Informatica Inc (INFA) 2024 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for joining today's Informatica's First Quarter 2024 Earnings Conference Call. My name is Sierra, and I will be your moderator for today's call.

女士們、先生們，午安。感謝您參加今天的 Informatica 2024 年第一季財報電話會議。我叫 Sierra，我將擔任今天電話會議的主持人。

(Operator Instructions)

（操作員指令）

It is now my pleasure to introduce your host, Victoria Hyde-Dunn, Vice President of Investor Relations. Please proceed.

現在我很高興介紹您的主持人，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 First Quarter 2024 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 2024 年第一季財報電話會議。今天與我一起參加的是執行長 Amit Walia；以及財務長 Mike McLaughlin。

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

在我們開始之前，我們有幾點提醒。我們的收益新聞稿和幻燈片簡報可在投資者關係網站 investors.informatica.com 上找到。電話會議結束後，我們準備好的發言將會發佈在 IR 網站上。

During the call, we will be making comments of a forward-looking nature. Actual results may differ materially from those expressed or implied as a result of various risks and uncertainties. For more information about some of these risks, please review the company's SEC filings including the section titled Risk Factors included in our most recent 10-Q and 10-K filing for the full year 2023. 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.

在通話中，我們將發表前瞻性的評論。由於各種風險和不確定性，實際結果可能與明示或暗示的結果有重大差異。有關其中一些風險的更多信息，請查看公司的 SEC 文件，包括我們最新的 2023 年全年 10-Q 和 10-K 文件中的“風險因素”部分。這些前瞻性聲明是基於截至今天的信息，除非法律要求，否則我們不承擔公開更新或修改我們的前瞻性聲明的義務。

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 our slide presentation available on Informatica's Investor Relations website.

此外，我們也將討論某些非公認會計準則財務指標。這些非 GAAP 財務指標是根據 GAAP 編制的財務績效指標的補充，而不是替代方案。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可以找到這些項目與最接近的美國 GAAP 指標的對帳表。

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

現在，我很高興將電話轉給阿米特 (Amit)。

Well, thank you, Victoria. Thank you, everyone, for joining us today. I will start today's call by summarizing 3 key points. First, we delivered a solid first quarter, executing our cloud-only consumption-driven strategy. In line with our pre-announcement last week, we delivered all key growth and profitability metrics above our midpoint guidance and we are reaffirming full year 2024 guidance.

好吧，謝謝你，維多利亞。感謝大家今天的參與。我將從三個要點總結開始今天的電話會議。首先，我們第一季業績表現穩健，執行了僅限雲端的消費驅動策略。根據我們上週的預公告，我們實現的所有關鍵成長和獲利指標均高於我們的中點指引，並且我們重申 2024 年全年指引。

Second, we further accelerated Informatica's product innovation journey to deliver the best data management products on the industry's only AI-powered data management platform, serving a multi-vendor, multi-cloud, hybrid needs of modern enterprises. We launched cloud data access management, our new data access and governance solutions based on technology from our acquisition of Privitar last year. As we head into Informatica World, we plan to launch CLAIRE GPT, our generative AI chat interface on the IDMC platform.

其次，我們進一步加快了 Informatica 的產品創新之旅，在業界唯一的人工智慧資料管理平台上提供最佳的資料管理產品，滿足現代企業的多供應商、多雲、混合需求。我們推出了雲端資料存取管理，這是我們基於去年收購 Privitar 的技術的新資料存取和治理解決方案。隨著我們進入 Informatica World，我們計劃在 IDMC 平台上推出生成式 AI 聊天介面 CLAIRE GPT。

Third, as we share our Investor Day, we are focused on consistently executing our cloud-only consumption-driven strategy across 3 growth engines, ongoing data-driven digital transformation, our on-premise to cloud migration and gen AI to fuel cloud growth and drive long-term value creation.

第三，在我們分享投資者日時，我們專注於在三大成長引擎中持續執行我們的純雲端消費驅動策略，即持續的數據驅動數位轉型、從本地到雲端的遷移和​​新一代人工智慧，以推動雲端成長並推動長期價值創造。

Now let's discuss these topics in more detail. Turning to first quarter results. Cloud subscription ARR grew 35% year-over-year to $653 million. Subscription ARR increased 13% year-over-year to $1.16 billion, and total ARR rose 7% year-over-year to $1.64 billion. Total revenue grew 6% year-over-year to $389 million and non-GAAP operating income increased 29% year-over-year to $109 million. Adjusted unlevered free cash flow after tax was $183 million.

現在讓我們更詳細地討論這些主題。談到第一季的業績。雲端訂閱 ARR 年增 35% 至 6.53 億美元。訂閱 ARR 年增 13% 至 11.6 億美元，總 ARR 年增 7% 至 16.4 億美元。總營收年增 6% 至 3.89 億美元，非 GAAP 營業收入年增 29% 至 1.09 億美元。調整後的稅後無槓桿自由現金流為 1.83 億美元。

We increased opportunities with existing customers and drove new workloads in G2K markets through our sales teams and our partners supported by a healthy cloud pipeline. Approximately 72% of our cloud net new ARR in the trailing 12 months came from new cloud workloads and expansions. Customers that spend more than $1 million in subscription ARR increased 20% year-over-year to 258 customers. We saw strong growth in average subscription ARR per customer, which now has reached to $310,000, a 15% increase year-over-year.

我們透過銷售團隊和合作夥伴以及健康的雲端管道支持，增加了現有客戶的機會，並在 G2K 市場中推動了新的工作量。在過去 12 個月中，我們約 72% 的雲端淨新 ARR 來自新的雲端工作負載和擴充。訂閱 ARR 支出超過 100 萬美元的客戶數量年增 20%，達到 258 位。我們看到每位客戶的平均訂閱 ARR 強勁成長，目前已達到 31 萬美元，年增 15%。

We closed many new logos and expansion deals with great companies in the quarter that highlight our platform advantage. Let me share a few. University Hospitals of Derby and Burton, UHDB, part of the NHS Foundation Trust, a leading provider of health care services across the Midlands region of the U.K. is undertaking a transformational electronic patient record consolidation program. As a part of this strategic initiative, UHDB has chosen IDMC as its platform of choice. IDMC, specifically its cloud data governance, cloud data integration and cloud data quality modules will play a critical role in connecting disparate data sources across UHDB's hospital network.

本季度，我們與許多優秀公司達成了新標誌和擴張協議，凸顯了我們的平台優勢。讓我分享一些。德比和伯頓大學醫院 (UHDB) 是 NHS 基金會信託的一部分，也是英國中部地區領先的醫療服務提供商，目前正在實施一項變革性的電子病歷整合計劃。作為該策略舉措的一部分，UHDB 選擇 IDMC 作為其首選平台。 IDMC，特別是其雲端資料治理、雲端資料整合和雲端資料品質模組將在連接 UHDB 醫院網路中的不同資料來源方面發揮關鍵作用。

Dubai Islamic Bank is a large Islamic bank in the UAE. They recently purchased IDMC to address the data quality, data covenants and data marketplace requirements, which will ensure proper reporting to the business, support compliance with central bank regulations and enhance their customer experience. Bridgestone, a global leader in premium tires and sustainable mobility solutions is partnering with us in our MDM solutions to support them in managing and ensuring the quality of their products, suppliers, financial information and customer data to optimize the supply chain and inventory operations across the globe.

杜拜伊斯蘭銀行是阿聯酋一家大型伊斯蘭銀行。他們最近購買了 IDMC 來解決資料品質、資料契約和資料市場要求，這將確保向企業提供正確的報告、支援遵守中央銀行法規並增強客戶體驗。普利司通是優質輪胎和可持續移動解決方案的全球領導者，該公司正在與我們合作開發 MDM 解決方案，以支持他們管理和確保其產品、供應商、財務資訊和客戶數據的質量，從而優化全球的供應鏈和庫存運營。

We, at Informatica, are the Switzerland of data and the only data management partner scale that manages data of any type, any patent, any complexity or any workload across any location. We continued co-selling with our ecosystem partners such as Microsoft, AWS, GCP, OCI, Snowflake, Switzerland and MongoDB. We also made new announcements with Snowflake and GCP at Google Cloud Text. With Google Cloud, we announced a new MDM extension for Google BigQuery to simplify and accelerate the use of high-quality trusted data from Informatica to power gen AI workloads with Vertex AI and Google Gemini and customer data platform workloads with BigQuery and Looker.

我們是 Informatica，是資料的瑞士，也是唯一能夠管理任何類型、任何專利、任何複雜性或任何位置的任何工作負載的資料的資料管理合作夥伴。我們繼續與微軟、AWS、GCP、OCI、Snowflake、瑞士和 MongoDB 等生態系統合作夥伴共同銷售。我們也在 Google Cloud Text 上發布了有關 Snowflake 和 GCP 的新公告。借助 Google Cloud，我們宣布推出適用於 Google BigQuery 的全新 MDM 擴展，以簡化和加速使用來自 Informatica 的高品質可信任數據，從而透過 Vertex AI 和 Google Gemini 為 AI 工作負載提供支持，並透過 BigQuery 和 Looker 為客戶數據平台工作負載提供支援。

We also announced a global expansion with a new point of delivery on Google Cloud in Saudi Arabia. With Snowflake, we announced comprehensive integration with and support for Snowflake Horizon, Snowflake's native data governance and privacy controls. We were also one of Snowflake's launch partners for Snowflake Horizon's partner ecosystem. Our GSI partners continue to create solutions with IDMC embedded to take to market. For example, PCS recently launched an enterprise cloud data pipeline to ingest a multitude of disparate data types and process and provision the data for a range of smart data-driven business apps.

我們也宣布了全球擴張計劃，在沙烏地阿拉伯的 Google Cloud 上設立新的交付點。借助 Snowflake，我們宣布全面整合並支援 Snowflake Horizo​​n、Snowflake 的原生資料治理和隱私控制。我們也是 Snowflake Horizo​​n 合作夥伴生態系統的啟動合作夥伴之一。我們的 GSI 合作夥伴繼續創建嵌入 IDMC 的解決方案並將其推向市場。例如，PCS 最近推出了一個企業雲端資料管道，用於接收多種不同類型的數據，並為一系列智慧數據驅動的業務應用程式處理和提供數據。

Capgemini released a retail-specific version of the ESG sustainability hub built on IDMC. Our partner migration program continues to expand with 55 partners now in the power system modernization program. The master data management modernization program that is launched at the end of last year saw its first batch of 6 partners complete training. 10 of our partners have been approved to join the program and are taking the on-demand training.

凱捷發布了基於 IDMC 構建的 ESG 永續發展中心的零售專用版本。我們的合作夥伴遷移計畫不斷擴大，目前電力系統現代化計畫中已有 55 個合作夥伴。去年年底啟動的主資料管理現代化項目，首批6個合作夥伴完成了培訓。我們的 10 位合作夥伴已獲準加入該計劃並正在接受按需培訓。

Innovation remains paramount at Informatica. Let me discuss a few net new product innovations on IDMC. In the MDM and 360 apps, we delivered a new visual experience that is modern, accessible and AI-enabled and very important for our business users. Along with its updated user experience, data stewards are also empowered to get deeper insights with self-service reporting capabilities, enhanced survivorship options and simplified management of complex hierarchies.

創新對於 Informatica 來說仍然至關重要。讓我來討論一下 IDMC 上的一些新產品創新。在 MDM 和 360 應用程式中，我們提供了一種現代、可存取且支援 AI 的全新視覺體驗，這對我們的商業用戶非常重要。除了更新的使用者體驗之外，資料管理員還可以透過自助報告功能、增強的生存選項和簡化的複雜層次結構管理來獲得更深入的見解。

Cloud data governance and catalog enables deeper ecosystem support for Microsoft fabric data warehouse, host on OCI to seamlessly govern data and new data scanners for MariaDB Server and Db2. Additional profiling support is also included for Teradata, SAP HANA, SAP BW, and external tables for Oracle, Azure Synapse and Athena.

雲端資料治理和目錄為 Microsoft 結構資料倉儲提供了更深層的生態系統支持，託管在 OCI 上以無縫管理資料以及用於 MariaDB Server 和 Db2 的新資料掃描器。還包括對 Teradata、SAP HANA、SAP BW 以及 Oracle、Azure Synapse 和 Athena 外部表的額外分析支援。

In February, we launched our new Cloud Data Access Management solution. CDAM enhances data security and privacy with capabilities that help organizations reduce the time it takes to safety provision data, mitigate the risk associated with the data misuse and simplified compliance with laws and regulations. CDAM is based on the technology from our acquisition of Privitar in July of last year and has been integrated into IDMC to enable data use and sharing with policy-based controls that are automated using classifications and metadata in our cloud data governance catalog.

二月，我們推出了新的雲端資料存取管理解決方案。 CDAM 可增強資料安全性和隱私性，協助組織減少安全提供資料所需的時間、降低與資料濫用相關的風險並簡化對法律法規的遵守。 CDAM 是基於我們去年 7 月收購 Privitar 的技術，並已整合到 IDMC 中，以實現資料使用和共享，並使用基於策略的控制，這些控制使用我們的雲端資料治理目錄中的分類和元資料自動執行。

Integration with IDMC means that data can be consistently protected for hybrid and cloud data platforms with cloud data integration or used in conjunction with the cloud data marketplace to accelerate the delivery of trusted data products and related assets to all data consumers through self-service.

與 IDMC 整合意味著可以透過雲端資料整合對混合和雲端資料平台的資料進行一致保護，或與雲端資料市場結合使用，以透過自助服務加速向所有資料消費者交付可信任資料產品和相關資產。

Now turning to modernization. We have close to $1 billion of on-prem maintenance and self-managed ARR. Approximately 28% of cloud net new ARR in the trailing 12 months came from on-prem to cloud migrations, which is up 3 percentage points sequentially as cloud customer modernization deals are starting to accelerate. We closed over 30 cloud modernization deals, which grew over 100% year-over-year. We are seeing stronger customer adoption of PowerCenter Cloud Edition, which represented over 80% of all modernization yields, up from 60% last quarter. Modernization projects are all operational mission-critical workloads. Once we modernize, it enables cross-selling into new workloads more easily allowing us to upsell and cross-sell IDMC in the future.

現在轉向現代化。我們擁有近 10 億美元的內部維護和自我管理 ARR。在過去 12 個月中，約有 28% 的雲端淨新 ARR 來自從本地到雲端的遷移，隨著雲端客戶現代化交易開始加速，這一數字環比增長了 3 個百分點。我們完成了超過 30 筆雲端現代化交易，年成長超過 100%。我們看到客戶對 PowerCenter 雲端版本的採用越來越廣泛，佔所有現代化收益的 80% 以上，高於上一季的 60%。現代化專案都是營運關鍵任務的工作負荷。一旦我們實現現代化，我們就可以更輕鬆地將產品交叉銷售到新的工作負載中，讓我們能夠在將來追加銷售和交叉銷售 IDMC。

Frontier Communications, one of the largest pure-play fiber-to-the-home providers in the U.S. is a great customer expansion and modernization story. Their recent investment with Informatica enables the modernization of their on-prem platform to IDMC, including data integration, MDM and data governance. This will accelerate their plans to improve customer experience and master address data with Informatica MDM solution.

Frontier Communications 是美國最大的純光纖到戶供應商之一，其客戶擴展和現代化建設取得了巨大的成功。他們最近對 Informatica 的投資使其內部部署平台能夠現代化為 IDMC，包括資料整合、MDM 和資料治理。這將加速他們利用 Informatica MDM 解決方案改善客戶體驗和掌握地址資料的計畫。

Another great modernization story, Sodexo, a global leader in sustainable food and valued experiences at every moment in life, learn, work, heal and play. Sodexo is leveraging IDMC and its group data platform build on Azure as well as to prepare its upcoming migration of its supply master data management platform in North America from on-prem to cloud.

另一個偉大的現代化故事是索迪斯，它是永續食品領域的全球領導者，在生活、學習、工作、治療和娛樂的每個時刻都珍惜體驗。索迪斯正在利用 IDMC 及其基於 Azure 構建的集團資料平台，並準備將其北美供應主資料管理平台從本地遷移到雲端。

We continue to hear from industry analysts that we are an innovation leader and are pleased to be recognized as the leader in the 2024 Gartner Magic Quadrant for Integration Platform as a Service. This is the ninth time that Gartner has positioned Informatica as a leader in this report. We were also named the leader in the 2024 Gartner Magic Quadrant for Augmented Data Quality Solutions report. Gartner positioned Informatica as the furthest on the Completeness of Vision axis as well as the highest on the Ability to Execute axis. We're also recognized as a leader in the Forrester Wave for Enterprise Data Fabric Q1 2024. The Informatica received the highest score for current offerings.

我們不斷聽到產業分析師的評價，表示我們是創新領導者，並很高興被評為 2024 年 Gartner 整合平台即服務魔力像限的領導者。這是 Gartner 第九次在該報告中將 Informatica 評為領導者。我們也被評為 2024 年 Gartner 增強資料品質解決方案魔力像限報告中的領導者。 Gartner 將 Informatica 定位為「願景完整性」軸上最遠的位置，以及「執行能力」軸上最高的位置。我們也被 Forrester Wave 2024 年第一季企業資料結構評選為領導者。 Informatica 在目前產品中獲得了最高分。

Now looking ahead, let me share some observations regarding gen AI and our strategy for executing against it. Look, I firmly believe that the next phase of digital transformation will be fueled by gen AI, which is poised to drive outsized innovation and productivity gains for enterprises. As we enter the gen AI revolution, enterprises are realizing that developing an AI strategy actually requires creating a data strategy first. The reality is that everyone is ready for gen AI except your data. Informatica is driving the modern data management stack for gen AI enterprise architectures as the only comprehensive and at-scale AI-led data management platform. Preparing data for gen AI project involves collecting data, cleansing data, cataloging data, ensuring quality, mastering, governing and accessing it through Informatica's IDMC.

現在展望未來，讓我分享一些有關人工智慧的觀察以及我們針對它的執行策略。我堅信，數位轉型的下一階段將由人工智慧推動，人工智慧將為企業帶來巨大的創新和生產力提升。隨著我們進入人工智慧革命，企業意識到製定人工智慧策略實際上需要先制定數據策略。現實情況是，除了你的數據之外，每個人都已經為人工智慧做好了準備。作為唯一全面且大規模的 AI 主導資料管理平台，Informatica 正在推動新一代 AI 企業架構的現代化資料管理堆疊。為 gen AI 專案準備資料包括收集資料、清理資料、編目資料、確保品質、掌握、管理和透過 Informatica 的 IDMC 存取資料。

We hear time and time again from customers and partners with the breadth of IDMC solution is mission-critical to processing their workloads. IDMC processed 92 trillion mission-critical cloud transactions in March, growing 69% year-over-year. CLAIRE, our AI engine is embedded in all our solutions, leveraging ML algorithms and NLP on metadata to drive intelligence and productivity, accessing over 50,000 metadata aware connections and now leveraging over 48 terabytes of active metadata in the cloud.

我們一次又一次地聽到客戶和合作夥伴表示，IDMC 解決方案的廣度對於處理他們的工作負載至關重要。 3月份，IDMC處理了92兆項關鍵任務雲端交易，較去年同期成長69%。 CLAIRE 是我們的 AI 引擎，嵌入在我們所有的解決方案中，利用元資料上的 ML 演算法和 NLP 來推動智慧和生產力，存取超過 50,000 個元資料感知連接，現在利用雲端中超過 48 TB 的活動元資料。

Our efforts to assist customers with their AI strategy, our gen AI strategy is divided into 2 categories: Informatica for gen AI and gen AI from Informatica, both available from the IDMC platform. In the area of Informatica for gen AI, we are already well underway with our new API and our integration services where customers can use services for a simple, no code way to add advanced gen AI capabilities to existing IDMC implementation. This makes it easier for developers to use different gen AI models, us being now the Switzerland of models and let customers update their apps with gen AI capabilities without changing any code.

我們致力於協助客戶制定 AI 策略，我們的新一代 AI 策略分為兩類：用於新一代 AI 的 Informatica 和來自 Informatica 的新一代 AI，均可從 IDMC 平台取得。在用於新一代人工智慧的 Informatica 領域，我們已經在新的 API 和整合服務方面取得了進展，客戶可以使用服務以簡單的、無程式碼的方式將先進的新一代人工智慧功能添加到現有的 IDMC 實作中。這使得開發人員更容易使用不同代 AI 模型，我們現在是模型的瑞士，並允許客戶使用代 AI 功能更新他們的應用程序，而無需更改任何代碼。

Our gen AI solution with built in software development life cycle and API governance drives better control, performance and scalability, ensuring gen AI ready for complex business needs. This is a fast-moving space as we innovate and our customers use IDMC capabilities for their gen AI use cases.

我們的新一代人工智慧解決方案內建軟體開發生命週期和 API 治理，可實現更好的控制、效能和可擴展性，確保新一代人工智慧能夠滿足複雜的業務需求。隨著我們不斷創新並且我們的客戶將 IDMC 功能應用於他們的新一代 AI 用例，這是一個快速發展的領域。

Now in the area of gen AI from Informatica, we believe this is a game changer. To support our customers' AI journey, we have developed CLAIRE GPT, a transformational chat interface to do all of the complex data management tasks through NLP in a user-friendly format will revolutionize and democratize data management throughout the enterprise. Users will now be able to easily find relevant data assets, tables, columns, PII sensitive data and more using NLP queries. They will be able to explore the assets with, again, natural language questions to understand trends, KPIs, top customers or any important insight.

現在，在 Informatica 的新一代人工智慧領域，我們相信這將改變遊戲規則。為了支援客戶的 AI 之旅，我們開發了 CLAIRE GPT，這是一個轉換聊天介面，可以透過 NLP 以用戶友好的格式完成所有複雜的資料管理任務，將徹底改變和民主化整個企業的資料管理。使用者現在可以使用 NLP 查詢輕鬆找到相關的資料資產、表格、列、PII 敏感資料等。他們將能夠再次使用自然語言問題探索資產，以了解趨勢、KPI、頂級客戶或任何重要見解。

Additionally, CLAIRE GPT will allow users to quickly understand the lineage of that data, dependence of data assets and search and explore business terms, definitions, data quality scores, which are the data owners and stakeholders associated with these data assets. Users will then be able to generate new data products with ELT pipelines using NLP on data warehouses like Snowflake, AWS Redshift, Azure Synapse, Google BigQuery and Databricks Delta Lake. While the operationalization of gen AI workload is in early stages, we are extensively engaged with customers on various industries such as health care, financial services, manufacturing and technology, that are participating in a wide range of use cases as part of the CLAIRE GPT private preview. As we head into Informatica World later this month, we are pleased to announce that the CLAIRE GPT will be available to IDMC customers using our IPO consumption mark. We believe this will be a tailwind for us for the many years come.

此外，CLAIRE GPT 將允許使用者快速了解資料的起源、資料資產的依賴關係，並搜尋和探索業務術語、定義、資料品質分數，即與這些資料資產相關的資料所有者和利害關係人。然後，使用者將能夠使用 NLP 在 Snowflake、AWS Redshift、Azure Synapse、Google BigQuery 和 Databricks Delta Lake 等資料倉儲上透過 ELT 管道產生新的資料產品。雖然新一代人工智慧工作負載的操作化尚處於早期階段，但我們已經與醫療保健、金融服務、製造業和技術等各個行業的客戶進行了廣泛的接觸，這些客戶正在作為 CLAIRE GPT 私人預覽的一部分參與廣泛的用例。本月晚些時候，我們將走進 Informatica World，並很高興地宣布，CLAIRE GPT 將向使用我們的 IPO 消費標記的 IDMC 客戶開放。我們相信，這將成為我們未來許多年的順風。

As I wrap up, we are focused on consistently executing our commitments that we laid out on our Investor Day and driving ongoing data-driven digital transformation on-prem to cloud and gen AI to fuel cloud growth and drive long-term value creation. The operational health of our business remains very strong as evidenced by a predictable subscription revenue business model, strong customer base, healthy cloud pipeline and retention rates, and strong unlevered free cash flow that has only continued to grow. We believe this continues to position us well for durable, consistent future growth and profitability.

最後，我們專注於持續履行我們在投資者日所做的承諾，並推動持續的數據驅動數位轉型，從本地到雲端和人工智慧，以推動雲端成長並推動長期價值創造。我們的業務營運健康狀況依然強勁，可預測的訂閱收入業務模式、強大的客戶群、健康的雲端管道和保留率以及持續成長的強勁無槓桿自由現金流就是明證。我們相信，這將為我們未來持續、持續的成長和獲利奠定良好基礎。

Thank you to all my Informatica colleagues for their hard work and continued commitment. I would also like to thank our customers, our partners and our shareholders for supporting us. We look forward to sharing more product innovation announcements that's a pretty cool demos at Informatica World 2024 later this month.

感謝所有 Informatica 同事的辛勤工作和持續承諾。我還要感謝我們的客戶、合作夥伴和股東對我們的支持。我們期待在本月稍後的 Informatica World 2024 上分享更多產品創新公告，這是一個非常酷的演示。

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

說完這些，讓我把電話轉給麥克。麥克，請把它拿走。

Thank you, Amit, and good afternoon, everyone. Q1 was another solid financial across the board with all key growth and profitability metrics above the midpoint of our guidance, delivering a great start to the year.

謝謝你，阿米特，大家下午好。第一季的財務表現再一次全面穩健，所有關鍵成長和獲利指標均高於我們預期的中位數，為今年開了個好頭。

I'll begin the review of our Q1 results by remind how to best understand Informatica's ARR and GAAP revenues. Our ARR and revenue fall into 3 categories: Cloud subscriptions, which delivered 35% ARR growth year-over-year; 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. The trajectories of these 3 categories of ARR and revenue are the direct result of our cloud-only strategy, and we expect this to continue going forward.

我將透過提醒如何最好地理解 Informatica 的 ARR 和 GAAP 收入來開始回顧我們的第一季業績。我們的 ARR 和收入分為三類：雲端訂閱，ARR 年成長 35%；自我管理訂閱，我們不再積極銷售，因此正在逐漸減少；以及內部永久許可證的維護，這也在逐漸下降。這三類 ARR 和營收的軌跡是我們純雲端策略的直接結果，我們預期這一趨勢將持續下去。

With that in mind, let's start with total ARR, which was $1.64 billion, an increase of 6.7% over the prior year. This was driven primarily by new cloud workloads, strong cloud net expansion with existing customers and stable subscription and maintenance real rates. We added $103 million in net new total ARR versus the prior year. Foreign exchange negatively impacted total ARR by $1.2 million. Cloud subscription ARR was $653 million, a 35% increase year-over-year and $2.5 million above the midpoint of our February guidance. New cloud workloads and strong net expansion with existing customers to cloud subscription net new ARR of $169 million year-over-year and $36 million sequentially. Cloud subscription ARR now represents 40% of our total ARR, up from 32% a year ago. Foreign exchange negatively impacted cloud subscription ARR by $791,000.

考慮到這一點，讓我們從總 ARR 開始，為 16.4 億美元，比上年增長 6.7%。這主要得益於新的雲端工作負載、現有客戶的強勁雲端網路擴張以及穩定的訂閱和維護實際費率。與前一年相比，我們的淨新總 ARR 增加了 1.03 億美元。外匯對總 ARR 產生了 120 萬美元的負面影響。雲端訂閱 ARR 為 6.53 億美元，年增 35%，比我們 2 月預期中位數高出 250 萬美元。新的雲端工作負載和現有客戶的強勁淨擴張使雲端訂閱淨新 ARR 年比成長 1.69 億美元，季增 3,600 萬美元。雲端訂閱 ARR 現占我們總 ARR 的 40%，高於一年前的 32%。外匯對雲端訂閱 ARR 產生了 791,000 美元的負面影響。

Our cloud subscription net retention rate at the end user level was 119%, up 1 percentage point year-over-year and flat versus last quarter. Cloud subscription net retention rate at the global parent level was 124%, flat year-over-year. Self-managed subscription ARR declined in the quarter as expected to $505 million, this was down 2% sequentially and down 6% year-over-year. This was a slightly slower decline than we forecasted in February. Subscription ARR, which is simply the sum of cloud ARR and self-managed ARR, grew over 13% year-over-year to $1.16 billion, which was $13 million above the midpoint of our February guidance. Foreign exchange negatively impacted subscription ARR by approximately $1.1 million.

我們的終端用戶層面的雲端訂閱淨留存率為 119%，較去年同期成長 1 個百分點，與上一季持平。全球母公司層級的雲端用戶淨留存率為124%，較去年同期持平。本季自管訂閱 ARR 如預期下降至 5.05 億美元，季減 2%，年減 6%。這一下降速度比我們二月預測的要略慢。訂閱 ARR 只是雲端 ARR 和自管理 ARR 的總和，年增超過 13% 至 11.6 億美元，比我們二月份預期的中位數高出 1,300 萬美元。外匯對訂閱ARR產生了約110萬美元的負面影響。

The third component of total ARR is maintenance from on-premise perpetual licenses sold in the past, which now represents 29% of total ARR. Maintenance ARR was down approximately 7% year-over-year to $479 million. The migration of our on-premise customer base to IDMC in the cloud continues to be 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 and we are seeing early momentum from our self-managed base migrating to our cloud platform.

總 ARR 的第三部分是過去出售的內部永久許可證的維護，目前佔總 ARR 的 29%。維護 ARR 年減約 7% 至 4.79 億美元。將我們的本地客戶群遷移到雲端的 IDMC 對我們來說仍然是一個巨大的機會。去年第三季推出的 PowerCenter 雲端版本有助於加速我們電力中心維護空間的簽章遷移量，我們看到了從自我管理基礎遷移到雲端平台的早期勢頭。

As of the end of Q1, we have migrated 5.5% of our maintenance and self-managed ARR base to cloud, up from 4.8% last quarter. We have a life-to-date average [2:1] ARR uplift ratio on these migrations, including power center and MDM. These 3 ARR components summed to 6.7% total ARR growth year-over-year. Cloud subscription ARR growth of 35% drove this increase, offset by gradual declines in self-managed subscription and maintenance ARR. We expect similar trends to continue throughout 2024 as a direct and intentional result of our cloud-only consumption-driven strategy. And as we noted on our Investor Day, we expect total ARR and total revenue growth to begin accelerating this year as the fast-growing cloud subscription portion of our ARR becomes a larger portion of our total business.

截至第一季末，我們已將 5.5% 的維護和自我管理 ARR 基礎遷移到雲端，高於上一季的 4.8%。我們在這些遷移（包括電力中心和 MDM）中擁有迄今為止平均 [2:1] 的 ARR 提升率。這 3 個 ARR 組成部分合計使 ARR 總成長率達到 6.7%。雲端訂閱 ARR 成長 35% 推動了這一成長，但自我管理訂閱和維護 ARR 的逐步下降抵消了這一成長。我們預計類似的趨勢將在 2024 年持續下去，這是我們僅限雲端的消費驅動策略的直接和有意的結果。正如我們在投資者日所指出的那樣，隨著 ARR 中快速成長的雲端訂閱部分在我們整體業務中所佔的比重越來越大，我們預計今年的總 ARR 和總收入成長將開始加速。

Now I'd like to review our revenue results for the first quarter. GAAP total revenues were $389 million, an increase of 6.3% year-over-year. This exceeds the midpoint of our February guidance by approximately $4 million due to strong cloud growth and a somewhat slower-than-expected decline in self-managed revenue. Foreign exchange positively impacted total revenues by approximately $1.7 million on a year-over-year basis.

現在我想回顧一下我們第一季的收入結果。 GAAP 總營收為 3.89 億美元，較去年同期成長 6.3%。由於雲端運算業務的強勁成長以及自我管理收入的下降速度略低於預期，這一數字比我們 2 月預期中位數高出約 400 萬美元。與去年同期相比，外匯對總收入產生了約 170 萬美元的正面影響。

Subscription revenue, which includes cloud subscriptions and self-managed subscriptions increased 18% year-over-year to $252 million, representing 65% of total revenue compared to 59% a year ago. Our quarterly subscription renewal rate was approximately 91%, down 2 percentage points year-over-year due to lower self-managed subscription renewal rates, offset by higher cloud subscription renewal rates.

訂閱收入（包括雲端訂閱和自管理訂閱）年增 18% 至 2.52 億美元，佔總收入的 65%，而一年前為 59%。我們的季度訂閱續訂率約為 91%，年減 2 個百分點，原因是自我管理訂閱續訂率較低，但雲端訂閱續訂率較高。

Revenues falling into our maintenance and professional services category were $137 million. Maintenance revenue represented 30% of total revenue for the quarter and our maintenance renewal rate was 94%, down 2 percentage points year-over-year. Almost half of our maintenance gross churn came from maintenance to cloud migrations this quarter.

我們的維護和專業服務類別的收入為 1.37 億美元。維護收入佔本季總營收的 30%，維護續約率為 94%，年減 2 個百分點。本季度，我們幾乎一半的維護總流失來自於維護到雲端遷移。

Professional services, which includes implementation, consulting and education, make up the remainder of this category and were down $6 million year-over-year, consistent with last quarter. As we have seen in prior quarters, our implementation services revenue has been declining year-over-year as our implementation partners assume a greater share of that work for our customers. We are pleased with this trend. Cloud subscription revenue was $151 million or 60% of subscription revenues, growing 35% year-over-year. As a reminder, due to the timing difference between revenue and ARR recognition the relative growth rates of these 2 metrics may differ from vary to period.

專業服務（包括實施、諮詢和教育）構成了此類別的剩餘部分，與上一季相比下降了 600 萬美元。正如我們在前幾個季度所看到的那樣，由於我們的實施合作夥伴為我們的客戶承擔了更大份額的實施服務工作，我們的實施服務收入一直在逐年下降。我們對這一趨勢感到高興。雲端訂閱收入為 1.51 億美元，佔訂閱收入的 60%，較去年同期成長 35%。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可能會因期間而異。

Turning to the geographic distribution of the business. U.S. revenue grew 4% year-over-year to $242 million, representing 62% of total revenue, while international revenue grew 11% to $147 million. Using exchange rates from Q1 last year, international revenue would have been approximately $1.7 million lower in the quarter, representing international revenue growth of 10% year-over-year.

談到業務的地理分佈。美國營收年增 4% 至 2.42 億美元，佔總營收的 62%，而國際營收成長 11% 至 1.47 億美元。以去年第一季的匯率計算，本季國際營收將減少約 170 萬美元，年增 10%。

Turning to consumption-based IPUs. Approximately 59% of first quarter cloud new bookings were IPU-based deals. The remainder of our Q1 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。第一季雲端新訂單中約有 59% 是基於 IPU 的交易。我們第一季雲端預訂的剩餘部分主要用於我們的 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 Q1, our gross margin was 81%, up 1 percentage point year-over-year. We are focused on maintaining healthy gross margins as our business transitions to the cloud. Operating expenses were consistent with expectations, as part of our November 2023 restructuring plan, we incurred nonrecurring restructuring charges of approximately $4.4 million. We expect to incur approximately $4 million in additional restructuring charges for the remainder of full year 2024.

現在我想談談我們的獲利指標。請注意，除非另有說明，我將討論非 GAAP 結果。第一季度，我們的毛利率為81%，較去年同期上升1個百分點。在業務轉型為雲端的過程中，我們專注於維持健康的毛利率。營運費用與預期一致，作為我們 2023 年 11 月重組計畫的一部分，我們發生了約 440 萬美元的非經常性重組費用。我們預計 2024 年全年剩餘時間將產生約 400 萬美元的額外重組費用。

Operating income was approximately $109 million, growing 29% year-over-year and exceeding the midpoint of our February guidance by over $2 million. Operating margin was 28.1%, a 4.9 percentage point improvement from a year ago. Adjusted EBITDA was $111 million and net income was $69 million. Net income per diluted share was $0.22 based on approximately 312 million outstanding diluted shares. Basic share count was approximately 297 million shares.

營業收入約 1.09 億美元，比去年同期成長 29%，比我們二月份預期中位數高出 200 多萬美元。營業利益率為28.1%，較去年同期增加4.9個百分點。調整後 EBITDA 為 1.11 億美元，淨收入為 6,900 萬美元。基於約 3.12 億股已發行稀釋股份，每股稀釋淨收益為 0.22 美元。基本股數約2.97億股。

Adjusted unlevered free cash flow after tax was $183 million, significantly better than expectations due to faster cash collections and other working capital dynamics. We expect these favorable working capital factors to reverse in Q2, and therefore, Q2 free cash flow will be significantly lower than Q2 2023. As we've emphasized in the past, free cash flow can be highly volatile from quarter-to-quarter, which is why we only formally guide free cash flow on a full year basis. When we get to the discussion of Q2 expectations later in my remarks, you'll see that while Q1 free cash flow was significantly higher than expected and Q2 free cash flow is expected to be much lower, our free cash flow for the first half of 2024 should be in line with the historic linearity of that metric, and we are on track to deliver full year free cash flow that is in line with our full year guidance.

調整後的稅後無槓桿自由現金流為 1.83 億美元，由於現金回款速度加快和其他營運資本動態，大幅優於預期。我們預計這些有利的營運資本因素將在第二季逆轉，因此，第二季的自由現金流量將明顯低於 2023 年第二季。正如我們過去所強調的那樣，自由現金流在各個季度之間可能會有很大波動，這就是為什麼我們只在全年基礎上正式指導自由現金流。當我們稍後討論第二季度預期時，您會發現，雖然第一季的自由現金流明顯高於預期，而第二季度的自由現金流預計會低得多，但我們 2024 年上半年的自由現金流應該與該指標的歷史線性一致，並且我們有望實現與全年指引一致的全年自由現金流。

Cash paid for interest in the quarter was $38 million, in line with expectations. We ended the first quarter in a strong cash position with cash plus short-term investments of $1.1 billion, an increase of $315 million year-over-year. Net debt was $725 million and trailing 12 months of adjusted EBITDA was $502 million, this resulted in a net leverage ratio of 1.4x at the end of March.

本季支付的利息現金為 3,800 萬美元，符合預期。我們第一季的現金狀況強勁，現金加短期投資達 11 億美元，較去年同期成長 3.15 億美元。淨債務為 7.25 億美元，過去 12 個月的調整後 EBITDA 為 5.02 億美元，這導致 3 月底的淨槓桿率為 1.4 倍。

Now I'll turn to guidance, starting with the full year 2024. We delivered solid results in Q1 and are comfortable reaffirming all previously issued guidance for the year, reflecting confidence in our cloud-only consumption-driven strategy. It's worth noting the recent strengthening of the U.S. dollar against the euro, pound and yen have resulted in FX-related revenue headwinds for fiscal 2024 compared to our previous assumptions. Despite this, we're maintaining full year guidance for total revenues and ARR metrics as we are comfortable that we can offset the incremental headwinds from FX. You can find the details of our full year guidance and FX assumptions in the press release we filed this afternoon.

現在我將開始介紹指引，從 2024 年全年開始。我們在第一季取得了穩健的業績，並且可以放心地重申之前發布的所有年度指引，這反映出我們對僅限雲端的消費驅動策略的信心。值得注意的是，與我們先前的假設相比，近期美元兌歐元、英鎊和日圓的走強導致 2024 財年的外匯相關收入面臨阻力。儘管如此，我們仍維持全年總收入和 ARR 指標的指導，因為我們相信我們能夠抵消外匯帶來的增量阻力。您可以在我們今天下午提交的新聞稿中找到我們全年指引和外匯假設的詳細資訊。

Next, turning to guidance for the second quarter. Similar to the first quarter, we expect cloud subscription ARR to grow while self-managed and maintenance ARR is expected to decline on both a sequential and year-over-year basis. With this in mind, we're establishing guidance for the second quarter ending June 30, 2024, as follows. We expect GAAP total revenues to be in the range of $394 million to $410 million, representing approximately 6.9% year-over-year growth. We expect subscription ARR to be in the range of $1.168 billion to $1.188 billion, representing approximately 13% year-over-year growth. We expect cloud subscription ARR to be in the range of $687 million to $697 million, representing approximately 35% year-over-year growth. And we expect non-GAAP operating income to be in the range of $107 million to $119 million, representing approximately 29.1% year-over-year growth.

接下來，談談第二季度的指引。與第一季類似，我們預計雲端訂閱 ARR 將成長，而自我管理和維護 ARR 預計將環比和同比下降。考慮到這一點，我們制定了截至 2024 年 6 月 30 日的第二季指引如下。我們預計 GAAP 總營收在 3.94 億美元至 4.1 億美元之間，年增約 6.9%。我們預計訂閱 ARR 將在 11.68 億美元至 11.88 億美元之間，年增約 13%。我們預計雲端訂閱 ARR 將在 6.87 億美元至 6.97 億美元之間，年增約 35%。我們預計非 GAAP 營業收入將在 1.07 億美元至 1.19 億美元之間，年增約 29.1%。

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 second quarter to be in the range of $37 million to $57 million. Now I want to draw particular attention to the quarter-to-quarter volatility of our free cash flow, so this expectation for Q2 is put in the right context. As I mentioned earlier, the working capital favorability that we experienced in Q1 was due to timing and other balance sheet dynamics. These factors should reverse in Q2, which is why Q2 adjusted unlevered free cash flow after tax will be down quarter-over-quarter and year-over-year.

為了建模目的，我想提供更多一些附加資訊。首先，我們預計第二季調整後的稅後無槓桿自由現金流將在 3,700 萬美元至 5,700 萬美元之間。現在，我想特別提請大家關注我們自由現金流的季度波動，以便對第二季的預期得到正確的理解。正如我之前提到的，我們在第一季經歷的營運資本有利性是由於時間和其他資產負債表動態。這些因素應該會在第二季度出現逆轉，這就是為什麼第二季度調整後的稅後無槓桿自由現金流將環比和同比下降。

However, when you look at our free cash flow expectations for the first half of 2024, which is $230 million at the midpoint, you'll see that our first half cash flow generation is in line with our typical linearity and in line with our full year guidance. Furthermore, our expectation at the midpoint represents 103% of our non-GAAP operating income midpoint guidance, which is in line with the medium-term expectations we laid out at our Investor Day.

然而，當您查看我們對 2024 年上半年的自由現金流預期（中點為 2.3 億美元）時，您會發現我們上半年的現金流產生符合我們的典型線性，也符合我們的全年指引。此外，我們對中點的預期相當於我們非公認會計準則營業收入中點指引的 103%，這與我們在投資者日提出的中期預期一致。

Moving on, we estimate cash paid for interest will be up $39 million in the second quarter and approximately $152 million for the full year, using forward interest rates based on 1 month silver. Third, with respect to taxes, our Q1 non-GAAP tax rate was 23% and we expect that rate to continue for the full year 2024.

接下來，我們估計，使用基於 1 個月白銀的遠期利率，第二季支付的利息現金將增加 3,900 萬美元，全年支付的利息現金將增加約 1.52 億美元。第三，關於稅收，我們第一季的非 GAAP 稅率為 23%，我們預計該稅率將持續到 2024 年全年。

And lastly, our share count assumptions. For the second quarter of 2024, we expect basic weighted average shares outstanding to be approximately 300 million shares and diluted weighted average shares outstanding to be approximately 313 million shares. For the full year of 2024, we expect basic weighted average shares outstanding to be approximately 302 million shares and diluted weighted average shares outstanding to be approximately 315 million shares.

最後，我們的股票數量假設。對於 2024 年第二季度，我們預期基本加權平均流通股數約為 3 億股，稀釋加權平均流通股數約為 3.13 億股。對於 2024 年全年，我們預計基本加權平均流通股數約為 3.02 億股，稀釋加權平均流通股數約為 3.15 億股。

In summary, we are pleased with our Q1 performance, and we're off to a great start in 2024. We are focused on consistently executing our cloud-only consumption-driven strategy by delivering the best data management products on the industry's only cloud-native consumption-based platform, serving the multi-vendor, multi-cloud and hybrid needs of the modern enterprise.

總而言之，我們對第一季的業績感到滿意，並且我們在 2024 年取得了良好的開端。我們專注於持續執行僅基於雲端的消費驅動策略，在業界唯一的基於雲端原生消費的平台上提供最佳的資料管理產品，滿足現代企業的多供應商、多雲和混合需求。

Operator, you can now open the line for questions.

接線員，您現在可以開通熱線來回答問題了。

We now begin the Q&A session. (Operator Instructions) Our first question today comes from Koji Ikeda with Bank of America.

我們現在開始問答環節。 （操作員指示）我們今天的第一個問題來自美國銀行的 Koji Ikeda。

Just 2 for me here. First question on the 1 million-plus customer count, really strong net new customer additions there was plus 18 in the quarter. I think that's the strongest on record. So the question here is, is there a common theme among these customers that is driving the growth in the net new metric or maybe it's 1 or 2 particular use cases that is driving that strong growth. And do you anticipate net new 1 million plus customers to continue increasing in the future?

這裡只有 2 個給我。第一個問題是關於 100 多萬客戶數量的，本季淨新增客戶數量非常強勁，增加了 18 名。我認為這是有史以​​來最強的。所以這裡的問題是，這些客戶中是否存在一個共同的主題來推動淨新指標的成長，或者可能是 1 或 2 個特定用例推動了強勁成長。您是否預期未來新增客戶數量會持續增加超過 100 萬？

Koji, Good to hear from you. Well, first of all, great growth across the board as you saw. I think on this one, across the board, I think, look, as IDMC has fully scaled out every offering is at scale on that and the breadth of the use that it serves, more and more customers basically are landing with, "Hey, I can use it for many use cases and multiproduct entry points have increased." So that's what's driving the increase in that particular size of the customers because these end up being the larger customers, they have attractive use cases and they have the need for IDMC for a variety of front office to back office cases. That's what we are seeing. And obviously, we hope to continue to see that.

Koji，很高興收到你的來信。嗯，首先，正如您所看到的，全面實現了巨大的成長。我認為在這一點上，從整體上看，隨著 IDMC 的全面擴展，每項產品都達到了規模化，並且其服務的使用範圍也得到了擴大，基本上越來越多的客戶會說，“嘿，我可以在許多用例中使用它，而且多產品切入點也增加了。”這就是推動該特定規模客戶增長的因素，因為這些客戶最終會成為更大的前台。這就是我們所看到的。顯然，我們希望繼續看到這種情況。

Got it. And then just a follow-up here for Mike. I know you guys launched the IPU pricing model about a year ago and I know there's a component of use it or lose it there. So I just wanted to ask, were there any onetime benefits in this quarter from unused consumption true-ups?

知道了。接下來是 Mike 的後續問題。我知道你們大約在一年前推出了 IPU 定價模型，我知道其中有一個「用進廢退」的因素。所以我只想問一下，本季未使用的消費補償金是否有任何一次性收益？

No, not at all, Koji. We have actually been selling IPUs for longer than a year. It's been 3.5 about, we introduced Flex IPUs last year, which was a -- which is a special configuration designed for seasonal users rather than folks that consume IPUs consistently throughout the year. The way our IPU model works is it's a committed amount of capacity that you buy and you pay for it upfront. We amortized that upfront per year. We amortize that as the year goes on a ratable basis regardless of the consumption of those IPUs. And the revenue that we recognize from the committed multiyear contracts that we signed for IPUs can never go down regardless of consumption. It can go up if folks run out of IPUs and come back to us to buy more but there's no adjustment or true-up or anything like that, that you might see in other consumption-based companies that have a different pricing model.

不，一點也不，Koji。事實上，我們銷售 IPU 已經超過一年了。大約 3.5 年前，我們推出了 Flex IPU，這是專為季節性用戶而非全年持續使用 IPU 的人設計的特殊配置。我們的 IPU 模型的工作方式是，您購買一定數量的容量並預先付款。我們每年預先攤提該部分費用。無論這些 IPU 的消耗量如何，我們都會按年度按比例攤銷。而且，無論消費量如何，我們從與 IPU 簽署的承諾性多年期合約中獲得的收入永遠不會下降。如果人們用完了 IPU 並回來向我們購買更多，價格就會上漲，但不會進行調整或補足或類似的事情，您可能會在其他採用不同定價模式的消費型公司中看到這種情況。

Our next question comes from Matt Hedberg with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Matt Hedberg。

Great. Congrats on the strong Q1. I guess just -- maybe just from a high-level perspective, could you talk about the demand environment. You guys have such a broad coverage of global large enterprise customers. Is the demand environment kind of similar to what you saw in 4Q, despite, like Koji said, you guys had a really strong large customer quarter? Just sort of curious if you could characterize how customers are thinking about spending right now.

偉大的。恭喜您第一季業績強勁。我想只是──也許只是從高層次的角度來看，您能談談需求環境嗎？你們對全球大型企業客戶的覆蓋範圍如此廣泛。儘管如 Koji 所說，你們一個大客戶的季度表現非常強勁，但需求環境是否與第四季的情況類似？我只是好奇您是否可以描述一下客戶現在是如何考慮消費的。

Matt, thanks for the question. Yes. So I think the demand environment stays the same as we saw in Q4 that we saw in Q1. I think the additional commentary I'll add to you is that, one is that needless to say, everybody has to or everybody is prioritizing the top initiative data driven digital transmission. So we end up being the beneficiary of that because of the breadth of the use cases that we can solve to IDMC, whether it's front office customer churn or a supply chain or a back-office analytics, we serve the breadth of use cases. So that ends up allowing us to actually have a broad set of opportunities within a customer.

馬特，謝謝你的提問。是的。因此我認為需求環境與我們在第四季看到的和第一季看到的一樣。我想我要補充的是，第一，不用說，每個人都必須或每個人都在優先考慮最高倡議的數據驅動數位傳輸。因此，我們最終成為受益者，因為我們可以為 IDMC 解決廣泛的用例，無論是前台客戶流失、供應鏈還是後台分析，我們都可以滿足廣泛的用例需求。因此，這最終使我們實際上在客戶中擁有了廣泛的機會。

Second is, obviously, the ability for us. We obviously serve mission-critical workloads. Even the modernization, you can see have increased because people are realizing that, hey without modernizing it going to cloud, we cannot get the benefits of gen AI in the future. So it's having a bit of a tailwind for modernization. And we saw that. And with PowerCenter Cloud Edition and the launch of MDM modernization, obviously, that has definitely picked up win for us.

第二，顯然是我們的能力。我們顯然承擔著關鍵任務的工作量。你可以看到，即使是現代化程度也在提高，因為人們意識到，如果不進行現代化升級，不轉向雲端，我們將來就無法獲得人工智慧帶來的好處。因此，它對現代化有一定的推動作用。我們看到了這一點。隨著 PowerCenter 雲端版本和 MDM 現代化的推出，顯然，這為我們帶來了勝利。

And lastly, early days, I've repeated many times, early innings on gen AI but we definitely see that every organization wanting to do something over there. And we are seeing the early green shoots of work happening on IDMC and with CLAIRE GPT going out, we expect more in the second half and next year more and more in that area. We are absolutely seeing reprioritization of budgets moving towards doing things that -- in that area. So we are benefiting from that even though you can argue that the overall IT budgets continue to be somewhat slower but those are the ways to think about the demand cycle for us.

最後，關於早期階段，我已經重複過很多次了，關於人工智慧的早期階段，但我們確實看到每個組織都想在那裡做些什麼。我們看到 IDMC 的工作已初見成效，隨著 CLAIRE GPT 的推出，我們預計下半年和明年該領域將會取得更多進展。我們確實看到預算的優先順序重新調整，轉向做該領域的事。因此，儘管你可以說整體 IT 預算的成長速度仍然有些慢，但我們從中受益，但這些都是我們思考需求週期的方式。

Actually, that's a great dovetail into the question. Once you -- it seems like you guys are well positioned to leverage customer interest in gen AI and really being part of the rails as customers think about preparing their data for gen AI. Do you anticipate -- I guess, I should say, how do you think gen AI initiatives do impact sales cycles? Do you think there's a risk that it maybe slows things down and customers kind of like think about that journey? Or maybe it accelerates things as customers are looking at you as a key leverage point in their broader gen AI decisions?

實際上，這與問題本身非常吻合。一旦你們——看起來你們已經準備好利用客戶對人工智慧的興趣，並在客戶考慮為人工智慧準備數據時真正成為其中的一部分。您是否預期—我想，我應該說，您認為新一代人工智慧計畫將如何影響銷售週期？您是否認為這有可能會減慢速度，並讓客戶擔心這趟旅程？或者也許它會加速事情的發展，因為客戶將你視為更廣泛的人工智慧決策的關鍵槓桿點？

Looking at anything in that area in the future is a hard one. I think the way I describe it this way, that the beauty of what we have is that with IDMC, remember when I said IDMC for gen AI. Customers can actually use IDMC for non-gen AI digital transformation projects as they are doing today. And by the way, many of them have not yet completed. We all know that. And the same IDC platform can be used for gen AI use cases. The example that I was giving is a customer, by the way, a financial services company that does loan approvals for mortgage, is leveraging our app integration capability to basically bring data from many places, do all the cleansing, quality and everything, and go through, we let them choose whichever LLM is good for them and get mortgage approvals happen in a matter of minutes, that was taking a long time.

展望未來該領域的任何事情都是一件困難的事情。我認為我這樣描述它的方式是，我們所擁有的美妙之處在於 IDMC，記得我說過 IDMC 適用於人工智慧。客戶實際上可以像今天這樣將 IDMC 用於非新一代 AI 數位轉型專案。順便說一句，其中許多尚未完成。我們都知道這一點。且相同的IDC平台可用於新一代AI用例。我舉的例子是一個客戶，順便說一下，這是一家負責抵押貸款審批的金融服務公司，他們利用我們的應用程序集成功能，從許多地方獲取數據，進行所有的清理、質量控制等所有工作，然後我們讓他們選擇適合他們的法學碩士學位，並在幾分鐘內獲得抵押貸款審批，而這之前需要很長時間。

So the beauty is that customers have the flexibility of saying, hey, even if I want to start a small gen AI project, I can do that while others happen. Same platform, same capabilities. And on the other hand, so that doesn't slow anything down. They have it, they can do it. They don't have to decide one way or the other. And of course, CLAIRE GPT comes later than helps us. So that's the way customers are actually going about it.

因此，其美妙之處在於，客戶可以靈活地說，嘿，即使我想啟動一個小型的人工智慧項目，我也可以在其他項目發生時這樣做。相同的平台，相同的功能。另一方面，這不會減慢任何事情。他們擁有它，他們也能做到。他們不必做出這樣的決定。當然，CLAIRE GPT 的出現比我們想像的要晚。原來這就是顧客實際採取的做法。

Our next question today comes from Brad Zelnick with Deutsche Bank.

今天的下一個問題來自德意志銀行的布拉德‧澤爾尼克。

Amit, can you maybe just give us more color on PowerCenter Cloud Edition uptake and pipeline build? I heard this stat that 80% of modernization deals were influenced by that and that's up from 60% last quarter. But any other color that you can share? And how much uptake is built into the guide for the full year?

Amit，您能否向我們詳細介紹 PowerCenter 雲端版本的採用和管道建置？我聽說有統計數據顯示，80% 的現代化交易都受到了此影響，而上一季這一數字為 60%。但是您可以分享其他顏色嗎？該指南涵蓋了全年多少的吸收量？

Well, I can tell you that modernization absolutely is -- has accelerated. And we had shared with you that we expected and wanted to go in that direction. And I would say Q1 has shown that it is headed in that direction or absolutely well on that path. So what -- obviously, PowerCenter Cloud Edition makes it a lot easier for our customers, and for us, needless to say, that has become the lion's share, and we'll continue to expect to see that number even pick up to be part of the power center modernization opportunities. And I think that's baked into our guide for the year. That's what we were expecting for this year to be for that to kick in. And Q1 proved that and we expect that to continue to be part of our cloud ARR growth, which is what in the guide I gave you as well baked into that.

嗯，我可以告訴你，現代化絕對在加速。我們曾與你們分享我們的期望以及希望朝這個方向前進的願望。我想說的是，Q1 已經表明它正朝著這個方向發展，或者說絕對在朝著這個方向發展。那麼，顯然，PowerCenter 雲端版本為我們的客戶和我們帶來了極大的便利，不用說，這已經成為了最大的份額，我們將繼續期望看到這個數字甚至上升，成為電力中心現代化機會的一部分。我認為這已經融入我們今年的指南中了。這就是我們對今年的預期。第一季證明了這一點，我們預計這將繼續成為我們雲端 ARR 成長的一部分，這也是我在指南中給出的內容。

And as you remember from the Investor Day discussion from December, our both '24 and medium-term guidance that we offered was based upon a buildup of what we think is the TAM growth based upon external estimates, source from IDC and others of mid-20%, mid- to high 20% TAM growth plus migration-driven growth. And that sums up in '24 to our expectation of 35%. Doing that math another way, 25% to 30% of our growth we expect in cloud ARR should be over time coming from migrations. And that's entirely consistent with what we're seeing play out in Q1.

正如您從 12 月的投資者日討論中記得的那樣，我們所提供的 24 年和中期指導都是基於我們認為的 TAM 增長，該增長基於外部估計，來源包括 IDC 和其他公司的 20% 中段、20% 中段至高段 TAM 增長加上遷移驅動的增長。這就相當於在 24 年達到了我們預期的 35%。換種方式計算，我們預期雲端 ARR 成長的 25% 到 30% 應該會隨著時間的推移而來自遷移。這與我們在第一季看到的情況完全一致。

Michael, it's a helpful reminder. Maybe just a follow-up on maintenance ARR, which was just a little bit below what we might have expected sequentially. And I appreciate the comments you already shared in the prepared remarks but anything else to call out, whether it's any specific customer churn or anything else that maybe we're just not appreciating?

邁克爾，這是一個有用的提醒。也許只是對維護 ARR 的後續行動，這比我們連續預測的要低一點。我很感謝您在準備好的評論中分享的評論，但還有其他什麼需要指出的嗎，無論是特定的客戶流失還是其他也許我們沒有註意到的事情？

Yes. Thanks for bringing that up. It really is, and I mentioned, briefly in my remarks, it may not have been obvious enough. Almost half of the gross churn in our maintenance base this quarter was due to migrations from power center on-prem to the cloud. So the -- and again, we're getting back to Investor Day when we talked about our expectations for the decline of both maintenance and self-manage, the decline is made up of 2 components. One is what I call the natural churn. That's customers who churn because they went out of business or the use case went away or they got bought by another company. That's sort of exogenous churn that's independent of migration. And then the other part of the churn will be from migration, moving from maintenance or self-managed to the cloud. So our maintenance churn this quarter, almost half of that was in that maintenance to cloud bucket, and the natural churn was very much in line with what we've been seeing quarter after quarter after quarter for the last several years.

是的。謝謝你提起這件事。事實確實如此，我在我的發言中簡要地提到過，但可能還不夠明顯。本季我們維護基地的總客戶流失中幾乎有一半是由於從本地電源中心到雲端的遷移所造成的。所以—我們再次回到投資者日，當時我們談到了對維護和自我管理下降的預期，下降由兩個部分組成。一個是我所說的自然流失。這些客戶因為公司倒閉、用例消失或被其他公司收購而流失。這是一種與移民無關的外生性流失。而另一部分客戶流失則來自於遷移，從維護或自我管理轉移到雲端。因此，我們本季的維護流失率幾乎有一半屬於雲端維護，自然流失率與過去幾年每季看到的情況非常一致。

Got it. And just one more. I apologize. I don't mean to hog but, wouldn't the corollary to that be that we would expect to see cloud ARR perhaps even stronger. I know there's Q1 seasonality and a lot of -- the majority of that is coming from new business, not from migrations. But is there anything else that we're missing there as we think about the migration and the strength in migrations that you call out is accounting for what we see is the behavior in maintenance?

知道了。還剩一個。我很抱歉。我無意獨佔，但其必然結果是，我們預期雲端 ARR 可能會更加強勁。我知道第一季有季節性，其中很多——大部分來自新業務，而不是遷移。但是，當我們考慮遷移時，我們是否還遺漏了其他什麼，而您所說的遷移強度是否解釋了我們所看到的維護行為？

No, you're not missing anything. It's doing exactly what we expected it to do. Our guide was based upon the mix of net new ARR and migration ARR being very much in line with what we saw as were our projections for maintenance and self-managed churn. So it's right down the fairway and we're happy with it.

不，你沒有錯過任何東西。它所做的正是我們預期它要做的事。我們的指南是基於淨新 ARR 和遷移 ARR 的組合，這與我們對維護和自我管理客戶流失的預測非常一致。所以它就在球道上，我們對此感到滿意。

Our next question comes from Andrew Nowinski with Wells Fargo.

下一個問題來自富國銀行的安德魯諾溫斯基。

So I want to start with a question on the sort of cost optimization trends you're seeing, we've heard from all the major hyperscalers now and they've all talked about cloud cost optimization coming to an end. I'm just wondering how correlated your results are to their -- to that trend?

因此，我想先問一個問題，即您所看到的成本優化趨勢，我們現在已經聽到了所有主要超大規模企業的意見，他們都談到了雲端成本優化即將結束。我只是想知道您的結果與他們的趨勢有何關聯？

Well, I mean, look, I've said that all the times when the optimizations are going on. For us, one of the good things that we never went crazy badly up, so going badly down has never happened for us because we serve mission-critical workloads. We were never over penetrated into what I call nice-to-have workloads or selling to the very large start-up community or the venture community that went up and down. We continue selling to enterprises where demand was very much tied to operational workloads, and we were very thoughtful about what we were doing.

嗯，我的意思是，看，我在進行優化的時候一直都這麼說。對我們來說，一件好事就是我們的業務從來沒有出現過嚴重的問題，因此我們也從來沒有出現過嚴重的問題，因為我們承擔著關鍵任務的工作負載。我們從未過度投入我所說的「有則更好」的工作量中，也從未向大型新創企業社群或起起伏伏的創投社群銷售產品。我們繼續向需求與營運工作量密切相關的企業銷售產品，並且我們對自己所做的事情非常深思熟慮。

And in that case, I would say that you've seen consistently our cloud ARR growth rate has been very consistent. You've also seen within that, what we've talked about net new versus migration has been very thoughtful. And you've also seen the adoption of a cloud or the usage of our cloud platform. IDMC had what $92 trillion transactions a month, growing 69% year-over-year, and you've seen every quarter, that number has very consistently grown in that 65% to 70% range. So for us, in some ways, that was kind of never a problem and has not been a problem today, and I just kind of see that problem.

在這種情況下，我想說，您會一直看到我們的雲端 ARR 成長率非常穩定。您也可以看到，我們關於淨新增人口與移民的討論是非常深思熟慮的。您也看到了雲端的採用或我們的雲端平台的使用。 IDMC 每月的交易量達到 92 兆美元，比去年同期成長 69%，而且每季你都會看到，這個數字一直在 65% 到 70% 的範圍內穩步增長。所以對我們來說，從某種程度上來說，這從來都不是一個問題，現在也不是問題，我只是看到了這個問題。

Yes. And I'll also just remind you and everyone else, Andrew, that because of the way the IPU consumption pricing model works, which is a upfront committed multiyear purchase of IPU capacity, we're not subject to quarter-to-quarter revenue or ARR volatility based upon the actual consumption of those IPUs, unlike others in our space or adjacencies that are more of a direct drive consumption model that you can see in the quarterly results. That being said, our consumption -- our utilization trends of the IPUs are very good and we feel very good about it. And we just haven't seen those utilization trends being particularly correlated to what we hear from some of those other companies you're referencing in terms of cost optimization this quarter or cost optimization over the next quarter.

是的。我還要提醒你和其他人，安德魯，由於 IPU 消費定價模型的工作方式，即預先承諾多年購買 IPU 容量，我們不會受到基於這些 IPU 實際消費的季度收入或 ARR 波動的影響，這與我們領域或相鄰領域的其他公司不同，它們更像是直接驅動消費模型，你可以在季度結果中看到。話雖如此，我們的消費——IPU 的利用趨勢非常好，我們對此感覺非常滿意。我們只是沒有看到這些利用率趨勢與您提到的其他一些公司在本季或下一季的成本優化方面所提到的趨勢特別相關。

I would remiss, I have to plug that to the customer success team. They do a fantastic job of making sure the use cases customers buy for the right after sale they go in and make sure that the adoption and the business value creation is there. So that team has created that as almost like top work.

我會疏忽大意，我必須將此事告知客戶成功團隊。他們出色地完成了工作，確保客戶購買的用例得到正確的售後服務，並確保採用和創造商業價值。因此該團隊已經創造出幾乎堪稱頂尖的作品。

Okay. And then I just wanted to ask a question as it relates to the M&A news that we heard about intra-quarter. Did you see any disruption from that, that prompted you put out your pre-announcement?

好的。然後我只想問一個問題，因為它與我們聽到的季度內併購新聞有關。您是否認為這會帶來任何干擾，從而促使您發布預先公告？

I think -- Andrew, you saw the quarter we gave. I think Mike does a very good job reminding everybody we guide to the midpoint. And I think the clean beat across that midpoint from top to bottom line is a great indicator of how we've executed in Q1, which is, in some way, seasonally a small quarter, we start the year but we feel very good about where we are and all the metrics in terms of what we shared in Q2 guide and for the year, what we feel, feel pretty good about it.

我想 - 安德魯，你看到了我們給的四分之一。我認為麥克做得很好，提醒大家我們要引導到中點。我認為，從上到下中點的清晰節奏很好地表明了我們第一季的業績，從某種意義上說，第一季度是季節性的一個小季度，我們開始了新的一年，但我們對目前的情況以及我們在第二季度指南中分享的所有指標感到非常滿意，就今年而言，我們對此感覺非常滿意。

Our next question that comes from Will Power with Baird.

我們的下一個問題來自貝爾德的威爾·鮑爾。

Great. Maybe to start with you, Amit, I'd love to kind of hear in the early use cases you're seeing with CLAIRE GPT. I mean I trust we're going to hear a lot more about that in a couple of weeks. I recognize it's still early but any early indicators there would be great.

偉大的。也許從你開始，阿米特，我很想聽聽你在 CLAIRE GPT 中看到的早期用例。我的意思是，我相信我們將在幾週後聽到更多有關此事的消息。我知道現在還為時過早，但任何早期跡像都是很好的。

No, indeed, Will, I think pretty excited about that. Obviously, at Informatica World, you'll see the main stage demo and what we're doing with that. And as I've share, like, we should be live with that product as we -- before we get there. We've had some great run with the preview that we did 300-plus enterprise customers using it. And I can tell you some great use cases we saw a large health care provider basically through the chat interface being able to -- almost very, very quickly be able to allocate mission-critical drugs or the staffing across their different locations. So that basically can give a much higher degree of that in the patient care or we saw in the case of a large manufacturing company to be able to manage their supply chain by being able to understand and look at the data in real time and being able to do things, or even a financial service, something doing what I call more governance and data discovery for risk management purposes.

不，確實，威爾，我認為我對此感到非常興奮。顯然，在 Informatica World，您將看到主舞台演示以及我們正在做的事情。正如我所分享的，在實現這一目標之前，我們應該盡快推出該產品。我們的預覽版運作良好，已有 300 多家企業客戶使用了它。我可以告訴你一些很好的用例，我們看到一家大型醫療保健提供者基本上可以透過聊天介面幾乎非常非常快速地在不同地點分配關鍵任務藥物或人員。因此，這基本上可以在患者護理中提供更高程度的功能，或者我們在大型製造公司的案例中看到，透過即時了解和查看數據並能夠執行操作來管理其供應鏈，甚至是金融服務，做一些我稱之為更多治理和數據發現的事情，以用於風險管理目的。

So we saw a whole lot of those use cases, again, the pointing that it allows data management to be a lot more democratized and being able to do things that probably take us a lot more time, a little bit less productivity. So we saw all of those use cases in the preview. I'm pretty excited about it once it goes GA. I think we expect, obviously, as we think about the adoption happening, it's going to be part of the IPU model as well over the course of the second half this year and then walking into next year, that should definitely be things that we, as a company, are excited about.

因此，我們看到了大量這樣的用例，再次指出，它使資料管理更加民主化，並且能夠做一些可能需要更多時間、生產力稍低的事情。我們在預覽中看到了所有這些用例。一旦它正式發布，我就會非常興奮。我認為，顯然，當我們考慮採用時，它將在今年下半年以及明年成為 IPU 模型的一部分，這絕對是我們作為一家公司感到興奮的事情。

Okay. Great. Yes. I look forward to hearing more here in a couple of weeks. I guess, may be -- Mike, maybe just quickly, in ARR, I guess at a customer level, I think 119%, I think flat sequentially, still a healthy number. Any kind of puts and takes to think about as we kind of move through the year? I mean, is that kind of the right level to expect through the balance?

好的。偉大的。是的。我期待幾週後在這裡聽到更多消息。我想，可能是 — — 麥克，也許只是很快，在 ARR 中，我想在客戶層面，我認為是 119%，我認為環比持平，仍然是一個健康的數字。在我們度過這一年的過程中，有哪些需要考慮的事情？我的意思是，這是透過平衡所期望的正確水平嗎？

Yes, it is, Will. It will bounce around, if it's down a couple of points, don't panic, if it's up a couple of points don't overly celebrate. This feels like about the center gravity that we should expect for the next several quarters.

是的，威爾。它會反彈，如果它下降幾個點，不要驚慌，如果它上升幾個點，不要過度慶祝。這感覺就像是我們在接下來的幾季所預期的重點。

Our next question today comes from Pinjalim Bora with JPMorgan.

今天的下一個問題來自摩根大通的 Pinjalim Bora。

This is Jaiden Patel for Pinjalim Bora. Is it possible to understand the traction around your different product pillars even if qualitatively across core data integrations, MDM and data government? Are you seeing a little bit of a wind behind one versus the other?

我是 Pinjalim Bora 的 Jaiden Patel。即使是從核心資料整合、MDM 和資料管理的角度進行定性分析，是否有可能了解不同產品支柱的吸引力？您是否看到其中一個相對於另一個有一點風？

Look, we don't break different product lines because the reality I've said that so many times, customers when they do different projects, it's always a combination of multiple products on the platform. And that is the beauty of our story. That if you're doing an analytics project in the case of gen AI, we're going to use integration, whether it's app integration or data integration, and we are going to use data quality as a bare minimum, to bring data together and clean it and make sure it's of high quality.

你看，我們不會打破不同的產品線，因為現實情況我已經說過很多次了，當客戶做不同的專案時，他們總是平台上多種產品的組合。這就是我們的故事的美麗之處。如果你在進行人工智慧方面的分析項目，我們將使用集成，無論是應用程式集成還是數據集成，並且我們將使用數據質量作為最低限度，將數據匯集在一起並清理數據並確保其高品質。

And of course, as you are basically making sure that you are democratizing that, you want to put some [layer] on governance, so on and so forth. Whether you do MDM or you do governance, every project is a multi-product project. Our goal has always been that duty for us has been that we have the best product in the industry. So whichever project you want to begin with, with whichever product you want to go with, it's best in the industry. The other beauty is that all of them end up on 1 platform, which given its consumption-based pricing, the beauty is that you can consume anything. You can dial up, dial down depending upon where you are, and that's the flexibility and the scale that customers look.

當然，當你要確保實現民主化時，你會希望在治理上增加一些[層]，等等。無論您進行 MDM 還是進行治理，每個專案都是多產品專案。我們的目標一直是，我們的職責就是打造業界最好的產品。因此，無論您想從哪個專案開始，無論您想使用哪種產品，它都是業內最好的。另一個美妙之處在於，所有商品最終都集中在一個平台上，而考慮到其基於消費的定價，美妙之處在於你可以消費任何東西。您可以根據您所處的位置調高或調低音量，這就是客戶所期望的靈活性和規模。

And hence, we see -- so we always look at use cases, governance has definitely been done very well. All kinds of mastering use cases, Customer 360 or Supplier 360 are doing very well. And of course, in the world of analytics, which is gen AI or traditional analytics, they are obviously doing very well. So all of them, that's how we see the world versus to the lens of products.

因此，我們看到──我們總是專注於用例，治理確實做得非常好。各類掌握用例，不管是客戶360還是供應商360都做得很好。當然，在分析領域，也就是人工智慧或傳統分析領域，他們顯然做得非常好。所以所有這些，都是我們看待世界的方式，而不是透過產品的視角。

Our next question today comes from Howard Ma with Guggenheim Securities.

今天的下一個問題來自古根漢證券的 Howard Ma。

Amit, I really like to phrase that you said everyone is ready for gen AI except for your data, you could even consider making that a company tagline. But I guess if we were to really pressure test that with your enterprise customer base, what portion is experimenting with gen AI use cases that require robust data quality, cataloging, governance capabilities, et cetera? Is it 100% at this point or 50%? And what portion of your customer base is actively exploring Informatica for these gen AI driven capabilities?

阿米特，我真的很喜歡這樣說，你說過除了你的數據之外，每個人都已經為人工智慧做好了準備，你甚至可以考慮將其作為公司的標語。但我想，如果我們真的要對你的企業客戶群進行壓力測試，那麼有多少部分是在試驗需要強大資料品質、編目、治理能力等的新一代人工智慧用例？此時是 100% 還是 50%？您的客戶群中有多少部分正在積極探索 Informatica 的這些新一代 AI 驅動功能？

Thanks for the question, Howard. Howard, first of all, that is the company tagline right now. So the brand campaign that's going on. So I was a little bit self-serving and using that line. So of course, when you come to Informatica World, you'll see that tagline everywhere. And that, by the way, is something we go to customers. But in it, by the way, tagline check is actually very true. The reality of gen AI is that it's one of those times in the history where everybody at the Board level down is super excited about gen AI. I mean -- but the question is that the reality of the ground level is the data is strong. So we feel bless that we have an opportunity to help our customers in that point.

謝謝你的提問，霍華德。霍華德，首先，這是目前的公司標語。品牌活動正在進行中。所以我有點自私地使用了這句話。因此當然，當您來到 Informatica World 時，您會隨處看到這句標語。順便說一句，這是我們向客戶推銷的東西。但順便說一句，標語檢查實際上是非常真實的。人工智慧的現實情況是，這是歷史上董事會層面上的每個人都對人工智慧感到非常興奮的時代之一。我的意思是——但問題是，基層的現實是數據很強。因此，我們很榮幸能夠有機會在這方面幫助我們的客戶。

Coming to your second question, look, that's what's happening right now. As I'm talking to customers, whether it is coming bottoms up or coming tops down, the reality is that data is a best and people realize the value in AI will come from how good a job you do with giving complete data, good quality, all the stuff that you just talked about. And that is very difficult to do and customers are realizing and that's the conversations our sales folks are having. So more and more of our conversations, I'm like, "hey, let's just talk about that. Help me understand how to go about it."

回到你的第二個問題，看，這就是現在正在發生的事情。當我與客戶交談時，無論是自下而上還是自上而下，現實情況是數據是最好的，人們意識到人工智慧的價值將來自於你在提供完整數據、高品質數據以及你剛才談到的所有內容方面做得有多好。這是非常困難的，客戶也意識到了這一點，這也是我們的銷售人員正在進行的對話。因此，在我們的談話中，我越來越多地說，“嘿，我們就討論這個吧。幫我理解該怎麼做。”

And when -- and the hub movement comes from our customers is when they realize that, "Oh, first of all, we can help them with that." And the other hub, "Good lord." So if I have IDMC right now here with me and I purchased these IPUs, I can use them right now from my gen AI project? The answer is, yes, you don't have to do anything, go at it. Why because it can help you do things even better but all the stuff that you need to do a gen AI project is with you today, if you are an existing customer. And with a new customer, of course, the value proposition is, as we explained this to them. So we are seeing that. Those are the conversations. Informatica World will be all around this. You'll see our customers be talking and learning, and the demos and all that stuff. But that's the -- that's what we are hearing and seeing right now.

當我們的客戶開始發起中心運動時，他們就會意識到，「哦，首先，我們可以幫助他們做到這一點。」另一個中心是「上帝。」所以，如果我現在有 IDMC 並且購買了這些 IPU，我現在就可以從我的 gen AI 專案中使用它們嗎？答案是肯定的，你什麼都不用做，就去做就好。因為它可以幫助您做得更好，但是如果您是現有客戶，那麼您今天就可以擁有進行新一代人工智慧專案所需的所有東西。對於新客戶，當然，價值主張就是我們向他們解釋的那樣。所以我們看到了這一點。這些都是對話。 Informatica World 將全面圍繞這一點。您會看到我們的客戶正在討論和學習，還有演示和所有這些東西。但這就是——這就是我們現在所聽到和看到的。

Okay, Amit. That makes a lot of sense. I have a follow-up for Mike, too. I actually want to circle back to Brad's question about quantifying the cloud modernization. So in Q1, I believe in your prepared remarks, you said 30 cloud modernization is up 100% year-over-year. How should we think about it when they'll show up in cloud ARR? And I guess, more generally, how should we think about the timing of modernization contributions to cloud ARR? Is it more second half weighted? Or should we think about more so the benefit showing up next year just because the -- I believe there's a lag in Cloud ARR recognition?

好的，阿米特。這很有道理。我也要跟進麥克的情況。我實際上想回到布拉德關於量化雲端現代化的問題。因此，在第一季度，我相信您準備好的發言中所說的，30 雲端現代化同比增長了 100％。當它們出現在雲端 ARR 中時，我們該如何思考？我想，更一般地說，我們應該如何考慮現代化對雲端 ARR 貢獻的時機？下半場的權重更大嗎？或者我們應該更多地考慮明年出現的好處，因為——我認為雲 ARR 識別存在滯後？

Yes. Thanks, Howard. And actually, it was more than 30. That was an approximate number. Just that quick clarification. So when we sign a cloud migration deal, there is a benefit to ARR out signing in that quarter. However, because of the credits that we provide to the customer against their existing maintenance stream, while the migration is happening that ARR that you see in the initial stages of the migration is not the full run rate ARR, the full amount that's actually being built to the customer. And this is because of some accounting rules that, for better words, we have to follow. So that being said, the lag in terms of ARR contribution is not great. So when we sign those and as the migrations accelerate, that goes into collateral, Howard, and that's part of our forecast, and that is part of the build that underlies our 35% growth this year.

是的。謝謝，霍華德。事實上，數量超過 30。這是一個大概的數字。只需快速澄清一下。因此，當我們簽署雲端遷移協議時，該季度的 ARR 簽約將受益。然而，由於我們根據客戶現有的維護流向客戶提供的信用，在遷移過程中，您在遷移初始階段看到的 ARR 並不是全運行率 ARR，即實際為客戶構建的全部金額。這是因為有一些會計規則，更好的說法是，我們必須遵守。話雖如此，ARR 貢獻方面的延遲並不大。因此，當我們簽署這些協議時，隨著遷移的加速，這些將成為抵押品，霍華德，這是我們預測的一部分，也是我們今年 35% 成長的基礎的一部分。

One thing that is different with PowerCenter Cloud Edition that traditional power center migration is because the length of time it takes to migrate from power center on-prem to the cloud using PowerCenter Cloud Edition is 6 months or less versus 2 years or less in the old version, the maintenance is decommissioned more quickly. And so the churn out of maintenance shows up sooner than it would under the old style of migration. All that modeling gets very complicated very fast. But I assure you that all of that is embedded in the guidance that we've provided for '24.

PowerCenter 雲端版本與傳統 Power Center 遷移的一個不同之處在於，使用 PowerCenter 雲端版本從本地 Power Center 遷移到雲端所需的時間為 6 個月或更短，而舊版本則為 2 年或更短，因此維護工作可以更快完成。因此，維護的流失比舊的遷移方式出現得更快。所有這些建模很快就會變得非常複雜。但我向你們保證，所有這些都包含在我們為24年提供的指導中。

Next question comes from Patrick Colville with Deutsche Bank (sic) [Scotiabank].

下一個問題來自德意志銀行（原文如此）[加拿大豐業銀行]的派崔克‧柯爾維爾。

This is Joe Vandrick on for Patrick Colville. I had one on power center cloud migration. Of the 5.5% of maintenance and self-managed ARR, it's already migrated. Where do you set percentage going maybe over the next year or 2 or over the medium term?

這是 Patrick Colville 的喬·範德里克 (Joe Vandrick)。我有一個關於電力中心雲端遷移的專案。在 5.5% 的維護和自我管理 ARR 中，它已經遷移。您在未來一年、兩年或中期內將百分比設定在多少？

Yes. We're not finding a specific number on that but I would point you instead to the medium-term guidance regarding the contribution of migration-related ARR to cloud versus net new cloud set. Now we did share at the Investor Day that at the pace we expect by the time we get towards the end of our medium-term period, which is through the end of 2026 guidance or sort of directional medium-term model type of guidance that we gave in December that we still will have migrated less than half, considerably less than half of that full base of power center maintenance, on-prem maintenance in general and self-managed.

是的。我們沒有找到具體的數字，但我想向您指出有關遷移相關 ARR 對雲端與淨新雲集的貢獻的中期指導。我們確實在投資者日分享了我們預期的速度，到中期結束時，也就是到 2026 年年底，或者到我們在 12 月給出的某種方向性的中期模型指導時，我們仍然將遷移不到一半，遠遠少於整個電力中心維護、一般內部維護和自我管理的一半。

Got it. And then maybe 1 more for me. But I mean a lot of talk about generative AI on the call so far. I guess, is the takeaway that the conversations are happening right now but it's still early days and maybe you expect more of a meaningful contribution in 2025?

知道了。然後也許對我來說再多 1 個。但我的意思是到目前為止，電話會議上已經討論了許多有關生成式人工智慧的問題。我想，重點是現在正在進行對話，但現在還為時過早，也許您期待在 2025 年做出更有意義的貢獻？

Correct. I think it's all happening. And I think as we think about the latter half of this year, [walking to] '25, you should expect that. And by the way, if you take a step back, that's following a very natural course for any technology transition. When the cloud build-out was happening, the first happened at the IntraLayer server network storage, all of those things were the first the highest had to be built, which is what is happening right now in the gen AI world and then obviously, the data layer and the upscale because data layer obviously takes more work, more thinking, you just can't move that over there without the risk of governance compliance, those kinds of things. So it's following its very natural course of technology evolution that in some ways, cloud also follow.

正確的。我認為這一切都正在發生。而且我認為，當我們思考今年下半年，走向25年時，你應該預料到這一點。順便說一句，如果你退一步思考，你會發現這是任何技術轉型都非常自然的過程。當雲端運算建置發生時，首先發生在 IntraLayer 伺服器網路儲存上，所有這些都是首先必須建置的最高層，這就是現在在人工智慧世界中發生的事情，然後顯然是資料層和高端，因為資料層顯然需要更多的工作、更多的思考，你不能把它轉移到那裡，否則就會有治理合規風險等等。因此，它遵循其非常自然的技術發展進程，從某種程度上來說，雲端也遵循這一進程。

Final question today comes from Tyler Radke with Citi.

今天的最後一個問題來自花旗的泰勒拉德克 (Tyler Radke)。

Maybe the first question for you, Mike. Just as we look at the outlook for Cloud ARR for the full year, it does seem a bit more second half weighted relative to this point a year ago? I know migration in some of these power center deals may be more second half weighted just given the kind of historical maintenance seasonality. But could you just talk about why the seasonality might be a little more back-end loaded this year and just kind of what gives you the confidence in that visibility?

麥克，這可能是你第一個要問的問題。正如我們展望全年雲端 ARR 的前景一樣，相對於去年同期而言，下半年的權重似乎更大一些？我知道，考慮到歷史維護的季節性，一些電力中心交易的遷移可能會在下半年更加受重視。但是您能否談談為什麼今年的季節性可能會更加後端化，以及是什麼讓您對這種可見性充滿信心？

Tyler, look, we expected this question. So did our homework. If you look at where we were this time last year on this exact call 1 year ago, the guidance that we offered a year ago in that call in terms of first half versus second half linearity is virtually exactly what it is in the guidance that we're providing in this call this year. Now I don't know what math you're looking at but I'm happy to subcommittee, it's within 2 percentage points in terms of first half versus second half versus where we sat at exactly this time last year. So there's really nothing different than there's nothing to see here. It's the same pattern we saw last year.

泰勒，你看，我們預料到了這個問題。我們的作業也是如此。如果您查看一年前此時我們在這次電話會議上的情況，我們會發現我們一年前在那次電話會議上就上半年與下半年的線性關係所提供的指導幾乎與我們今年在這次電話會議上提供的指導完全相同。現在我不知道你在看什麼數學題，但我很高興向小組委員會介紹，與去年同期相比，上半年與下半年相比，差距在 2 個百分點以內。所以實際上沒有什麼不同，這裡也沒有什麼好看的。這和我們去年看到的模式相同。

Got it. Helpful clarification. And then I'm just curious as you're thinking about the power center migrations, to what extent are you looking at kind of moving up and to support an end-of-life dates on the traditional power center maintenance essentially a lever to accelerate this? Is that something you're kind of contemplating here over the next few years?

知道了。有幫助的澄清。然後我很好奇，當您考慮電力中心遷移時，您在多大程度上考慮提升並支持傳統電力中心維護的終止日期，本質上是一種加速這一進程的槓桿？這是您在接下來幾年裡正在考慮的事情嗎？

Tyler, first of all, look, the -- we service a critical workloads for our customers. And I've said that many times that power center is basically integral part of our customers. Literally, sometimes some of them are closing their books on us. And as this part about migrations we've been very thoughtful about what our ethos of the company is, how we think about customers, and how we want to make this happen fast without disrupting our customers. And we'll never deviate from that path. So in that case, we're never a company that's basically going to go have a pull off a hammer to use that to solve, put it on the nail. We're going to be very, very thoughtful. So that's how we think about it. And we talk to our customers very closely as we think about any such material decisions. So no change to what we're doing. In some ways, I feel like with PowerCenter Cloud Edition, we are seeing a great uptick as we just saw in this Q1.

泰勒，首先，看，我們為客戶提供關鍵工作負載服務。我已經多次說過，動力中心基本上是我們客戶不可或缺的一部分。確實，有時他們中的一些人會向我們關閉帳簿。作為遷移的一部分，我們非常認真地考慮了公司的精神是什麼、我們如何看待客戶，以及如何在不打擾客戶的情況下快速實現這一目標。我們永遠不會偏離這條道路。所以在這種情況下，我們從來就不是那種拿著鐵鎚去解決問題、用鐵鎚去釘子的公司。我們將會非常非常深思熟慮。這就是我們的想法。當我們考慮任何此類重大決策時，我們都會與客戶密切溝通。因此，我們所做的事情沒有改變。從某些方面來看，我覺得 PowerCenter 雲端版本正在帶來巨大的成長，就像我們在第一季看到的那樣。

And I also believe philosophically the way as we think about the medium to long term, that gen AI, the conversation I'm having with customers is opening that is to, (inaudible) I don't modernize and get to the cloud, the power of AI would not be there for me, if I'm not in the cloud. So that's also opening up a lot of eyes, which will say, I should basically accelerate some of the things that maybe I was thinking. So we look at all of those goodness in terms of tailwinds for us versus using any kind of a hammer or a stick to drive things.

而且我從哲學上也相信，從中長期來看，我與客戶進行的人工智慧對話是開放的，也就是說，（聽不清楚）如果我不在雲端，那麼如果我不現代化並進入雲端，人工智慧的力量就無法為我所用。這也讓很多人大開眼界，他們會說，我應該加速一些我可能正在考慮的事情。因此，我們將所有這些好處視為對我們有利的順風，而不是使用任何形式的錘子或棍棒來推動事情。

Thank you all for your questions. This will conclude the Q&A session. So I would now like to turn the conference call back over to management for any closing remarks.

謝謝大家的提問。問答環節到此結束。因此，現在我想將電話會議交還給管理階層，以便他們做最後發言。

Thank you. Well, look, I appreciate all the questions and everybody taking the time. Look, I'll reiterate one thing that we are a very unique and a special company. In the market we are, the scale at which we operate, and the innovation that we are delivering with the best products and the most at scale platform with clear the AI driving current, AI engine initiatives and with the gen AI coming from us, sets us up in a very, very unique position. We are always going to be very consistent in our execution, as you saw today, but from top line to bottom line, and that's what you hear from us in our guide for Q2 as well as our guidance for this year.

謝謝。好吧，看，我感謝大家提出的問題和大家花時間。看，我要重申一件事，我們是一家非常獨特和特別的公司。在我們所在的市場中，我們營運的規模，以及我們透過最好的產品和最具規模的平台所提供的創新，以及明確的人工智慧驅動潮流、人工智慧引擎計畫和來自我們的一代人工智慧，使我們處於非常非常獨特的地位。正如您今天所看到的，我們的執行始終保持一致，從頂線到底線，這就是您在我們第二季度指南以及今年的指導中聽到的。

I feel great about where we are today with our innovation and our customer efforts. Excited about walking to Informatica World I look forward to seeing almost all of you there, and you will get to see some amazing innovation, some cool demos and, of course, hearing from our customers directly as to why they choose Informatica and why they help us drive our NRR, which is where it is today. So I'm excited about where we are and look forward to seeing all of you at Informatica World, and if not there, then at the next earnings call. Thank you.

我對我們的創新和客戶努力目前所取得的成就感到非常高興。我很高興走進 Informatica World，我期待在那裡見到你們所有人，你們將看到一些令人驚嘆的創新、一些很酷的演示，當然，還可以直接從我們的客戶那裡聽到他們為什麼選擇 Informatica 以及為什麼他們幫助我們推動 NRR，這就是今天的情況。所以我對我們的現狀感到非常興奮，並期待在 Informatica World 上見到大家，如果不在那裡，那麼在下一次財報電話會議上。謝謝。

That will conclude today's conference call. Thank you all for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝大家的參與。現在您可以斷開線路了。