Informatica Inc (INFA) 2024 Q2 法說會逐字稿

Good afternoon, and thank you for joining today's Informatica fiscal and Q2 2024 call. My name is Cole, and I'll be the moderator for today's call. (Operator Instructions)

下午好，感謝您參加今天的 Informatica 2024 財年和第二季電話會議。我叫科爾，我將擔任今天電話會議的主持人。（操作員說明）

I'll turn it over to Victoria Hyde-Dunn, Vice President of Investor Relations. You may proceed.

我會將其交給投資者關係副總裁維多利亞·海德·鄧恩 (Victoria Hyde-Dunn)。您可以繼續。

Thank you. Good afternoon and thank you for joining Informatica second-quarter 2024 earnings conference call. Joining me today are Mr. Amit Walia Chief Executive Officer, and Mike McLaughlin, Chief Financial Officer.

謝謝。下午好，感謝您參加 Informatica 2024 年第二季財報電話會議。今天與我一起出席的有首席執行官阿米特·瓦利亞 (Amit Walia) 先生和首席財務官邁克·麥克勞林 (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 during the call. We will be making comments of a forward-looking nature.

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。我們準備好的評論將在電話會議結束後發佈在 IR 網站上。我們將發表前瞻性評論。

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.

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。這些前瞻性陳述是基於截至目前的信息，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陳述的義務。

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.

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。

A reconciliation of these items to the nearest US GAAP measure can be found in this afternoon’s press release and our slide presentation available on Informatica’s Investor Relations website.

這些項目與最接近的美國 GAAP 衡量標準的調整可以在今天下午的新聞稿和 Informatica 投資者關係網站上的幻燈片演示中找到。

With that, It is my pleasure to turn the call over to Amit.

至此，我很高興將電話轉給阿米特。

Thank you, Victoria and everyone for joining us today. I will start today's call by summarizing three key

謝謝維多利亞和大家今天加入我們。我將透過總結三個關鍵來開始今天的電話會議

points. First, we had a solid second quarter. Our results were within or above all second quarter guidance metric ranges. This was driven by continued strong customer momentum and consistent execution from our cloud-only, consumption-driven strategy.

點。首先，我們的第二季表現強勁。我們的業績處於或高於第二季所有指導指標範圍。這是由持續強勁的客戶動力以及我們的純雲端消費驅動策略的持續執行所推動的。

Second, we continue to deliver the best data management products on the industry’s only AI-powered platform. After a 12-month extensive private preview, we launched CLAIRE GPT, our generative AI chat interface, on the IDMC platform. Informatica is now the industry's only cloud data management platform with AI and Generative AI capabilities for modern enterprises, and it is the Switzerland of Data and AI.

其次，我們繼續在業界唯一的人工智慧平台上提供最好的數據管理產品。經過 12 個月的廣泛私人預覽後，我們在 IDMC 平台上推出了我們的生成式 AI 聊天介面 CLAIRE GPT。Informatica目前是業界唯一面向現代企業的具有AI和Generative AI能力的雲端資料管理平台，是資料和AI的瑞士。

Third, given our strong execution in the first half of the year, we are raising Cloud Subscription ARR, Subscription ARR, non-GAAP Operating Income, and Adjusted Unlevered Free Cash Flow after-tax guidance for the full year. We remain focused on supporting our customers’ digital transformation, cloud modernization, and now their GenAI initiatives.

第三，鑑於我們上半年的強勁執行力，我們將提高全年的雲端訂閱 ARR、訂閱 ARR、非 GAAP 營業收入和調整後無槓桿自由現金流稅後指引。我們仍然專注於支援客戶的數位轉型、雲端現代化以及現在的 GenAI 計劃。

Starting with our second quarter results, total revenue grew 6.6% year-over-year. Subscription ARR grew 15% year-over-year, and Cloud Subscription ARR grew 37% year-over-year, both exceeding the high end of our guidance range.

從第二季業績開始，總營收年增 6.6%。訂閱 ARR 年成長 15%，雲端訂閱 ARR 年比成長 37%，均超過我們指導範圍的上限。

We delivered a record $703 million in Cloud Subscription ARR, exceeding the $700 million mark for the first time. We strengthened our cash position and grew non-GAAP operating income by over 31% year-over-year, above the midpoint of the guidance range.

我們的雲端訂閱 ARR 達到創紀錄的 7.03 億美元，首次突破 7 億美元大關。我們增強了現金狀況，非 GAAP 營業收入年增超過 31%，高於指導範圍的中點。

The macro-environment remained stable in the second quarter, consistent with the prior quarter. Approximately 74% of cloud net new ARR in the trailing 12 months came from new cloud workloads and expansion. We are attracting new customers, expanding opportunities with existing customers, and driving new workloads in the G2K market, supported by our robust partner ecosystem and healthy cloud pipeline.

第二季宏觀環境保持穩定，與上季保持一致。在過去 12 個月中，大約 74% 的雲端淨新 ARR 來自新的雲端工作負載和擴充。在我們強大的合作夥伴生態系統和健康的雲端管道的支持下，我們正在吸引新客戶，擴大現有客戶的機會，並在 G2K 市場中推動新的工作負載。

Customers that spend more than $1 million in Subscription ARR increased 28% year-over-year to 272 customers. Customers spending more than $5 million in Subscription ARR grew 30% year-over-year. We saw continued strong growth in our average Subscription ARR per customer, which reached $321,500, a 17% increase year over year.

訂閱 ARR 支出超過 100 萬美元的客戶年增 28%，達到 272 名。訂閱 ARR 支出超過 500 萬美元的客戶年增 30%。我們看到每位客戶的平均訂閱 ARR 持續強勁成長，達到 321,500 美元，較去年同期成長 17%。

Let me share two customer stories. American Airlines is the largest airline in the world offering safe, dependable and friendly air transportation to its’ customers along with numerous loyalty services. Dedicated to making every flight something special, American Airlines purchased Cloud Data Quality to improve real-time customer experience and retention through excellent loyalty program incentives such as low fare options, mileage redemption, in-flight entertainment and more.

讓我分享兩個客戶故事。美國航空是世界上最大的航空公司，為其客戶提供安全、可靠和友善的航空運輸以及眾多的忠誠度服務。美國航空致力於讓每一次航班都變得特別，購買了雲端數據質量，透過低票價選項、里程兌換、機上娛樂等卓越的忠誠度計劃激勵措施來改善即時客戶體驗和保留率。

One of the world’s largest graphics processing unit suppliers selected Informatica’s IDMC platform, which includes MDM, Data Quality, Data Integration, and Data Governance capabilities. Next, approximately 26% of cloud net new ARR in the trailing 12 months came from on-premise to cloud migrations.

全球最大的圖形處理單元供應商之一選擇了 Informatica 的 IDMC 平台，該平台包括 MDM、資料品質、資料整合和資料治理功能。接下來，過去 12 個月中大約 26% 的雲端淨新 ARR 來自本地到雲端的遷移。

This is still a very small portion of our on-premise install base, but it continues to provide us with the opportunity to modernize our customers and grow our cloud business.

這仍然只占我們本地安裝基礎的一小部分，但它繼續為我們提供實現客戶現代化和發展雲端業務的機會。

We see strong customer adoption of PowerCenter Cloud Edition, representing over 80% of all modernization deals in Q2. Let me share two customer stories. Westpac, Australia's first bank and a major player in New Zealand, managing numerous legacy applications following acquisitions. To support its business strategy, which focuses on data-driven decision-making, automation, and AI, the bank has expanded its partnership with Informatica, transitioning from PowerCenter to the IDMC platform.

我們看到 PowerCenter Cloud Edition 的客戶採用率很高，佔第二季所有現代化交易的 80% 以上。讓我分享兩個客戶故事。西太平洋銀行 (Westpac) 是澳洲第一家銀行，也是紐西蘭的主要銀行，在收購後管理眾多遺留應用程式。為了支持其專注於數據驅動決策、自動化和人工智慧的業務策略，該銀行擴大了與 Informatica 的合作夥伴關係，從 PowerCenter 過渡到 IDMC 平台。

This will help Westpac reduce data management costs, expedite automation initiatives, and elevate the customer experience across branches, online platforms, and call centers.

這將有助於西太平洋銀行降低資料管理成本，加快自動化計劃，並提升分行、線上平台和呼叫中心的客戶體驗。

As a leading medical technology company, Siemens Healthineers is committed to improving access to healthcare for underserved communities worldwide and is striving to overcome the most threatening diseases. The company is principally active in the areas of imaging, diagnostics, cancer care and minimally invasive therapies, augmented by digital technology and AI.

作為一家領先的醫療技術公司，西門子醫療致力於改善全球服務不足社區獲得醫療保健的機會，並努力克服最具威脅的疾病。該公司主要活躍於影像、診斷、癌症護理和微創治療領域，並透過數位技術和人工智慧進行增強。

Siemen Healthineers opted to modernize their on-premise Informatica data governance and catalog solutions to IDMC and further expand their footprint to include cloud data quality to address regulatory requirements and provide trustworthy data to the enterprise.

Siemen Healthineers 選擇將其本地 Informatica 資料治理和目錄解決方案現代化至 IDMC，並進一步擴大其覆蓋範圍，將雲端資料品質納入其中，以滿足監管要求並為企業提供值得信賴的資料。

At Informatica World, we welcomed thousands of global customers, prospects, ecosystem partners, and GSI partners. They had the opportunity to engage, collaborate, and see firsthand how Informatica empowers enterprises to democratize data. They also heard testimonials about how the powerful combination of data and AI can deliver unprecedented business outcomes.

在 Informatica World 上，我們迎來了數千名全球客戶、潛在客戶、生態系統合作夥伴和 GSI 合作夥伴。他們有機會參與、合作並親眼目睹 Informatica 如何幫助企業實現數據民主化。他們也聽到了關於數據和人工智慧的強大結合如何能夠帶來前所未有的業務成果的評價。

We featured Scott Guthrie, EVP of Cloud+AI Group Microsoft, as a mainstage speaker. We announced the public preview of IDMC as an Azure Native ISV service, the private preview of our Data Quality native application for Microsoft Fabric, and the general availability of our Cloud Data Access Management support for Azure.

我們邀請微軟雲端+人工智慧集團執行副總裁 Scott Guthrie 擔任主講嘉賓。我們宣布推出作為 Azure 本機 ISV 服務的 IDMC 公用預覽版、面向 Microsoft Fabric 的資料品質本機應用程式的私人預覽版以及面向 Azure 的雲端資料存取管理支援的全面可用性。

We also featured Sridhar Ramaswamy, CEO of Snowflake, on mainstage and announced our Gen AI Blueprint for Snowflake Cortex and our new Native SQL ELT for Snowflake. At Snowflake Summit, we announced the general availably of our Snowflake Native app, the Enterprise Data Integrator for high-speed replication of critical enterprise data to Snowflake, expansion of our Native SQL ELT to support Snowflake Gen AI functions, and our Cloud Data Access management support for Snowflake integrated with Snowflake Horizon governance capabilities.

我們也在主舞台上邀請了 Snowflake 執行長 Sridhar Ramaswamy，並宣布了我們針對 Snowflake Cortex 的 Gen AI 藍圖以及針對 Snowflake 的新 Native SQL ELT。在 Snowflake Summit 上，我們宣布全面推出 Snowflake Native 應用程式、用於將關鍵企業資料高速複製到 Snowflake 的企業資料整合器、擴展我們的 Native SQL ELT 以支援 Snowflake Gen AI 功能以及我們的雲端資料存取管理支持與Snowflake Horizo​​n 治理功能整合的Snowflake。

We were awarded Databrick’s 2024 Data Integration Partner of the Year at their Data and AI Summit, where we announced our Gen AI Blueprint for Databricks DBRX, full verification of Unity Catalog support across IDMC, our new Native SQL ELT capability for Databricks, and the availability of our Cloud Data Integration no-cost service tier via Databricks Partner Connect.

我們在Databrick 的資料和AI 高峰會上被授予Databrick 2024 年度資料整合合作夥伴獎，我們在會上宣布了Databricks DBRX 的Gen AI 藍圖、跨IDMC 的Unity Catalog 支援的全面驗證、我們針對Databricks 的新本機SQL ELT 功能、以及透過 Databricks Partner Connect 提供的雲端資料整合免費服務層。

We were awarded MongoDB’s 2024 Build with Partner of the Year. We launched our Cloud Data Governance and Catalog service natively on Oracle Cloud. We also extended support for open table formats in Apache Iceberg. Iceberg adoption is in the early stages of growth across our cloud data ecosystem partners, from Snowflake to AWS and Microsoft Fabric, and now, with the acquisition of Tabular by Databricks.

我們榮獲 MongoDB 2024 年度最佳合作夥伴獎。我們在 Oracle 雲端上原生推出了雲端資料治理和目錄服務。我們也擴展了對 Apache Iceberg 中開放式表格式的支援。我們的雲端資料生態系統合作夥伴（從 Snowflake 到 AWS 和 Microsoft Fabric）以及現在 Databricks 收購了 Tabular，Iceberg 的採用正處於成長的早期階段。

Informatica's new open table format connectors support advanced data ingestion and integration use cases to drive large-scale data engineering operations for high-performance analytic and ML projects.

Informatica 的全新開放式表格式連接器支援進階資料擷取和整合用例，以推動高效能分析和機器學習專案的大規模資料工程操作。

Turning to GSI partners, some of our largest partners have experienced significant growth within their Informatica practices and are expanding their data and AI practices. We have seen growing interest in developing and taking solutions to market based on IDMC.

至於 GSI 合作夥伴，我們的一些最大的合作夥伴在其 Informatica 實踐中經歷了顯著增長，並且正在擴展其數據和 AI 實踐。我們發現人們對開發基於 IDMC 的解決方案並將其推向市場的興趣日益濃厚。

For instance, LTIMindtree launched a solution to assist non-Informatica businesses with legacy, on-premises Data Integration products in modernizing and transitioning to IDMC. As part of our ongoing strategy, we are seeing more partners assume a greater role in implementation services work supporting our customers.

例如，LTIMindtree 推出了一款解決方案，幫助非 Informatica 企業利用遺留的本地資料整合產品進行現代化改造並過渡到 IDMC。作為我們持續策略的一部分，我們看到越來越多的合作夥伴在支援客戶的實施服務工作中發揮更大的作用。

We continue to be the leading innovators in our industry. Over the years, we've invested over a billion dollars in R&D and are the biggest investors in data management engineering in our space. We were pleased to be recognized by IDC as the market share Leader in the 2023 Worldwide Report for both the data integration and data intelligence markets.

我們繼續成為業界的領先創新者。多年來，我們在研發方面的投資超過 10 億美元，是我們領域資料管理工程的最大投資者。我們很高興被 IDC 評為數據整合和數據智慧市場 2023 年全球報告中的市場份額領導者。

We were also recognized as Champions in the Bloor Research 2024 market update reports for Data Fabric, Data Quality, and Test Data Management. Now, let me turn to GenAI, which is at the top of customers’ minds. As I speak with CDOs, CIOs, and digital leaders across the globe, there is a universal agreement that everyone is ready for GenAI, except your data.

我們也在 Bloor Research 2024 年 Data Fabric、數據品質和測試數據管理市場更新報告中被評為冠軍。現在，讓我談談 GenAI，這是客戶最關心的問題。當我與全球的 CDO、CIO 和數位化領導者交談時，大家一致認為，除了您的數據之外，每個人都已為 GenAI 做好了準備。

Data management brings AI to life, ensuring trust, responsibility, ethical use, and value creation. Our efforts to assist customers with their AI strategic initiatives are twofold—Informatica for GenAI and GenAI from Informatica - both available on the IDMC platform.

數據管理將人工智慧帶入生活，確保信任、責任、道德使用和價值創造。我們透過雙重努力協助客戶實施 AI 戰略計劃——Informatica for GenAI 和 GenAI from Informatica - 兩者均在 IDMC 平台上提供。

Informatica for Gen AI includes all IDMC capabilities—data integration, data governance, data quality, master data management, app integration and cataloging—which are critical to processing missioncritical workloads. In June, IDMC processed 97 trillion cloud transactions per month, growing 59% year over year.

Informatica for Gen AI 包含所有 IDMC 功能（資料整合、資料治理、資料品質、主資料管理、應用程式整合和編目），這些功能對於處理關鍵任務工作負載至關重要。6 月份，IDMC 每月處理 97 兆筆雲端交易，較去年同期成長 59%。

At Informatica World, we unveiled new features and product enhancements, including building no-code GenAI apps with prompt engineering, RAG, and ReAct AI agent support. We support popular LLMs and VectorDBs with enterprise-grade scalability and governance.

在 Informatica World 上，我們推出了新功能和產品增強功能，包括建立具有即時工程、RAG 和 ReAct AI 代理支援的無程式碼 GenAI 應用程式。我們透過企業級可擴展性和治理來支援流行的 LLM 和 VectorDB。

We included new capabilities for contextualizing LLMs on enterprise data, including chunking, embedding, and ingestion into VectorDBs. IDMC will add support sources for documents, images, and video sources, with full integration across cloud data access management policies, data quality rules, catalog, and integration pipelines.

我們提供了將 LLM 與企業資料情境化的新功能，包括分塊、嵌入和提取到 VectorDB 中。IDMC 將新增對文件、影像和視訊來源的支援來源，並全面整合雲端資料存取管理策略、資料品質規則、目錄和整合管道。

IDMC is LLM agnostic, future-proofed, and has out-of-the-box connectors for easy navigation of any model, from hyper-scalers to smaller providers. Some fantastic real-life use cases include:

IDMC 與 LLM 無關，面向未來，並具有開箱即用的連接器，可輕鬆導航從超大規模提供者到小型提供者的任何模型。一些精彩的現實用例包括：

A California-based credit union uses IDMC to optimize sentiment analysis with customer support training. It provides proactive customer service by identifying customer support KPIs, reducing customer handling time through automated analysis of large volumes of phone interactions, and providing decision support using OpenAI.

加州的一家信用合作社使用 IDMC 透過客戶支援培訓來優化情緒分析。它透過識別客戶支援 KPI 提供主動的客戶服務，透過自動分析大量電話互動來減少客戶處理時間，並使用 OpenAI 提供決策支援。

A large marketing company in the US uses IDMC to build GenAI-based incident management, alleviating the burden on the incident management team by automating incident assessment and providing actionable insights with sentiment analysis using LLM with the RAG framework.

美國的一家大型行銷公司使用 IDMC 建立基於 GenAI 的事件管理，透過自動化事件評估減輕事件管理團隊的負擔，並使用 LLM 和 RAG 框架透過情緒分析提供可行的見解。

A large pension firm in Canada is using IDMC to build a GenAI-based intelligent chatbot, improving employee productivity by reducing the processing time for queries on insurance proposals and claims through automated analysis and decision support using locally hosted LLM.

加拿大的一家大型退休金公司正在使用 IDMC 建立基於 GenAI 的智慧聊天機器人，透過使用本地託管的法學碩士進行自動分析和決策支持，減少保險建議和索賠查詢的處理時間，從而提高員工生產力。

Turning to GenAI from Informatica, we launched CLAIRE GPT, the first GenAI-powered data management assistant grounded by enterprise metadata intelligence leveraging core IDMC capabilities.

轉向 Informatica 的 GenAI，我們推出了 CLAIRE GPT，這是第一個由 GenAI 驅動的資料管理助手，以利用核心 IDMC 功能的企業元資料智慧為基礎。

In May, we announced general availability in North America after an extensive 12-month preview program. CLAIRE GPT is ChatGPT for enterprise data, providing capabilities like data discovery, metadata exploration, finding data quality, data lineage, and even creating ELT pipelines. Along with Claire GPT, we also have Claire copilot capabilities, providing in-context product data assistant with Claire-generated classifications.

經過 12 個月的廣泛預覽計畫後，我們於 5 月宣佈在北美全面上市。CLAIRE GPT 是針對企業數據的 ChatGPT，提供數據發現、元數據探索、查找數據品質、數據沿襲甚至創建 ELT 管道等功能。除了 Claire GPT 之外，我們還擁有 Claire copilot 功能，透過 Claire 產生的分類提供情境產品資料助理。

One of Informatica's key differentiators is its metadata system of record, which provides valuable insights into data assets' location, quality, and relevance for analytics and data science use cases. This is more than just Informatica metadata; it is metadata across the enterprise, data warehouses, data lakes, applications, BI tools, or mainframes from trained LLMs and SLMs. CLAIRE, our AI engine, is now leveraging over 49 petabytes of active metadata in the cloud.

Informatica 的主要優勢之一是其元資料記錄系統，它可以提供有關資料資產位置、品質以及分析和資料科學用例相關性的寶貴見解。這不僅僅是 Informatica 元資料；它是跨企業、資料倉儲、資料湖、應用程式、BI 工具或來自經過培訓的法學碩士和 SLM 的大型主機的元資料。我們的 AI 引擎 CLAIRE 現在正在利用雲端中超過 49 PB 的活動元資料。

Customers are in the early stages of piloting CLAIRE GPT. Since its launch, over 150 enterprise customers have consumed IPUs on CLAIRE GPT usage, primarily for data discovery and exploration use cases.

客戶正處於 CLAIRE GPT 試點的早期階段。自推出以來，已有超過 150 家企業客戶在 CLAIRE GPT 上使用了 IPU，主要用於資料發現和探索用例。

For instance, SSM Healthcare uses CLAIRE GPT to enhance data literacy with a natural language interface for data discovery, examine data lineage, and thoroughly assess data quality. With CLAIRE GPT, they provide a self-service interface for Medical Information Officers to effortlessly get insights on their data, such as the number of orthopedic providers in the network, ensuring appropriate patient coverage.

例如，SSM Healthcare 使用 CLAIRE GPT 透過自然語言介面來增強資料素養，以進行資料發現、檢查資料沿襲並徹底評估資料品質。借助 CLAIRE GPT，他們為醫療資訊官員提供了一個自助服務介面，以輕鬆了解其數據，例如網路中骨科提供者的數量，從而確保適當的患者覆蓋範圍。

A global supply chain company’s data analysts use CLAIRE GPT to monitor, maintain, and report on product movements, such as receipt, dispatch, and storage, without needing SQL. These examples provide just a glimpse into the real-life use cases and stories that customers share feedback with us.

一家全球供應鏈公司的數據分析師使用 CLAIRE GPT 來監控、維護和報告產品移動，例如收貨、發貨和存儲，而無需 SQL。這些範例只是讓我們了解客戶與我們分享回饋的現實生活用例和故事。

To further show our commitment to helping enterprise customers embrace trusted and holistic data for their AI initiatives, we are introducing a new promotion in August to drive broad CLAIRE GPT adoption. This offer is for eligible North American customers to use CLAIRE GPT at no additional cost through the end of 2024.

為了進一步表明我們致力於幫助企業客戶在其人工智慧計畫中採用可信賴的整體數據的承諾，我們將於 8 月推出一項新的促銷活動，以推動 CLAIRE GPT 的廣泛採用。此優惠適用於符合資格的北美客戶在 2024 年底前免費使用 CLAIRE GPT。

Now, looking ahead to the second half of the year, we are pleased to raise four guidance metrics for the full year, including Cloud Subscription ARR, to 35.5%. We had good execution and momentum in the first half of the year and believe our operational health remains strong, as evidenced by our predictable cloud subscription revenue business model, our strong customer base, healthy cloud pipeline and retention rates, and growing unlevered free cash flow.

現在，展望今年下半年，我們很高興將全年的四個指導指標（包括雲端訂閱 ARR）提高至 35.5%。我們在上半年擁有良好的執行力和勢頭，並相信我們的營運健康狀況仍然強勁，這一點可以從我們可預測的雲端訂閱收入業務模式、強大的客戶群、健康的雲端管道和保留率以及不斷在成長的無槓桿自由現金流中得到證明。

Our growth priorities continue to center around three key strategic initiatives outlined at Investor Day. First, data-driven digital transformation is crucial for our customers to achieve digital leadership. Second, modernizing legacy data estates to help enterprises harness the advantages of being a digital business.

我們的成長重點繼續圍繞著投資者日概述的三項關鍵策略舉措。首先，數據驅動的數位轉型對於我們的客戶實現數位化領先至關重要。其次，將遺留資料資產現代化，幫助企業利用數位化業務的優勢。

Lastly, delivering GenAI capabilities and assisting customers in exploring the intersection of data and AI for data management. These remain important initiatives for modern enterprises and a tailwind to Informatica for many years to come.

最後，提供 GenAI 功能並協助客戶探索資料和人工智慧的交叉點以進行資料管理。這些仍然是現代企業的重要舉措，也是 Informatica 未來許多年的推動力。

As I wrap up, thank you to my Informatica colleagues, partners, customers, and shareholders for their ongoing support.

最後，我要感謝我的 Informatica 同事、合作夥伴、客戶和股東一直以來的支持。

With that, let me turn 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. Q2 was another solid financial quarter across the board, with all key growth and profitability metrics within or above our guidance metrics. I’ll begin my discussion of Q2 results with a quick review of the components that make up Informatica’s Annual Recurring Revenue, or ARR.

謝謝阿米特，大家下午好。第二季度是另一個全面穩健的財務季度，所有關鍵成長和獲利指標均在我們的指導指標之內或之上。我將首先快速回顧構成 Informatica 年度經常性收入 (ARR) 的組成部分，開始討論第二季的結果。

Our ARR falls into three categories: Cloud subscriptions, which grew 37% year-over-year; Self-Managed subscriptions, which we no longer actively sell and therefore are gradually declining; and Maintenance for on-premises perpetual licenses that we no longer actively sell, which is also in gradual decline. With that in mind, let's start with Total ARR, which was $1.67 billion, an increase of 7.8% over the prior year.

我們的 ARR 分為三類：雲端訂閱，較去年同期成長 37%；自我管理訂閱，我們不再積極銷售，因此逐漸減少；我們不再積極銷售的本地永久許可證的維護，該許可證也在逐漸減少。考慮到這一點，讓我們從總 ARR 開始，總 ARR 為 16.7 億美元，比上年增長 7.8%。

This growth was driven primarily by new cloud workloads, strong cloud net expansion with existing customers, and stable self-managed subscription and maintenance renewal rates. Foreign exchange rates negatively impacted total ARR by $2 million. Cloud Subscription ARR was $703 million, a 37% increase year-over-year and $10.6 million above the midpoint of our May guidance. New cloud workloads and strong net expansion with existing customers drove Cloud Subscription Net New ARR of $190 million year-over-year and $50 million sequentially.

這一成長主要是由新的雲端工作負載、現有客戶的強勁雲端網路擴張以及穩定的自我管理訂閱和維護續訂率所推動的。外匯匯率對總 ARR 產生了 200 萬美元的負面影響。雲端訂閱 ARR 為 7.03 億美元，年增 37%，比我們 5 月指導值的中位數高出 1,060 萬美元。新的雲端工作負載和現有客戶的強勁淨擴張推動雲端訂閱淨新 ARR 年成長 1.9 億美元，季增 5,000 萬美元。

Cloud Subscription ARR now represents 42% of Total ARR, up from 33% a year ago. Foreign exchange negatively impacted Cloud Subscription ARR by about $720,000.

雲端訂閱 ARR 目前佔總 ARR 的 42%，高於一年前的 33%。外匯對雲端訂閱 ARR 產生了約 72 萬美元的負面影響。

Our Cloud Subscription Net Retention Rate remained very strong in Q2. At the end-user level, it was 119%, up 3-percentage-points year-over-year and flat versus last quarter. Cloud Subscription Net Retention Rate at the global parent level was 126%, up 4-percentage-points year-over-year and up 2-percentage-points versus last quarter.

我們的雲端訂閱淨保留率在第二季度仍然非常強勁。在最終用戶層面，這一比例為119%，較去年同期成長3個百分點，與上季持平。全球母公司層面的雲端訂閱淨留存率為126%，年增4個百分點，較上季成長2個百分點。

Self-managed subscription ARR declined in the quarter, as expected, to $494 million. This was down 2% sequentially and down 7% year-over-year, somewhat better than our expectations coming into the quarter. Subscription ARR, which is simply the sum of Cloud ARR and Self-managed ARR, grew 15% year-over-year to $1.2 billion, which was $18.5 million above the midpoint of our May guidance. Foreign exchange rates negatively impacted Subscription ARR by approximately $1.1 million.

正如預期的那樣，本季自我管理訂閱 ARR 下降至 4.94 億美元。季減 2%，年減 7%，略優於我們對本季的預期。訂閱 ARR（即雲端 ARR 和自我管理 ARR 總和）年增 15% 至 12 億美元，比我們 5 月指導值的中位數高出 1,850 萬美元。外匯匯率對訂閱 ARR 產生了約 110 萬美元的負面影響。

The third component of total ARR is Maintenance for on-premise perpetual licenses sold in the past, which now represents 28% of Total ARR. Maintenance ARR was down approximately 7% year-over-year to $472 million. This was in line with our expectations for the quarter.

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，目前佔總 ARR 的 28%。維護 ARR 年減約 7% 至 4.72 億美元。這符合我們對該季度的預期。

Modernizing our on-premise customer base to Informatica’s Intelligent Data Management Cloud is a large opportunity for us. As of the end of Q2, we have migrated 6.1% of our maintenance and self-managed ARR base to Cloud, up from 5.5% last quarter. We have a life-to-date average 2:1 ARR uplift ratio on these migrations, including PowerCenter and Master Data Management migrations.

將我們的本地客戶群現代化到 Informatica 智慧資料管理雲端對我們來說是一個巨大的機會。截至第二季末，我們已將 6.1% 的維護和自我管理 ARR 基礎遷移到雲端，高於上季的 5.5%。這些遷移（包括 PowerCenter 和主資料管理遷移）的迄今為止平均 ARR 提升率為 2:1。

In Q2, we closed a similar number of cloud modernization deals as in Q1. In the first half year of this year, the number of modernization deals grew 58% year-over-year, and in the second half of the year, we expect modernization growth to be above our average cloud subscription ARR growth rate.

在第二季度，我們完成了與第一季相似數量的雲端現代化交易。今年上半年，現代化交易數量年增 58%，下半年，我們預期現代化成長將高於我們的平均雲端訂閱 ARR 成長率。

To summarize our Q2 ARR performance, the three components of our ARR summed to 7.8% total ARR growth year-over-year. Cloud Subscription ARR growth of 37% drove this increase, offset by gradual Self-Managed Subscription and Maintenance ARR declines. We expect similar trends to continue throughout the second half of 2024 as a direct result of our cloud-only strategy.

總結我們第二季的 ARR 表現，我們的 ARR 的三個組成部分總計 ARR 年成長 7.8%。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 逐漸下降所抵消。我們預計，由於我們純雲端策略的直接結果，類似的趨勢將在 2024 年下半年持續下去。

Now, I would like to review our revenue results for the second quarter. GAAP total revenues were $401 million, an increase of 6.6% year-over-year. Foreign exchange rates negatively impacted total revenues by approximately $1.6 million on a year-over-year basis. Our total revenues were approximately $1.4 million below the midpoint of our May guidance due to two primary factors.

現在，我想回顧一下我們第二季的收入結果。GAAP 總營收為 4.01 億美元，較去年同期成長 6.6%。外匯匯率對總收入造成了約 160 萬美元的負面影響。由於兩個主要因素，我們的總收入比 5 月指導的中點低約 140 萬美元。

First, as a direct result of our strategy to shift more of our customers’ implementation and support work to our professional services partners, professional service revenues were lower than our original forecast. This is a positive development for Informatica, as our services partners are an important go-to-market channel, and the services related to our software are an attractive business for those partners.

首先，由於我們將更多客戶的實施和支援工作轉移給專業服務合作夥伴的策略的直接結果，專業服務收入低於我們最初的預測。這對 Informatica 來說是一個積極的發展，因為我們的服務合作夥伴是重要的進入市場管道，而與我們的軟體相關的服務對​​這些合作夥伴來說是一項有吸引力的業務。

To illustrate the importance of this channel, for the first half of the year, closed wins in which partners brought Informatica into the opportunities represented more than 30% of total bookings.

為了說明該管道的重要性，今年上半年，合作夥伴將 Informatica 引入機會的封閉式勝利佔總預訂量的 30% 以上。

The second factor impacting our GAAP total revenue this quarter was a somewhat lower average term length of self-managed subscription renewals. This resulted in less upfront-recognized self-managed subscription revenue per the ASC 606 accounting standard than our previous forecast.

影響本季 GAAP 總收入的第二個因素是自我管理訂閱續訂的平均期限稍短。這導致按照 ASC 606 會計標準預先確認的自我管理訂閱收入低於我們先前的預測。

As most of you know, ASC 606 accounting for self-managed subscription revenue does not impact ARR, billings or cash flow. Shorter term lengths on renewals mean less GAAP revenue is recognized up-front per ASC 606, but ARR, billings, and cash flow are not affected.

正如大多數人所知，ASC 606 對自我管理訂閱收入的會計處理不會影響 ARR、帳單或現金流。續約期限較短意味著根據 ASC 606 預先確認的 GAAP 收入較少，但 ARR、帳單和現金流量不受影響。

We expect these two trends lower professional services revenue and shorter self-managed renewal terms-- to continue for the remainder of the year, and therefore, we are lowering our full-year 2024 GAAP total revenue forecast accordingly, as we will discuss in a moment.

我們預計這兩種趨勢會導致專業服務收入下降和自我管理續訂期限縮短，並將在今年剩餘時間內持續下去，因此，我們將相應降低 2024 年全年 GAAP 總收入預測，正如我們將在片刻。

Subscription revenue, which includes Cloud Subscriptions and Self-managed Subscriptions -- increased 16% year-over-year to $264 million, representing 66% of total revenue compared to 61% a year ago. Our quarterly subscription renewal rate was 90%, 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（包括雲端訂閱和自我管理訂閱）較去年同期成長 16%，達到 2.64 億美元，佔總營收的 66%，而去年同期為 61%。我們的季度訂閱續訂率為 90%，年減 2 個百分點，這是由於較低的自我管理訂閱續訂率被較高的雲端訂閱續訂率所抵銷。

Our subscription renewal rates have been largely consistent with our expectations so far this year. Revenues in our Maintenance and Professional Services category were $136 million. Maintenance revenue of $116 million represented 29% of total revenue for the quarter, and our Maintenance renewal rate was 96%, up 2-percentage-points year-over-year.

今年到目前為止，我們的訂閱續訂率與我們的預期基本一致。維護和專業服務類別的收入為 1.36 億美元。維護收入為 1.16 億美元，佔本季總營收的 29%，維護續約率為 96%，較去年同期成長 2 個百分點。

Professional Services revenues, which include implementation, consulting, and education, make up the remainder of this category and are down almost $4 million year-over-year. As we have seen in prior quarters, our implementation services revenue has been declining year over year as our services partners assume a greater share of that work for our customers, and we expect this trend to continue in the second half of the year.

專業服務收入（包括實施、諮詢和教育）構成了該類別的其餘部分，年減近 400 萬美元。正如我們在前幾個季度所看到的，我們的實施服務收入逐年下降，因為我們的服務合作夥伴為我們的客戶承擔了更大的工作份額，我們預計這一趨勢將在下半年繼續下去。

Cloud Subscription revenue was $161 million, or 61% 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 two metrics may differ from period to period.

雲端訂閱收入為 1.61 億美元，佔訂閱收入的 61%，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 our business, US revenue grew 7% year-over-year to $256 million, representing 64% of total revenue, while international revenue grew 5% to $144 million. Using exchange rates from Q2 last year, international revenue would have been approximately $1.6 million higher in the quarter, representing international revenue growth of 6.5% year-over-year.

就我們業務的地理分佈而言，美國營收年增 7% 至 2.56 億美元，佔總營收的 64%，而國際營收成長 5% 至 1.44 億美元。以去年第二季的匯率計算，該季度的國際營收將增加約 160 萬美元，即國際營收年增 6.5%。

Informatica’s consumption-based pricing unit, the IPU, represented approximately 58% of second quarter cloud new bookings. The remainder of Q2 cloud bookings were primarily for customer or supplier records for our MDM products, which is also a multi-year committed, consumption-based pricing model.

Informatica 基於消費的定價部門 IPU 約佔第二季雲端新預訂量的 58%。第二季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。

We added three new IPU services, including CLAIRE GPT, to our IDMC platform this quarter. We now have 36 data management capabilities that our customers can access and consume on our unified platform using IPUs.

本季我們為 IDMC 平台添加了三項新的 IPU 服務，包括 CLAIRE GPT。我們現在擁有 36 種資料管理功能，客戶可以使用 IPU 在我們的統一平台上存取和使用這些功能。

Now, I would like to move on to our profitability metrics. Please note that I will discuss non-GAAP results unless otherwise stated. In Q2, our gross margin was 82%, an increase of over 1.6-percentage-points year-over-year. We remain focused on maintaining healthy gross margins as our business transitions to the Cloud.

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。第二季度，我們的毛利率為82%，年成長超過1.6個百分點。隨著我們的業務轉向雲，我們仍然專注於保持健康的毛利率。

Operating expenses were consistent with expectations. Operating income was $115 million, growing 31% year-over-year and exceeding the midpoint of our May guidance by almost $2 million. Operating margin was 28.7%, a 5.4-percentage-point improvement from a year ago.

營運支出與預期一致。營業收入為 1.15 億美元，年增 31%，比我們 5 月指導值的中位數高出近 200 萬美元。營業利益率為 28.7%，較去年同期提高 5.4 個百分點。

Adjusted EBITDA was $119 million, and Net Income was $71 million. Net income per diluted share was $0.23 cents, based on approximately 315 million outstanding diluted shares. Basic share count was approximately 301 million shares.

調整後 EBITDA 為 1.19 億美元，淨利為 7,100 萬美元。基於約 3.15 億股稀釋後流通股計算，稀釋後每股淨利為 0.23 美分。基本股數約3.01億股。

Adjusted Unlevered Free Cash Flow after tax was $71 million, better than expected due to faster cash collections and other working capital dynamics. Combined with Q1 results, unlevered free cash flow for the first half 2024 was in line with historical linearity, as expected. I will update our expectations for the full year in a moment.

調整後的稅後無槓桿自由現金流為 7,100 萬美元，由於現金回籠速度加快和其他營運資金動態優於預期。結合第一季業績，2024 年上半年的無槓桿自由現金流符合歷史線性，符合預期。我稍後將更新我們對全年的預期。

Cash paid for interest in the quarter was $38 million, in line with expectations. In June, we repriced our $1.8 billion outstanding term loan, reducing the applicable margin by 50 bps and eliminating the Credit Spread Adjustment related to the transfer from LIBOR to SOFR. This repricing will save approximately $11 million in pre-tax interest expense on an annual basis.

本季支付利息的現金為 3,800 萬美元，符合預期。6 月，我們重新定價了 18 億美元的未償還定期貸款，將適用保證金降低了 50 個基點，並取消了與 LIBOR 轉移到 SOFR 相關的信用利差調整。此次重新定價每年將節省約 1,100 萬美元的稅前利息費用。

We ended the second quarter in a strong cash position with cash plus short-term investments of $1.13 billion, an increase of $307 million year-over-year. Net debt was $704 million and trailing 12 months of adjusted EBITDA was $529 million. This resulted in a net leverage ratio of 1.3 times at the end of June.

截至第二季末，我們的現金狀況強勁，現金加短期投資為 11.3 億美元，年增 3.07 億美元。淨債務為 7.04 億美元，過去 12 個月調整後 EBITDA 為 5.29 億美元。這導致6月底淨槓桿率為1.3倍。

Now, I will turn to guidance, starting with the full year 2024. We are very pleased with our execution in the first half of 2024, and we have good momentum going into the second half of the year. This reflects confidence in our cloud-only, consumption-driven strategy, supported by strong customer momentum and renewal rates.

現在，我將從 2024 年全年開始提供指導。我們對 2024 年上半年的執行情況感到非常滿意，並且進入下半年的勢頭良好。這反映了我們對純雲端、消費驅動策略的信心，並得到了強勁的客戶動力和續訂率的支持。

Similar to the first half of the year, we expect Cloud Subscription ARR to grow, while Self-managed and Maintenance ARR is expected to decline sequentially and year-over-year in the second half of the year. Therefore, we are comfortable raising FY 2024 Cloud Subscription ARR by $3 million and Subscription ARR by $4 million at the midpoint.

與上半年類似，我們預計下半年雲端訂閱 ARR 將成長，而自管理和維護 ARR 預計將環比和同比下降。因此，我們願意將 2024 財年雲端訂閱 ARR 提高 300 萬美元，將訂閱 ARR 中位數提高 400 萬美元。

We now expect Cloud Subscription ARR to be in the range of $829 million to $843 million, representing approximately 35.5% year-over-year growth at the midpoint of the range. We now expect Subscription ARR to be in the range of $1.265 billion to $1.299 billion, representing approximately 13.2% year-over-year growth at the midpoint of the range. We are reaffirming

我們現在預計雲端訂閱 ARR 將在 8.29 億美元至 8.43 億美元之間，相當於該範圍中位數的年增約 35.5%。我們目前預計認購 ARR 將在 12.65 億美元至 12.99 億美元之間，相當於該範圍中位數的年增約 13.2%。我們重申

Total ARR to be between $1.718 billion and $1.772 billion, representing approximately 7.3% year-over-year growth at the midpoint of the range.

總 ARR 將在 17.18 億美元至 17.72 億美元之間，相當於該範圍中位數的年增約 7.3%。

Turning to total revenues, we expect the same dynamics regarding professional services and self-managed renewal duration as we saw in Q2 to continue for the remainder of the year. We estimate this impact to be approximately $21 million, about evenly split between these two dynamics.

就總收入而言，我們預計專業服務和自我管理續約期限的動態將在今年剩餘時間內持續到第二季​​。我們估計這一影響約為 2,100 萬美元，大約由這兩種動態平均分配。

Additionally, due to the recent strengthening of the US dollar against the Euro, Pound, and Yen, we now expect increased FX-related revenue headwinds of approximately $4 million compared to previous assumptions.

此外，由於近期美元兌歐元、英鎊和日圓走強，我們現在預計與先前的假設相比，外匯相關收入的阻力將增加約 400 萬美元。

Taking this all together, we are updating GAAP total revenues downward by approximately $25 million to the range of $1.66 billion to $1.68 billion, representing approximately 4.7% year-over-year growth at the midpoint of the range. It is very important to understand that this reduction in total revenue guidance does not reflect any changes in our expectations for our core recurring revenue software business.

綜上所述，我們將 GAAP 總收入下調約 2,500 萬美元，至 16.6 億美元至 16.8 億美元之間，相當於該範圍中位數的同比增長約 4.7%。重要的是要了解，總收入指導的減少並不反映我們對核心經常性收入軟體業務的預期發生任何變化。

Lower expectations for low-margin professional services revenues and lower up-front self-managed revenue recognition pursuant to ASC 606, along with FX, are the cause.

原因是對低利潤專業服務收入的預期較低，以及根據 ASC 606 和 FX 規定的前期自我管理收入確認較低。

We delivered better-than-expected bottom-line results and are raising guidance for non-GAAP Operating Income by $5 million and Adjusted Unlevered Free Cash Flow after tax by $10 million at the midpoint.

我們實現了好於預期的淨利潤，並將非 GAAP 營業收入指引提高了 500 萬美元，調整後無槓桿自由現金流中位數提高了 1000 萬美元。

We now expect Non-GAAP Operating Income to be in the range of $538 million to $558 million, representing approximately 18.5% year-over-year growth at the midpoint of the range. We now expect Adjusted Unlevered Free Cash Flow (after-tax) to be $545 million to $565 million, representing 23% year-over-year growth at the midpoint of the range.

我們目前預計非 GAAP 營業收入將在 5.38 億美元至 5.58 億美元之間，相當於該範圍中點的同比增長約 18.5%。我們目前預計調整後無槓桿自由現金流（稅後）為 5.45 億美元至 5.65 億美元，相當於該範圍中點的年增 23%。

Turning to the third quarter, we are establishing guidance for the third quarter ending September 30, 2024, as follows:

談到第三季度，我們正在為截至 2024 年 9 月 30 日的第三季度製定指引，如下：

We expect GAAP Total Revenues to be in the range of $412 million to $428 million, representing approximately 2.8% year-over-year growth at the midpoint of the range.

我們預計 GAAP 總營收將在 4.12 億美元至 4.28 億美元之間，相當於該範圍中點的年增約 2.8%。

We expect Subscription ARR to be in the range of $1.199 billion to $1.219 billion, representing approximately 12.2% year-over-year growth at the midpoint of the range.

我們預計訂閱 ARR 將在 11.99 億美元至 12.19 億美元之間，相當於該範圍中位數的年增約 12.2%。

We expect Cloud Subscription ARR to be in the range of $738 million to $748 million, representing approximately 35.2% year-over-year growth at the midpoint of the range.

我們預計雲端訂閱 ARR 將在 7.38 億美元至 7.48 億美元之間，相當於該範圍中位數的年增約 35.2%。

We expect Non-GAAP Operating Income to be in the range of $139 million to $151 million, representing approximately 13.2% year-over-year growth at the midpoint of the range. For modeling purposes, I would like to provide a few more pieces of additional information.

我們預計非 GAAP 營業收入將在 1.39 億美元至 1.51 億美元之間，相當於該範圍中位數的年增約 13.2%。出於建模目的，我想提供更多一些附加資訊。

First, we expect total ARR for the third quarter to be in the range of $1.66 billion to $1.69 billion, presenting approximately 6.3% year-over-year growth at the midpoint of the range. Second, we expect Adjusted Unlevered Free Cash Flow after-tax for the third quarter to be in the range of $110 million to $130 million.

首先，我們預計第三季的總 ARR 將在 16.6 億美元至 16.9 億美元之間，年增約 6.3%，處於該範圍的中點。其次，我們預計第三季調整後無槓桿自由現金流將在 1.1 億美元至 1.3 億美元之間。

Moving on, we estimate cash paid for interest will be approximately $36 million in the third quarter and approximately $146 million for the full year, using forward interest rates based on one-month SOFR. Fourth, with respect to taxes, our Q2 non-GAAP tax rate was 23% and we expect that rate to continue for the full-year 2024.

接下來，我們估計第三季支付利息的現金約為 3,600 萬美元，全年約為 1.46 億美元，使用基於一個月 SOFR 的遠期利率。第四，在稅收方面，我們第二季的非 GAAP 稅率為 23%，我們預計 2024 年將全年持續維持此稅率。

Lastly, our share count assumptions. For the third quarter, we expect basic weighted-average shares outstanding to be approximately 304 million shares and diluted weighted-average shares outstanding to be approximately 312 million shares.

最後，我們的股份數量假設。第三季度，我們預期基本加權平均流通股約為3.04億股，稀釋加權平均流通股數約為3.12億股。

For the full-year, we expect basic weighted-average shares outstanding to be approximately 302 million shares and diluted weighted-average shares outstanding to be approximately 313 million shares.

就全年而言，我們預計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 3.13 億股。

In summary, we are very pleased with our second-quarter performance and the first half of the year. We are focused on executing our cloud-only, consumption-driven strategy and delivering our 2024 guidance.

總而言之，我們對第二季和上半年的業績非常滿意。我們專注於執行純雲端、消費驅動的策略並提供 2024 年指引。

Operator, we are now open the line for questions.

接線員，我們現在開放提問線路。

(Operator Instructions)

（操作員說明）

Matt Hedberg with RBC. Your line is now open.

加拿大皇家銀行的馬特·赫德伯格。您的線路現已開通。

Well, great. Thanks for taking my questions guys. I guess maybe for either of you, congrats on the result. I think, obviously, it might you called out some of the revenue items that that impact you guys. But I think it certainly looks like core underlying strength in subscription and cloud ARR was strong. I guess I wanted to ask a little bit more about your increased cloud ARR guidance.

嗯，太好了。謝謝你們回答我的問題。我想也許對你們中的任何一個人來說，恭喜這個結果。我認為，顯然，您可能會列出一些對您產生影響的收入項目。但我認為，訂閱和雲端 ARR 的核心潛在優勢確實很強勁。我想我想更多地詢問一下你們增加的雲端 ARR 指導。

What are the primary reasons for this optimism? And I think you mentioned maybe the pipeline, just general customer interest. Just is there a macro element to this as well, just sort of curious on that because it certainly would look at us.

這種樂觀的主要原因是什麼？我想你可能提到了管道，只是一般客戶的興趣。這是否也有一個宏觀因素，只是對此感到好奇，因為它肯定會看著我們。

So thanks for the question, Matt. Look, I think the macro I said like we look at the macro look appear to be the same to us in last quarter as in Q1. I think what we are seeing is definitely a pipeline has been very healthy this year, Informatica was some of you were there was the biggest Informatica World ever and coming out of the pipeline of that Informatica World was the biggest pipeline that we've ever had and going back to the three initiatives that customers are spending on ongoing digital transformation modernization and now Gen AI, it's actually become a Venn diagram.

謝謝你的提問，馬特。看，我認為我所說的宏觀，就像我們看宏觀一樣，對我們來說，上個季度的宏觀與第一季的宏觀看起來是一樣的。我認為我們今年看到的管道肯定非常健康，Informatica 是你們中的一些人，當時有有史以來最大的 Informatica World，從 Informatica World 的管道中出來的是我們曾經擁有的最大的管道回到客戶在持續數位轉型現代化和現在的Gen AI 上花費的三項舉措，它實際上變成了維恩圖。

I think I've said that before to get Gen AI as customers will have to modernize even faster and they have to get to digital faster and then only to get the benefit of Gen AI and of course, the early innings and Gen AI also playing a role. People have said that it has taken place. So and with IDMC, they can do the current initiatives that we are currently on and they can start experimenting Gen AI, I that has allowed customers to be feel very future-proofed in what they are implementing here.

我想我之前說過，要獲得 Gen AI，客戶必須更快地現代化，他們必須更快地實現數位化，然後才能獲得 Gen AI 的好處，當然，早期的幾局和 Gen AI 也在發揮作用一個角色。人們說這已經發生了。因此，透過 IDMC，他們可以執行我們目前正在進行的當前計劃，並且可以開始試驗 Gen AI，這讓客戶感到他們在這裡實施的內容非常面向未來。

All of those are we are seeing as being the tailwind to pipe creates and healthy deal closure. And also you see big deals like the 5 million-plus deals. We talked about ARR as well as a pretty healthy growth, obviously got it.

我們認為所有這些都是推動創造和健康交易完成的順風。您還會看到像 500 萬以上的交易這樣的大交易。我們談到了 ARR 以及相當健康的成長，顯然我們明白了。

That makes sense. And then, Mike, just maybe one for you on the strategic shift to more PS revenue going to partners. I guess I'm curious, is there a benefit to your margins over time due to this? And I guess, secondarily, can you give us a sense for after this updated assumption, how much of your PS revenue is left? I guess as we think it towards calendar '25 and beyond?

這是有道理的。然後，麥克，也許只是為您介紹一下策略轉變，即向合作夥伴提供更多 PS 收入。我想我很好奇，隨著時間的推移，您的利潤是否會因此而受益？其次，我想您能否告訴我們在更新假設之後，您的 PS 收入還剩下多少？我想我們對日曆'25及以後的看法是這樣的嗎？

Yeah, sure. So it's going to be essentially margin neutral. We're a software company, not a professional services company. And while we have a great professional services organization. We're really proud of them.

是的，當然。因此，保證金基本上是中性的。我們是軟體公司，而不是專業服務公司。雖然我們擁有優秀的專業服務組織。我們真的為他們感到驕傲。

It's not a profit center for us. It's there to ensure the successful implementation of the software and to ensure that the customers realize the value that they should from the software once they own it. So we're very happy for our GSI and regional services partners to do that business instead of us if our customers want them to.

它不是我們的利潤中心。它的目的是確保軟體的成功實施，並確保客戶在擁有軟體後能夠實現他們應從軟體中獲得的價值。因此，如果我們的客戶願意，我們很高興我們的 GSI 和區域服務合作夥伴代替我們開展這項業務。

Yeah, we don't pay commissions to our salespeople to sell PS. It's more of a pull from our customers when they when they want it so this decline is a natural trajectory. It's gone a little faster than we expected. It's declined over the last three years, and we thought this year was going to be the bottom, but it's actually declining faster than that. And so we lowered guidance accordingly.

是的，我們不向銷售人員支付銷售 PS 的佣金。這更多的是我們的客戶在他們需要的時候的拉動，所以這種下降是一個自然的軌跡。它比我們預期的要快一些。過去三年一直在下降，我們原以為今年會觸底，但實際上下降速度比這更快。因此我們相應地降低了指導。

I think the number if you look last year for our professional services, including our education services, was $97 million and we had thought it was going to be about flat and we're taking it down, as I said in the remarks, by and low double digits, $10 million, $11 million, $12 million for the year.

我認為，如果你看看去年我們的專業服務（包括我們的教育服務），這個數字是 9700 萬美元，我們原以為這個數字會持平，但正如我在評論中所說，我們正在將其取消。低兩位數，1000萬美元，1100萬美元，1200萬美元。

Thanks so much, guys.

非常感謝，夥計們。

Alex Zukin, Wolfe Research. Your line is now open.

亞歷克斯祖金，沃爾夫研究中心。您的線路現已開通。

Hey, this is Patrick on for Alex. I just wanted to clarify your maintenance renewal rates are going higher, but duration is down. So can you just explain the dynamics there are self-managed customers renewing, but you're just seeing more one and two year deals versus three, two and three-year deals prior. And curious as to how or if you can trying to further accelerate that migration story. Thanks.

嘿，這是亞歷克斯的派崔克。我只是想澄清一下，您的維護續約率越來越高，但持續時間卻縮短了。那麼，您能否解釋一下自我管理客戶續約的動態，但您只是看到更多的一年期和兩年期交易，而不是之前的三年、兩年和三年期交易。很好奇您如何或是否可以嘗試進一步加速遷移過程。謝謝。

Yeah, sure. Patrick. So let's start with a clarification because it's important to keep maintenance, which is on perpetual licenses and self-managed, which is essentially on-prem subscriptions separately, because those dynamics in terms of renewal are a little different.

是的，當然。派崔克.因此，讓我們先澄清一下，因為保持維護非常重要，維護是基於永久許可證和自我管理的，這本質上是單獨的本地訂閱，因為續訂方面的動態有點不同。

Maintenance contracts are almost all one year. They have been since the dawn of time and the renewal rate there is very constant. That term of those renewals actually doesn't matter because maintenance is recognized rateably because it is a service, not a software license.

維護合約幾乎都是一年。它們自古以來就存在，更新率非常穩定。這些續約的期限實際上並不重要，因為維護是可被認可的，因為它是一項服務，而不是軟體授權。

It's all in the self-managed piece, which is on-prem subscription contract and that the amount that's recognized upfront for ASC 606 is hefty and a change in the duration from three to two to one or anywhere in between a remarkably large impact on the GAAP revenue recognition.

這一切都在自我管理部分，即本地訂閱合同，並且ASC 606 預先確認的金額很大，並且持續時間從3 到2 到1 或介於兩者之間的任何變化都會對ASC 606 產生非常大的影響。

So we had expected it to come down. It's a natural thing as we sell the product and more and more folks are preparing themselves to move to the cloud, not today, maybe at the next renewal. And we see that trend of reduced renewal term, actually as a confirmation that migrations are going to continue to move rapidly and hopefully move even faster because the customers are setting themselves up to move, as indicated by voting with their feet, if you will, by shorter durations on the self-managed contract.

所以我們預計它會下降。這是很自然的事情，因為我們銷售產品，越來越多的人正在準備遷移到雲，而不是今天，也許在下次更新時。我們看到續訂期限縮短的趨勢，實際上是一種確認，即遷移將繼續快速發展，並希望發展得更快，因為客戶正在準備遷移，正如用腳投票所表明的那樣，如果你願意的話，透過縮短自我管理合約的期限。

So it's all self-managed on-prem, not maintenance. And the GAAP revenue reduction that we've and we've established puts it at, we think is a realistic level for the rest of the year. And I can't end this answer, though by reminding everybody that it doesn't affect ARR, it doesn't affect billings doesn't affect cash flow as you can see, we've actually increased our bottom line guidance despite the fact that GAAP revenue it's coming.

因此，這一切都是本地自我管理，而不是維護。我們已經確定的公認會計準則收入削減表明，我們認為這是今年剩餘時間的現實水平。我不能結束這個答案，儘管通過提醒大家它不會影響ARR，它不會影響賬單，不會影響現金流，正如你所看到的，我們實際上已經增加了我們的底線指導，儘管事實上GAAP收入即將到來。

And then a quick follow-up, if you don't mind in terms of what is contemplated in the implied second half net new cloud ARR guide. Any way to directionally think about whether there's more or less migration baked into that number given the implied ramp? Thanks.

然後是快速跟進，如果您不介意隱含的下半年淨新雲 ARR 指南中的預期內容。考慮到隱含的成長，有什麼方法可以定向思考這個數字中是否有更多或更少的移民？謝謝。

So we haven't sort of explicitly changed our expectations for the pace of migrations through the year. As I mentioned in my remarks, we expect the growth of our migration, both in terms of deals and dollars year over year to be faster than our average cloud subscription growth. We're guiding to 35.5% cloud subscription.

因此，我們並沒有明確改變對全年遷移速度的預期。正如我在發言中提到的，我們預計遷移的成長（無論是在交易數量還是美元方面）年比成長速度都將快於我們的平均雲端訂閱成長速度。我們的目標是 35.5% 的雲端訂閱。

Overall migrations will grow faster than that and reflecting all the things we've talked about over time, including PowerCenter Cloud Edition, making it easier, faster, less risk for our customers to move. And we remain confident in that in that forecast, we were optimistic that it will maybe go faster than that. And particularly 2025, we see lots of reasons to be optimistic. But for now, we're not changing our explicit expectations for migrations for the rest of the year.

整體遷移的成長速度將比這更快，並反映了我們隨著時間的推移所討論的所有事情，包括 PowerCenter Cloud Edition，使我們的客戶遷移更容易、更快、風險更低。我們對此預測仍然充滿信心，我們樂觀地認為它可能會比這更快。尤其是 2025 年，我們有許多理由保持樂觀。但就目前而言，我們不會改變對今年剩餘時間遷移的明確預期。

That's great. Thanks and congrats on the results.

那太棒了。感謝並祝賀結果。

Thank you.

謝謝。

Kash Rangan, Goldman Sachs. Your line is now open.

卡什·蘭根，高盛。您的線路現已開通。

Hey, thank you very much and congrats on the quarter. It looks like the cloud momentum is picking up. So on a high level question for you as you approach 2025 with cloud ARR firmly above 20% of total ARR. And that with the cleanup done with respect to the ASC 606 revenue recognition of the on-prem, the lowering the guy is the right thing to do, but how does this set you up for accelerating revenue growth rate potentially into double digits for next year? Thank you so much, and that's it for me.

嘿，非常感謝您，並祝賀本季。看起來雲的勢頭正在增強。因此，當您接近 2025 年時，雲端 ARR 將牢牢佔據總 ARR 的 20% 以上，這是一個高層次的問題。隨著對本地 ASC 606 收入確認的清理工作完成，降低該人的等級是正確的做法，但這如何讓您為明年的收入成長率加速到兩位數做好準備？非常感謝，我就這樣了。

Look, I think it sets us up well for accelerating revenue growth, but double digits in 2023. This isn't official guidance, but for 2025, is probably not realistic, but accelerate revenue growth. We do feel good about, and that's all consistent with what we talked about last December at Investor Day, when we set out our medium-term guidance, we still feel good with that medium term guidance and that, as you may recall, was calling for double digit revenue growth by the end of '26 or into '27 with double-digit ARR growth in 2026. So that all still feels good to us.

看，我認為這為我們加速收入成長奠定了良好基礎，但到 2023 年將實現兩位數成長。這不是官方指導，但對於 2025 年來說，可能不太現實，但會加速收入成長。我們確實感覺良好，這與我們去年 12 月在投資者日討論的內容一致，當我們制定中期指導時，我們仍然對中期指導感到滿意，正如您可能還記得的那樣，到26 年底或27 年底實現兩位數的收入成長，並在2026 年實現兩位數的ARR 成長。所以我們仍然感覺一切都很好。

Kash if you're there, you may be on mute.

卡什，如果你在場，你可能處於靜音狀態。

No, that was it. Thank you so much. Appreciated.

不，就是這樣。太感謝了。讚賞。

Koji Ikeda, Bank of America. Your line is now open.

池田浩二，美國銀行。您的線路現已開通。

Hey, great. Thanks, guys for taking the question. A couple of from me. So I am looking at your investor presentation slide number 48 is the maintenance to cloud migration. Illustrative example. I think this is a new slide, and it does give the or in your prepared remarks, you did talk about 20%, 6% of net new cloud ARR coming from migrations. But in this slide, it talks about the effects of credit. And so I guess the question here is there a way to maybe qualitatively or quantitatively talk about how much higher the percentage of net new ARR would have been this quarter or maybe on a trailing 12 month basis if there were not credits given and the effect to cloud ARR?

嘿，太棒了。謝謝你們提出問題。我的幾個。所以我正在看你的投資者簡報投影片第 48 號是雲端遷移的維護。說明性範例。我認為這是一張新幻燈片，它確實給出了或在您準備好的評論中，您確實談到了 20%、6% 的淨新雲端 ARR 來自遷移。但在這張投影片中，它討論了信貸的影響。因此，我想這裡的問題是，是否有一種方法可以定性或定量地討論，如果沒有給予積分，本季度或過去 12 個月的淨新 ARR 百分比會高出多少，以及對雲ARR？

Yeah. Well, thank you for taking all the way to page 48 into the deck. It is a new slide, and we produced it because we got so many questions on this, and it's hard to answer well without a little bit of a visual aid, you've got it right that the credits that are offered for existing maintenance and in some cases, professional services for migration lower the ARR that we we're recognizing cloud during the term of the initial cloud deal for average 2.5 year summer to summer, three summer longer.

是的。好吧，感謝您一路讀到第 48 頁。這是一張新幻燈片，我們製作它是因為我們對此有很多問題，如果沒有一點視覺輔助，很難很好地回答，你說得對，為現有維護和提供的學分在某些情況下，專業的遷移服務會降低我們在初始雲端交易期間認識到的雲端的ARR，平均為2.5 年夏季到夏季，更長的三個夏季。

And then the fully ours not fully realized or unlocked as we say internally until that first renewal, there's really not a great way for you to model it. You can certainly try it and we can give you some things to think about primarily the fact that it's six months as the PowerCenter Cloud Edition transition period. So we give folks a credit for their maintenance in full for that six months of maintenance. That's the primary variable.

然後，正如我們內部所說，直到第一次更新之前，我們的完全沒有完全實現或解鎖，實際上沒有一個很好的方法可以讓您對其進行建模。您當然可以嘗試一下，我們可以給您一些需要考慮的事情，主要是 PowerCenter 雲端版過渡期為六個月。因此，我們對人們在六個月的維護期間的維護給予全額獎勵。這是主要變數。

And so you certainly can take stab at modeling. We model it internally, but it's some point it gets complicated in the lines, your spreads you get pretty complex pretty fast.

所以你當然可以嘗試建模。我們在內部對其進行建模，但在某種程度上它會變得複雜，您的點差很快就會變得非常複雜。

That's very helpful. And thank you for that and follow-up here on you did talk about CLAIRE GPT being very available now on IPUs so great to see. Are your customers have a low friction adoption way for Claire GPT, I guess the question here is that will you be able to see usage of CLAIRE GPT through the IPO? And is there the potential for CLAIRE GPT to be broken out as a percentage of IPUs in the future? Thank you.

這非常有幫助。感謝您的發言和後續行動，您確實談到了 CLAIRE GPT 現在在 IPU 上非常可用，很高興看到。您的客戶是否對 Claire GPT 有低摩擦的採用方式，我想這裡的問題是您是否能夠透過 IPO 看到 CLAIRE GPT 的使用？未來CLAIRE GPT是否有可能突破IPU的比例？謝謝。

So the first answer is yes, customers can consume CLAIRE GPT to the IPO model. That's the intent, which is why I mentioned that. And the examples I gave you are the examples of customers who have started of using clear CLAIRE GPT model. So our goal right now is to obviously drive as much adoption of the CLAIRE GPT service because that in general, obviously, we'll be driving more of IDMC services and its usage, and we feel very good about it.

所以第一個答案是肯定的，客戶可以消費CLAIRE GPT來進行IPO模式。這就是目的，這就是我提到這一點的原因。我給你的例子是已經開始使用clear CLAIRE GPT模型的客戶的範例。因此，我們現在的目標顯然是盡可能推動 CLAIRE GPT 服務的採用，因為總的來說，顯然我們將推動更多的 IDMC 服務及其使用，我們對此感覺非常好。

But I think could you for now, we have we're not looking to break that out. I mean, we don't break any of our services in general and the IPO model. Obviously, when we come to the next session, we can keep we'll keep giving you guys more information around where we are headed in that direction and more things. But right now, we don't have any have any plans to break the clear CLAIRE GPT consumption from regular IP consumption like that, haven't broken for any other service.

但我想你現在可以嗎，我們不打算解決這個問題。我的意思是，我們總體上不會破壞我們的任何服務和 IPO 模式。顯然，當我們參加下一次會議時，我們可以繼續向大家提供更多關於我們朝這個方向前進的資訊以及更多事情。但目前，我們沒有任何計劃來打破像這樣的常規 IP 消耗中明確的 CLAIRE GPT 消耗，也沒有破壞任何其他服務。

Got it. Thank you, Amit. Thanks for taking the questions.

知道了。謝謝你，阿米特。感謝您提出問題。

Sure.

當然。

Andrew Nowinski, Wells Fargo. Your line is now open.

安德魯諾溫斯基，富國銀行。您的線路現已開通。

Thank you. Good afternoon, everyone. On so I want to ask a question on your cloud ARR is clearly very strong. This quarter and your guidance for cloud ARR was also very impressive, which seems to be the opposite of what we saw from Azure tonight. Does that signify the durability of your cloud ARR segment and how it can continue growing at a high pace despite some of the weakness we're seeing at the hyperscalers?

謝謝。大家下午好。所以我想問一個問題，關於你們的雲端ARR顯然非常強大。本季度，你們對雲端 ARR 的指導也非常令人印象深刻，這似乎與我們今晚從 Azure 看到的相反。這是否意味著您的雲端 ARR 細分市場具有持久性，以及儘管我們在超大規模企業中看到了一些弱點，但它如何能夠繼續高速成長？

Thanks, Andrew, for the question. Look, I think if you step back one of the things that we've always said, first of all, the uniqueness for Informatica is, but that we serve every hyperscaler platform, every data platform, every use case across industries, so it's not necessary that a better, an Azure or GCP or an AWS or a Snowflake and Databricks any of their individual things directly impact this quarter.

謝謝安德魯提出的問題。聽著，我認為如果你退一步我們一直說的一件事，首先，Informatica 的獨特性是，我們為每個超大規模平台、每個數據平台、跨行業的每個用例提供服務，所以它不是Azure、GCP、AWS、Snowflake 和Databricks 等任何一個單獨的事物都必須直接影響本季。

They know D&B out obviously, we serve a broad ecosystem. So obviously, our strength and durability that we serve across all of the Switzerland of data, as I said, and as you heard from me becoming the Switzerland of AI in the new world, and that's the strength of the durability of the business and customers.

他們顯然了解 D&B，我們服務於廣泛的生態系統。很明顯，正如我所說，我們在整個瑞士數據中提供服務的實力和耐用性，正如您從我那裡聽到的那樣，我們正在成為新世界中人工智能的瑞士，這就是業務和客戶的耐用性的優勢。

The other one is that, look, we had a very unique place we got the best-of-breed products. We're the only platform that brings it all together. And with the idea that in our industry, which is massively fragmented and data management, there isn't even one that remotely comes to us. And I think that's another thing that's obviously benefiting us and not forgetting modernization. So I think all of those are playing into the momentum we are seeing.

另一個是，看，我們有一個非常獨特的地方，我們擁有最好的產品。我們是唯一將這一切整合在一起的平台。我們的想法是，在我們這個高度分散和數據管理的行業中，甚至沒有一個可以遠端聯繫我們的。我認為這是另一件明顯使我們受益的事情，而且沒有忘記現代化。所以我認為所有這些都在發揮我們所看到的勢頭。

Okay, thank you. And just a follow-up, maybe just a clarification. I guess it is on the you cited, I think a new stat you said 26% of cloud ARR came from migrations this quarter. Was that an improvement relative to last quarter? How that how has that changed? Thank you.

好的，謝謝。只是一個後續行動，也許只是一個澄清。我想這是您引用的一項新統計數據，您說 26% 的雲端 ARR 來自本季的遷移。相對於上季是否有改善？那怎麼改變了？謝謝。

It's actually not a new stat. We introduced it at our Investor Day in December, and we've mentioned it on our call for us or at least in Q1, and this is the second call of the year. So back in at our Investor Day. I think that's that was 17%, maybe 18%, and it was 24% in Q4 and this 26% now.

這實際上並不是一個新的統計數據。我們在 12 月的投資者日上介紹了它，並且在我們的電話會議上或至少在第一季度提到過它，這是今年的第二次電話會議。回到我們的投資者日。我認為當時是 17%，也許是 18%，第四季是 24%，現在是 26%。

So it's so it's going up. There is quarter to quarter volatility in that. And it's in any given quarter law of small numbers, relatively speaking. So but it continues to be very strong and that and in our medium-term expectations we've also talked about as we expect the contribution from migrations over the multiyear period to be, yes, 30% to maybe as much as a third of our total number.

所以它就這樣上漲了。其中存在季度與季度之間的波動。相對而言，它符合任何給定的四分之一小數定律。所以，但它仍然非常強勁，在我們的中期預期中，我們也談到了這一點，因為我們預計多年期間移民的貢獻將達到 30%，可能高達我們的三分之一。

Got it, thank you very much.

明白了，非常感謝。

Pinjalim Bora, J.P. Morgan. Your line is now open.

Pinjalim Bora，摩根大通。您的線路現已開通。

Great. Thanks for taking the questions. Congrats on the quarter. Amit, I want to ask you a high-level question. There seems like there's some confusion among the investor base around kind of table format and how the adoption of table formats might or might not impact the data integration space.

偉大的。感謝您提出問題。恭喜本季。阿米特，我想問你一個高級問題。投資者群體似乎對表格格式的類型以及表格格式的採用可能會或可能不會影響資料整合空間存在一些困惑。

I know it's early and there are kind of three different formats at this point, but I'd love to hear if you think how do you think of it, is it an positive neutral negative to the overall integration space?

我知道現在還為時過早，目前有三種不同的格式，但我很想聽聽您如何看待它，它對整體集成空間是積極的中性消極的嗎？

If you look back to the question of net positive, so I think overall for us, it has an it's a net positive for us at any time. Anything new has come, it creates more work to be done. Our new table format does not change the need that there is a massive amount of data set within a large enterprise that we serve. The enterprise side, fragmented, large complex infrastructure running around multiple databases will then have multiple instances of those databases of transactional data, non-transaction data, even if you have to bring into up into one of these tables for analytic purposes, they have to be prepared. They have to be formatted. They have to be put in the right quality and then only some analytical work that happened, whether these tables are in a warehouse or a leak.

如果你回顧一下淨積極的問題，那麼我認為總的來說，對我們來說，它在任何時候對我們來說都是淨積極的。任何新事物的出現都會帶來更多的工作要做。我們的新表格格式不會改變我們所服務的大型企業內部存在大量資料集的需求。圍繞多個資料庫運行的企業端、分散的、大型複雜的基礎設施將擁有這些資料庫的事務資料、非事務資料的多個實例，即使您必須出於分析目的將其放入其中一個表中，它們也必須做好準備。它們必須被格式化。它們必須以正確的品質放置，然後只進行一些分析工作，無論這些桌子是在倉庫還是洩漏處。

Second one is I remember it's a constant piece of work to be done when the core system keeps adding new data, new thing, they have to be constantly updated and prepared to bring it back to the stable again for any analytic workloads to be happened.

第二個是我記得當核心系統不斷添加新資料、新事物時，這是一項需要持續完成的工作，它們必須不斷更新並準備好使其再次恢復穩定，以便發生任何分析工作負載。

And then from there, just to continue the workflows and an enterprise data has to be taken out of this. These tables to pass it to the BI layer for visualization, which we also participate in. And then of course, and that's just a poor pipelining data integration, but don't forget that governance and all of those things sit on top of it. So we look at this as a net positive.

然後從那裡開始，為了繼續工作流程，就必須從中取出企業資料。這些表將其傳遞給BI層進行視覺化，我們也參與其中。當然，這只是一個糟糕的管道資料集成，但不要忘記治理和所有這些事情都位於它之上。所以我們認為這是一個淨正面因素。

We already supported. We have the connector that supported connectors to bring data in to get out support, OpenData formats, all of those things. So that's how we look at it at a very high-level pendulum, happy to share more. But we are we don't see that. And if you see, this is a positive one.

我們已經支持了。我們擁有支援連接器引入資料以獲取支援、OpenData 格式以及所有這些內容的連接器。這就是我們從一個非常高層次的角度看待它的方式，很樂意分享更多。但我們沒有看到這一點。如果你看到的話，這是正面的。

Got it. Thank you. And one follow-up for Mike. Mike, could you talk about the IPUs got renewed this year? How has been the adoption rate across products? And is there any difference in the expansion characteristics with that cohort of customers using IPUs and non-IPUs?

知道了。謝謝。還有麥克的後續行動。Mike，您能談談今年更新的 IPU 嗎？各產品的採用率如何？使用 IPU 和非 IPU 的客戶群的擴展特性有什麼不同嗎？

Well, yeah, as time goes on we have more and more IP renewal experience. We only began selling IPUs, I don't know, 3.5 years ago, something like that, maybe. So last year, the number of IP renewals was not a lot of deals, but it's a lot more this year and we feel really good about our experience.

嗯，是的，隨著時間的推移，我們擁有越來越多的智慧財產權更新經驗。我不知道，我們是 3.5 年前才開始銷售 IPU，也許是這樣。所以去年IP續約的交易數量不是很多，但今年更多了，我們對我們的經歷感覺非常好。

We have a good handle on what utilization, both absolute levels and patterns lead to high probability of renewal. And we have a pretty good handle on what the early warning indicators are in the utilization data that we can see that suggest we should get a customer success person into that account well in advance of renewal so that we can help them and get value on the software and improve the chance of renewal when the time comps are.

我們很好地掌握了哪些利用率、絕對水準和模式會導致高更新機率。我們對利用率數據中的早期預警指標有很好的掌握，我們可以看到這些指標表明我們應該在續訂之前儘早讓客戶成功人員進入該帳戶，以便我們可以幫助他們並獲得價值軟體並在時間比較時提高更新的機會。

So I wouldn't say that we have a there's not a cohort difference in '24 versus '23 renewals that we can see they're both in line with expectations. We think they're very good both on a relative and an absolute basis, and we're getting better at it every day as we've learned more and more from the telemetry we get from the usage of ideas.

因此，我不會說我們在「24」和「23」續約方面沒有隊列差異，我們可以看到它們都符合預期。我們認為它們在相對和絕對基礎上都非常好，而且我們每天都在進步，因為我們從使用想法的遙測中學到了越來越多的東西。

The only thing I'll add to that as to what Mike was saying is that believe in the bigger, broader base of IT use our director that we adopt renewing.

關於麥克所說的，我唯一要補充的是，相信更大、更廣泛的 IT 基礎使用我們的主管，我們採用更新。

The thing that we are very we are very pleased to see is that expansion of those IPUs is definitely increasing. So we see more expansion happening to customers who bought IPUs, which allowed which basically both cross-sell upsell.

我們非常高興看到的是，這些 IPU 的擴張肯定在增加。因此，我們看到購買 IPU 的客戶發生了更多的擴張，這使得基本上可以進行交叉銷售和追加銷售。

And that definitely we are seeing an increased momentum this year than last year. So that clearly more IPUs, better knows better usage, more expansion. That's the that's what we are seeing at the trajectory of our business.

我們肯定會看到今年的勢頭比去年有所增強。這樣顯然更多的IPU，更好的知道更好的用法，更多的擴展。這就是我們在業務軌跡中看到的情況。

And I'll just add when we use the word expansion we made in term expenses, so not at renewal, correct? So this is but this is before the renewal comes off the customers doing great deals and lots of ideas and they come back to us and ask for more. And that's a really low cost to market. It's a really high value sale for us and for them. And the momentum. There is super encouraging.

當我們使用我們在學期費用中所做的擴展這個詞時，我會補充一點，所以不是在續訂時，對嗎？所以，這只是在續約之前，客戶做了很棒的交易和很多想法，他們回到我們這裡並要求更多。而且上市成本非常低。對我們和他們來說，這都是一次非常高價值的銷售。還有勢頭。有超級鼓舞人心的。

Got it. Very helpful. Thank you.

知道了。非常有幫助。謝謝。

Will Power, Baird. Your line is now open.

意志力，貝爾德。您的線路現已開通。

Great. Thanks. Amit I wonder if you could kind of talk about the nature of your customer conversations in this climate, where there's a lot of questions around the health of software spend broadly, how they're thinking about the prioritization around data and AI spend and obviously your IDMC platform, specifically the cloud numbers suggest that that continues to be prioritized, but just to be great to kind of hear your perspective on what how customers are thinking about prioritizing their spend in the current environment?

偉大的。謝謝。阿米特，我想知道您是否可以談談在這種環境下客戶對話的性質，在這種環境下，圍繞軟體支出的健康狀況存在很多問題，他們如何考慮數據和人工智慧支出的優先順序，顯然還有您的支出。

Thanks for the question. I think I'd separate that into two categories. One is the broader customer spend environment and what they are, how they are prioritizing data and AI and then particularly tied to us. Look, I think without doubt, I think customers realize that they have to spend in this area. And I said that many before that customers are moving more towards spending offensively in transformational projects.

謝謝你的提問。我想我會把它分成兩類。一是更廣泛的客戶支出環境以及他們是什麼，他們如何優先考慮數據和人工智慧，然後特別與我們聯繫在一起。看，我認為毫無疑問，我認為客戶意識到他們必須在這個領域花錢。我之前說過，許多客戶越來越傾向在轉型專案中進行進攻性支出。

But that doesn't mean that customers are not increasing that overall IT spend by a very wide margin customers, obviously, looking within their spending and saying, hey, I got to prioritize these couple of things, but then that means that I have to be find a better way to be more effective in the existing spend I have.

但這並不意味著客戶不會大幅增加整體 IT 支出，顯然，客戶在審視他們的支出後會說，嘿，我必須優先考慮這兩件事，但這意味著我必須我會找到一種更好的方法來更有效地利用我現有的支出。

And of course, in some cases, the prioritization also happens absolutely, we see that for data and AI remains definitely a top three spend category along with security in particular. The unique thing we are seeing is that that data layer is becoming a key enabler for Gen AI and anything to do in that area. There's tremendous mindshare for that. Everybody wants to look, that's not a matter of if it's a matter of when.

當然，在某些情況下，優先順序也絕對會發生，我們看到資料和人工智慧絕對仍然是前三大支出類別，尤其是安全性。我們看到的獨特之處在於，該資料層正在成為 Gen AI 以及該領域任何事情的關鍵推動者。人們對此有著巨大的共識。每個人都想看，不是時間問題。

And number two is that in our case, what's very unique is customers don't have to look left. And right, the same IDMC platform allows them to do Gen AI work and the existing three Gen AI digital transformation that's going on. So they're very future-proof. And with a view that can seamlessly start experimenting journey, I workloads while you're running the current project, they don't have to make an either or decision. And as I said, video IDMC, they can use IDMC for Gen AI.

第二，在我們的案例中，非常獨特的是客戶不必向左看。沒錯，同一個 IDMC 平台允許他們進行 Gen AI 工作以及正在進行的現有第三代 AI 數位轉型。所以它們非常面向未來。考慮到可以無縫地開始實驗之旅，我在運行當前專案時承擔工作負載，他們不必做出任何一個決定。正如我所說，視訊 IDMC，他們可以將 IDMC 用於 Gen AI。

We shared that IT and medical where some of the demos and now CLAIRE GPT is also available on the IPU model on the same platform to basically who do net new journey projects. So that definitely is a very unique thing to us. That's obviously showing up in our cloud pipeline and a strong clarity on other sites.

我們分享了 IT 和醫療領域的一些演示，現在 CLAIRE GPT 也可以在同一平台上的 IPU 模型上提供給基本上從事網路新旅程專案的人。所以這對我們來說絕對是一件非常獨特的事情。這顯然出現在我們的雲端管道中，並且在其他網站上也非常清晰。

That's helpful. Thanks. And maybe if I could just ask a second one for Mike, is anything to call out with respect to linearity. I know you all indicated the macro was pretty stable in Q2, but anything to call out in June and maybe even July versus similar trends you might have seen in April and May?

這很有幫助。謝謝。也許我可以問麥克第二個，關於線性度有什麼需要注意的嗎？我知道你們都表示第二季宏觀經濟相當穩定，但與四月和五月可能看到的類似趨勢相比，六月甚至七月有什麼值得指出的嗎？

Hey, Will, very consistent with last year, up almost on the screws. It's a tougher business usually isn't that predictable, but it's been again, very similar last year. We think the macro feels similar deal cycle feels similar and pipeline build. It also looks very similar.

嘿，威爾，與去年非常一致，幾乎都在螺絲上。這是一項更艱難的業務，通常不是那麼可預測的，但去年又出現了這種情況，非常相似。我們認為宏觀感覺相似，交易週期和管道建設感覺相似。它看起來也非常相似。

Okay. Thank you.

好的。謝謝。

Howard Ma, Guggenheim. Your line is now open.

霍華德·馬，古根漢。您的線路現已開通。

Great. Thanks for taking the question. I have one for Mike and a follow-up for a minute for Mike I think you may have kind of already answered this in your last response, but it's on the cloud. There are upside and the raised. So by raising less than the fee and I just want to be clear, is that just a matter of being prudent or and then perhaps in reality, there's less risk in the back half and especially given migrations are likely to step up at core. Is there potentially something more nefarious that you're seeing the future?

偉大的。感謝您提出問題。我有一個給麥克的，還有一個給麥克的後續行動，我想你可能已經在上次的回覆中回答了這個問題，但它在雲端。有上行和凸起。因此，透過籌集低於費用的資金，我只是想澄清，這只是一個謹慎的問題，或者也許在現實中，後半部分的風險較小，特別是考慮到核心遷移可能會加強。是否還有比您所看到的未來​​更邪惡的事？

I would say it's prudence and derisking, and there's nothing more to it than that.

我想說這是謹慎和降低風險的做法，僅此而已。

Okay, great. Great. I just wanted to be clear and for a minute, wanted to ask you about another type of catalogs and that's not open table format, but it is around data breaks, open sourcing, there's going to be catalog. What has really how impactful is this on the entire data catalog space? And on Informatica specifically, is it so is it more of like a rising tide lifts all boats situation and you expect it to increase overall awareness of the importance of data catalogs? Or could this be a threat to Informatica?

好的，太好了。偉大的。我只是想澄清一下，想問您有關另一種類型的目錄的信息，這不是開放表格式，而是圍繞數據中斷、開源，將會有目錄。這對整個資料目錄空間到底有多大影響？特別是在 Informatica 上，是否更像是水漲船高的情況，您希望它能提高對資料目錄重要性的整體認識？或者這會對 Informatica 構成威脅嗎？

We created the data catalog category. And I think I've always said that our catalog is a very different catalog. It is the catalog of the catalogs every Wednesday and enterprises look for a catalog provider, they look at one metadata system of record creator, which is what we become data, as I said, only in Databricks only in Snowflake impact more data sets out of Databricks.

我們建立了資料目錄類別。我想我一直說我們的目錄是一個非常不同的目錄。它是每週三的目錄中的目錄，企業尋找目錄提供商，他們查看記錄創建者的元數據系統，這就是我們成為數據的東西，正如我所說，只有在Databricks 中，只有在Snowflake 中才能影響更多的資料集。

And not only that will go to Databricks. We'd love them to partner with them, but that just practical reality, we support Unity. So customers can have metadata catalogs with immunity is like everybody has to have that. I think sometimes we get confused about same board, like I've said, databases have to have data governance, two that's a very different governance for databases without better database does not become a database for data governance at the CTO level across an enterprise is a very different thing.

不僅如此，Databricks 也將獲得這些。我們希望他們能夠與他們合作，但就實際情況而言，我們支持 Unity。因此，客戶可以擁有不受干擾的元資料目錄，就像每個人都必須擁有一樣。我認為有時我們對同一塊板感到困惑，就像我說過的，資料庫必須有資料治理，兩者對於資料庫來說是非常不同的治理，沒有更好的資料庫不會成為整個企業CTO 層級資料治理的資料庫完全不同的事情。

So words can be very different, although they can be used very similarly, Unity's open source. Now I think that's what I last I checked as what Databricks has done, which is good for the database ecosystem, but we absolutely see our catalog growing very, very strongly because the use cases we serve. No other catalog is even remotely close to what we serve because it's not just a catalog. It serves enterprise-grade governance, enterprise-grade meta-analysis of record on which an enterprise January initiative will sit, and that's what we're seeing the tailwind.

因此，雖然它們的用法非常相似，但Unity 的開源，措辭可能非常不同。現在我認為這就是我上次檢查的 Databricks 所做的事情，這對資料庫生態系統有好處，但我們絕對看到我們的目錄成長非常非常強勁，因為我們服務的用例。沒有其他目錄與我們提供的服務相差甚遠，因為它不僅僅是一個目錄。它為企業級治理、企業級元分析記錄提供服務，企業一月份的計畫將基於這些記錄，而這正是我們所看到的順風車。

Thanks. That's excellent color.

謝謝。那是極好的顏色。

Patrick Colville, Scotiabank. Your line is now open.

派崔克‧科爾維爾，豐業銀行。您的線路現已開通。

Good afternoon and thank you for squeezing me in. So Mike, the disclosure you guys give on the proportion of net new ARR from migrations is super helpful. So 26% of TTM net new ARR this quarter, last quarter, it was a tad high of 28%? And why would that be would it kind of ticked down very slightly down versus last quarter?

下午好，謝謝你讓我進來。麥克，你們所揭露的遷移帶來的淨新 ARR 比例非常有幫助。那麼本季 TTM 淨新 ARR 為 26%，上季為 28%，有點高了？為什麼會比上季略有下降？

Thanks for reminding me. I misquoted that earlier in the call, I thought it was 23%, I guess, quarter to quarter variability. You'll also notice in my script that I mentioned that the number of migration deals this quarter was about the same as what we saw last quarter, whereas last quarter it was more than double on a year-over-year basis.

謝謝你提醒我。我在電話會議的早些時候錯誤地引用了這一點，我認為這是 23%，我猜是季度與季度之間的變化。您還會注意到，在我的腳本中，我提到本季的遷移交易數量與上季大致相同，而上季則是比去年同期成長了一倍以上。

So it's quarter to quarter variability is what it is and that's why we used the TTM number instead of a quarterly number. We don't want folks to get confused there, panic about what may be noise, not signal. We as and as I said, we expect that contribution to the growth of the migrations on a year-over-year basis in terms of contribution to our to grow faster than our average cloud growth rate.

因此，季度與季度之間的變異性就是如此，這就是我們使用 TTM 數字而不是季度數字的原因。我們不希望人們感到困惑，對可能是噪音而不是訊號的東西感到恐慌。正如我所說，我們預計對遷移成長的貢獻將超過我們的平均雲端成長率。

So it's all consistent with what we expected during the year. And I would just encourage you not to get too obsessed with quarter to quarter volatility, although I know it's hard, but do your point .

所以這一切都符合我們今年的期望。我只是鼓勵你不要太著迷於季度與季度的波動性，儘管我知道這很難，但請說出你的觀點。

Okay. And I guess the key message is and this is your answer to Andy's question earlier is expected to increase from here. What I think you said 30% to 33% of net new our expectation in the future.

好的。我想關鍵訊息是，這是您對安迪之前問題的回答，預計會從這裡開始增加。我認為你所說的 30% 到 33% 的淨新值是我們對未來的期望。

Yeah, that's our medium-term expectation of the kind of steady state of through the 2026 medium term period.

是的，這就是我們對 2026 年中期穩定狀態的中期預期。

Okay. Very clear, thank you so much.

好的。非常清楚，非常感謝。

We are out of time for questions. So I'll pass the call back to the management team for any closing remarks.

我們沒有時間提問了。因此，我會將電話轉回管理團隊，以便其發表結束語。

Well, thank you. Look, I really appreciate everyone taking the time today. As you can see, we are extremely thrilled with our solid performance in Q2 and obviously over the course of first half is an important checkpoint for the year of ARR

嗯，謝謝。聽著，我真的很感謝大家今天抽出時間。正如您所看到的，我們對第二季度的穩健表現感到非常興奮，顯然上半年是 ARR 年度的重要檢查點

We remind everybody we run an annual business on a quarterly business will be still very good, which is why when you look out and look at the second half and we look at the year, we've raised our guidance for cloud ARR, subscription ARR our non-GAAP operating and unlevered free cash flow after tax and so we feel very good about the business.

我們提醒大家，我們以季度業務運營年度業務仍然會非常好，這就是為什麼當您展望下半年和我們展望今年時，我們提高了對雲ARR、訂閱ARR的指導我們的非公認會計原則運營和無槓桿的稅後自由現金流，因此我們對這項業務感覺非常好。

Maybe sit all the three vectors of growth, whether it's digital transformation, modernization of Gen AI, continue to help increase pipeline and drive our business. We look forward to obviously Q3 and rest of the year, but I think we're in great shape and we remain confident to close out a strong year. Thank you very much.

也許所有三個成長載體，無論是數位轉型、人工智慧現代化，都將繼續幫助增加管道並推動我們的業務。我們顯然期待第三季和今年剩餘的時間，但我認為我們的狀態很好，我們仍然有信心結束一個強勁的一年。非常感謝。

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

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。