為這意味著我們有很多滿意的客戶希望留在我們公司和品牌中。這些最終將成為我們未來的雲端客戶。

Now with respect to the pace of that migration, I think that was the second part of your question, it is accelerating. And you can see it in the year-over-year compare of '22 to '23. And you can see it in the quarterly progression, Q3 and Q4, after we introduced PowerCenter Cloud Edition. So we do expect an accelerated pace in 2024. The majority of our cloud growth will continue to be -- the strong majority of our cloud growth will continue to be new customers and expansions of existing cloud workloads, not migration. But migrations are accelerating, too, and we'll have a somewhat greater contribution to our total growth in 2024.

現在，關於遷移的速度，我認為這是你問題的第二部分，它正在加速。您可以在 22 年與 23 年的逐年比較中看到這一點。在我們推出 PowerCenter 雲端版本之後，您可以在第三季和第四季的季度進度中看到這一點。因此，我們確實預計到2024 年將會加快步伐。我們的雲端成長的大部分將繼續是－我們的雲端成長的絕大多數將繼續來自新客戶和現有雲端工作負載的擴展，而不是遷移。但遷移也在加速，我們將對 2024 年的整體成長做出更大的貢獻。

Our last question comes from the line of Stefan Schwarz with Wells Fargo.

我們的最後一個問題來自富國銀行的史蒂芬‧施瓦茲 (Stefan Schwarz)。

I'm on for Andy Nowinski. Wanted to ask relative to your commentary on cloud workloads. Past quarter, the hyperscalers talked about cost optimization coming to an end. Are you seeing similar trends in your cloud ARR pipeline for this upcoming year, maybe a similar kind of inflection?

我代表安迪·諾溫斯基。想詢問您對雲端工作負載的評論。上個季度，超大規模企業談到成本優化即將結束。您是否在即將到來的一年中看到雲端 ARR 管道的類似趨勢，或者類似的變化？

I wish we had optimization in our business. So we went belly up, so we have to be worried about going belly down. No, look, [it's strategic]. Sorry. I think, look, we've always been focused on mission-critical workloads. We didn't see -- as you see during those times where our performance has been very steady, we didn't see significant getting ahead in terms of selling excess capacity, to be very honest. When we sell IPUs, we are maniacal about selling it against mission-critical workloads. And our customer success team makes sure that the customers get into business value creation ASAP.

我希望我們的業務能夠得到最佳化。所以我們已經破產了，所以我們必須擔心破產。不，看，[這是策略性的]。對不起。我認為，我們一直專注於關鍵任務工作負荷。老實說，我們沒有看到——正如你所看到的，在我們的業績非常穩定的時期，我們沒有看到在出售過剩產能方面取得重大進展。當我們銷售 IPU 時，我們會瘋狂地針對關鍵任務工作負載進行銷售。我們的客戶成功團隊確保客戶盡快創造商業價值。

So I think that we haven't seen -- we don't -- we didn't run into those, to be very honest, if I could use that word of cost optimizations for us. Yes, we do see, on the other hand, what is happening towards there, and that I see. We've been very steady in terms of selling to mission-critical workloads across our platform, and hence we've been in some more solid growth but steady growth.

所以我認為我們還沒有看到——我們沒有——我們沒有遇到這些，說實話，如果我可以用成本優化這個詞來形容我們的話。是的，另一方面，我們確實看到了那裡正在發生的事情，我也看到了。我們在整個平台上向關鍵任務工作負載銷售方面一直非常穩定，因此我們的成長更加穩健。

And part of that is the fact that unlike some of those companies that suffered from optimization in 2023 and 2022, we have multiyear committed contracts with our customers. So they pay us a year in advance; they're multiyear commitments; they're not month-to-month, your bill changes based upon how much you use. So to that extent, simply structurally, we're not as subject to the swings of optimization versus expansion.

部分原因在於，與一些在 2023 年和 2022 年遭受優化的公司不同，我們與客戶簽訂了多年承諾合約。所以他們提前一年向我們付款；它們是多年的承諾；它們不是按月計算的，您的帳單會根據您的使用量而變化。因此，從結構上來說，我們不會受到最佳化與擴張的影響。

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

目前沒有其他問題等待。我想將會議轉交給管理團隊，讓他們發表閉幕詞。

Thanks, operator. Well, look, I know we are a little bit overtime. Thank you for staying back. Well, look, I think as you can see, we're pretty excited about where we are with our cloud-only, consumption-driven strategy. Year 1 of that was obviously executed very well. We're into year 2. And with this stage basically, like I said, it's all about continuing to maintain our focus and execution. We have a great place in the market; ongoing digital transformation migration; and of course, now gen AI, continue to be the 3 vectors driving our growth. We look forward to continuing our execution this year. And for a lot of you, hopefully, we'll see you at Informatica World in May this year.

謝謝，接線生。好吧，聽著，我知道我們有點超時了。謝謝你回來。好吧，我想正如您所看到的，我們對純雲端、消費驅動的策略所取得的進展感到非常興奮。第一年顯然執行得非常好。我們已經進入第二年了。基本上，就像我說的，在這個階段，一切都是為了繼續保持我們的專注和執行力。我們在市場上佔有一席之地；正在進行的數位轉型遷移；當然，現在的人工智慧仍然是推動我們成長的三個載體。我們期待今年繼續執行。對你們中的許多人來說，希望我們能在今年 5 月的 Informatica World 上見到你們。

That concludes today's conference call. I hope you all enjoy the rest of your day. You may now disconnect your lines.

今天的電話會議到此結束。我希望你們都度過愉快的一天。現在您可以斷開線路。