Informatica Inc (INFA) 2024 Q3 法說會逐字稿

Good afternoon and thank you for attending today's Informatica Inc.'s fiscal year third-quarter 2024 conference call. My name is Cameron, and I will be your moderator for today. (Operator Instructions)

下午好，感謝您參加今天的 Informatica Inc. 2024 財年第三季電話會議。我叫卡梅倫，我將擔任今天的主持人。（操作員說明）

I would now like to pass the conference over to your host Victoria Hyde-Dunn, Vice President of Investor Relations. You may proceed.

現在我想將會議轉交給東道主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's Third Quarter 2024 Conference Call. Joining me today are Amit Walia, Chief Executive Officer; and Mike McLaughlin, Chief Financial Officer. 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.

謝謝。下午好，感謝您參加 Informatica 2024 年第三季電話會議。今天與我一起出席的是執行長 Amit Walia；和財務長麥克勞克林。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。

Our prepared remarks will be posted on the Investor Relations website after the conference call concludes. 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.

我們準備好的演講將在電話會議結束後發佈在投資者關係網站上。在電話會議期間，我們將發表前瞻性評論。由於各種風險和不確定性，實際結果可能與明示或暗示的結果有重大差異。

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 have no obligation to publicly update or revise our forward-looking statements, except as required by law.

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，包括標題為“風險因素”的部分，該部分包含在我們最新的 2023 年全年 10-Q 和 10-K 文件中。這些前瞻性陳述是基於截至目前的信息，我們沒有義務公開更新或修改我們的前瞻性陳述，除非法律要求。

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

此外，我們將討論某些非 GAAP 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。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 points.

謝謝維多利亞和大家今天加入我們。我將先總結三個要點來開始今天的電話會議。

First, we are pleased to report another solid quarter. Third quarter results exceeded the midpoint of our guidance ranges, driven by continued customer momentum and consistent execution of a cloud-only consumption-driven strategy. Second, we achieved a historic milestone, surpassing 100 trillion processed cloud transactions per month.

首先，我們很高興地報告又一個穩健的季度。在持續的客戶動力和持續執行純雲端消費驅動策略的推動下，第三季業績超出了我們指導範圍的中點。其次，我們實現了歷史性里程碑，每月處理的雲端交易量超過 100 兆次。

This speaks to IDMC's incredible scale and product capabilities as the industry's only AI-powered cloud platform processing mission-critical data management use cases. And third, with a comprehensive IDMC platform and GenAI capabilities, including expanding CLAIRE GPT's global footprint, we believe Informatica is even more well-positioned to strategically support enterprises and empower customers to use AI for data readiness and simplify their data estate. Starting with third quarter results.

這證明了 IDMC 作為業界唯一處理關鍵任務資料管理用例的人工智慧雲端平台，擁有令人難以置信的規模和產品能力。第三，憑藉全面的 IDMC 平台和 GenAI 功能，包括擴大 CLAIRE GPT 的全球足跡，我們相信 Informatica 能夠更好地為企業提供戰略支持，並幫助客戶利用 AI 實現數據準備並簡化其數據資產。從第三季業績開始。

Total revenues grew 3.4% year over year, and total ARR grew 6.7% year over year, and both were above the midpoint of our guidance ranges. Cloud subscription ARR grew 36% year over year and came in at the high end of our guidance range. We strengthened our cash position and grew non-GAAP operating income by 18% year over year exceeding the high end of our guidance range.

總營收年增 3.4%，總 ARR 年增 6.7%，兩者均高於我們指導範圍的中點。雲端訂閱 ARR 年成長 36%，處於我們指導範圍的高端。我們加強了現金狀況，非 GAAP 營業收入年增了 18%，超過了我們指導範圍的上限。

Now looking into the fourth quarter, we are reaffirming full-year guidance, and our focus remains on executing plan to conclude 2024 strongly. The macro environment remained stable during the third quarter, consistent with our observations throughout the year.

現在展望第四季度，我們重申全年指引，我們的重點仍然是執行計劃，以有力地結束 2024 年。第三季宏觀環境保持穩定，與我們全年的觀察一致。

Approximately 76% of our cloud net new ARR in the trailing 12 months came from new cloud workloads and expansion. We are attracting new customers and expanding opportunities in the G2K market, supported by a robust partner ecosystem and healthy cloud pipeline.

在過去 12 個月中，我們的雲端淨新 ARR 中約有 76% 來自新的雲端工作負載和擴充。在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並擴大 G2K 市場的機會。

Customers have spent more than $1 million in subscription ARR increased 18% year over year and customers that spend more than $5 million in subscription ARR almost doubled year over year. We saw continued strong growth in average subscription ARR per customer, which reached over $327,000, a 15% increase year over year.

訂閱 ARR 支出超過 100 萬美元的客戶年增 18%，訂閱 ARR 支出超過 500 萬美元的客戶幾乎比去年同期成長了一倍。我們看到每位客戶的平均訂閱 ARR 持續強勁成長，達到 327,000 美元以上，較去年同期成長 15%。

Our cloud business is very well diversified. Approximately half of the cloud subscription ARR is from integration, which comprises of data integration and app and API integration solutions. And the other half comes from master data management, data catalog and data governance use cases.

我們的雲端業務非常多元化。大約一半的雲端訂閱 ARR 來自集成，其中包括資料集成以及應用程式和 API 集成解決方案。另一半則來自主資料管理、資料目錄和資料治理用例。

These solutions cover a broad set of customer use cases focusing on both the technical and business users across a digital enterprise, addressing everything from the front end, customer revenue generation to back-end business productivity-oriented use cases. We are seeing healthy growth across these solutions as customers create significant value using the IDMC platform.

這些解決方案涵蓋了廣泛的客戶用例，重點關注數位企業中的技術和業務用戶，解決從前端、客戶創收到後端以業務生產力為導向的用例的所有問題。隨著客戶使用 IDMC 平台創造巨大價值，我們看到這些解決方案的健康成長。

And for that, let me share a few great customer stories. SUBARU implemented our cloud data integration service to enable cross departmental management of product life cycle data from card development and manufacturing to sales and maintenance. Now enhanced card quality drives higher productivity and customer sat.

為此，讓我分享一些精彩的客戶故事。SUBARU實施了雲端資料整合服務，實現了從卡片開發、製造到銷售和維護的產品生命週期資料的跨部門管理。現在，卡片品質的提高可提高生產力和客戶滿意度。

Citizens employed our master data management capabilities to build a single customer view, enabling real-time personalization across many touch points. The architecture built on AWS and IDMC reduces data onboarding and democratizes access to trusted data. To create exceptional experiences, Holiday Inn Club Vacations unified its customer data with our cloud master data management, data governance and data quality solutions.

Citizens 利用我們的主資料管理功能來建立單一客戶視圖，從而實現跨多個接觸點的即時個人化。基於 AWS 和 IDMC 建構的架構減少了資料載入並實現了對可信任資料的存取民主化。為了創造卓越的體驗，Holiday Inn Club Vacations 將其客戶資料與我們的雲端主資料管理、資料治理和資料品質解決方案進行了統一。

With a 360-degree view of every member, the company will drive greater personalization across online and offline touch points, including building long-term live. [Abeldrola], a global energy leader top wind power producer and one of the largest electricity companies is enhancing its partnership with Informatica's IDMC platform to launch a global data governance project.

憑藉每位會員的 360 度視角，該公司將推動線上和線下接觸點的更大個人化，包括建立長期直播。全球能源領導者頂級風電生產商和最大的電力公司之一 [Abeldrola] 正在加強與 Informatica 的 IDMC 平台的合作夥伴關係，以啟動全球資料治理專案。

This initiative aims to standardize its data strategy across its subsidiaries across the globe, in UK, Spain, and in the US, incorporating its technical ecosystem of AWS and Azure. I had the pleasure of meeting is from Dr. Anish from Dr. Reddy iLabs, India iLabs 20-year celebration last month.

該計劃旨在標準化其在英國、西班牙和美國的全球子公司的資料策略，並將其 AWS 和 Azure 技術生態系統納入其中。上個月，我很高興在印度 iLabs 20 週年慶典上見到來自 Dr. Reddy iLabs 的 Anish 博士。

To keep pace with digital therapeutics and forensic regulations, Dr. Reddy's reimagined its cloud data strategy for the AI era, now the team uses Informatica's IDMC platform to automate data governance and quality across its data integration and engineering pipelines, speeding up project delivery and clinical AI use cases.

為了跟上數位治療和法醫法規的步伐，Dr. Reddy's 重新構想了人工智慧時代的雲端資料策略，現在該團隊使用Informatica 的IDMC 平台來自動化其資料整合和工程管道中的資料治理和質量，從而加快項目交付和臨床人工智慧用例。

Next, approximately 24% of cloud net new ARR in the trailing 12 months came from on-prem to cloud migrations. This is still a very small portion of our on-prem installed base but it enables us to modernize our customers' mission-critical workloads and, of course, leads to then platform expansion opportunities for us.

接下來，過去 12 個月中約 24% 的雲端淨新 ARR 來自本地到雲端的遷移。這仍然只占我們本地安裝基礎的一小部分，但它使我們能夠實現客戶的關鍵任務工作負載的現代化，當然，也為我們帶來了平台擴展的機會。

We see strong customer adoption of PowerCenter Cloud Edition, which now represents over 90% of all modernization deals in Q3. For example, Lumen Technologies, a global integrated network solutions provider has successfully modernized their on-prem power center workloads to IDMC accelerating time to value and minimizing migration costs and effort in its expansion to the cloud.

我們看到客戶對 PowerCenter Cloud Edition 的大力採用，目前該版本佔第三季所有現代化交易的 90% 以上。例如，全球整合網路解決方案供應商 Lumen Technologies 成功將其本地電源中心工作負載現代化為 IDMC，從而加快了實現價值的速度，並最大限度地減少了遷移成本和擴展到雲端的工作量。

Our leading global food snack and beverage corporation is modernizing the power center footprint to IDMC. And expanding the users to include master data management and data governance. This will allow them to create a comprehensive enterprise AI-powered data management platform powered by Informatica with Azure as part of its global digital transformation.

我們領先的全球食品零食和飲料公司正在對 IDMC 的電力中心進行現代化改造。並將使用者擴展到主資料管理和資料治理。這將使他們能夠創建一個由 Informatica 和 Azure 提供支援的綜合企業人工智慧資料管理平台，作為其全球數位轉型的一部分。

Turning to our ecosystem partners. We are pleased to be recognized by Oracle Cloud as a Global ISV Business Impact Partner of the Year, reflecting the rapid growth and success of our strategic partnership with Oracle.

轉向我們的生態系統合作夥伴。我們很高興被 Oracle Cloud 評為年度全球 ISV 業務影響力合作夥伴，這反映了我們與 Oracle 策略合作夥伴關係的快速發展和成功。

We announced expanded governance support for the OCI ecosystem with new GoldenGate scanners, the availability of power center cloud addition on OCI and our generative AI Blueprint for Oracle Generative AI and Oracle Database 23ai. As we become the Switzerland of GenAI, we have launched GenAI Blueprints for all six strategic ecosystems, including AWS, Azure, Databricks, Google Cloud, Oracle, and Snowflake.

我們宣布透過新的 GoldenGate 掃描器擴大對 OCI 生態系統的治理支援、OCI 上電源中心雲端附加功能以及適用於 Oracle Generative AI 和 Oracle Database 23ai 的生成 AI 藍圖。隨著我們成為 GenAI 的瑞士，我們為所有六個策略生態系統推出了 GenAI 藍圖，包括 AWS、Azure、Databricks、Google Cloud、Oracle 和 Snowflake。

For Databricks, we GA support for Databricks enable functions, we have native (inaudible) push down and will showcase the blueprint and our latest Databricks integrations and innovations at the Databricks world tours. With our GSI partners, we saw continued strong progress from our partners with Informatica, enjoying a prominent place in their data and AI practice. For example, Capgemini launched a solution to help customers modernize Databricks using Informatica.

對於 Databricks，我們對 Databricks 啟用功能提供 GA 支持，我們有本機（聽不清）下推，並將在 Databricks 世界巡演中展示藍圖和我們最新的 Databricks 集成和創新。與 GSI 合作夥伴一起，我們看到 Informatica 合作夥伴持續取得強勁進展，在他們的數據和人工智慧實踐中享有突出地位。例如，Capgemini 推出了一款解決方案，幫助客戶使用 Informatica 實現 Databricks 現代化。

Additionally, we celebrated 25 years of partnership with Deloitte, our most successful global partner with a practice of 6,000 Informatica trained and certified professionals. The partnership has never been stronger, and we launched a joint plan to accelerate our growth together and take advantage of the opportunity to help our customers modernize and get their data ready for AI.

此外，我們還慶祝了與德勤 (Deloitte) 的合作 25 週年，德勤是我們最成功的全球合作夥伴，擁有 6,000 名經過 Informatica 培訓和認證的專業人員。我們的合作關係從未如此牢固，我們啟動了一項聯合計劃，共同加速我們的發展，並利用這個機會幫助我們的客戶現代化並為人工智慧做好數據準備。

We are the innovators in our industry. and we're pleased to be named a leader in The Forrester Wave Enterprise Data Catalogs Q3 2024 report. We also achieved the highest rating possible in the Dresner Advisory Services Data Catalog Market Study and Master Data Management Market Study 2024.

我們是我們產業的創新者。我們很高興被 Forrester Wave 企業資料目錄 2024 年第三季報告評為領導者。我們也在 Dresner Advisory Services 資料目錄市場研究和 2024 年主資料管理市場研究中獲得了最高評級。

For the fourth consecutive year, we were certified by J.D. Power for outstanding customer service experience in a Certified Assisted Technical Support Program.

我們連續第四年獲得 J.D. Power 在認證輔助技術支援計劃中出色的客戶服務體驗認證。

We were also pleased to receive two 2024 awards from the Technology & Services Industry Association, or TSIA, for Leveraging AI in the Revenue Generation Workflows and Innovation in Knowledge Categories. This recognition is third-party confirmation of Informatica's core value proposition to customers. We have the best data management product in the industry offered on the only cloud native AI powered platform serving the multivendor, multicloud and hybrid needs of enterprise customers.

我們也很高興獲得技術與服務業協會 (TSIA) 頒發的兩項 2024 年獎項，表彰其在創收工作流程中利用人工智慧和知識類別創新。這項認可是第三方對 Informatica 向客戶提供的核心價值主張的確認。我們在唯一的雲端原生人工智慧驅動平台上提供業界最好的資料管理產品，滿足企業客戶的多供應商、多雲和混合需求。

In September, we crossed a historic milestone, in less than 10 years, IDMC has now grown to process 200 billion cloud transactions per month to 101 trillion cloud transactions per month. This remarkable journey demonstrates our component of product innovation, customer centricity, vendor neutrality and productivity at scale across hundreds of enterprise systems with gearing latencies and formats.

9月份，我們跨越了一個歷史性的里程碑，在不到10年的時間裡，IDMC現已發展到每月處理2000億筆雲端交易，達到每月101萬億筆雲端交易。這趟非凡的旅程展示了我們在數百個具有傳動延遲和格式的企業系統中的產品創新、以客戶為中心、供應商中立性和大規模生產力的組成部分。

Now we turn to GenAI. Informatica is an enterprise's path to AI-ready data management. 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.

現在我們轉向 GenAI。Informatica 是企業實現 AI 就緒資料管理的途徑。我們幫助客戶實施人工智慧戰略計畫的努力是雙重的。Informatica for GenAI 和 GenAI from Informatica，皆在 IDMC 平台上提供。

Let me give you more color. In Informatica for GenAI, which is where all of our solutions on IDMC are critical to drive GenAI projects, we offer the only Switzerland of data and AI platform with -- native integration across all cloud ecosystems and data platforms.

讓我給你更多的色彩。Informatica for GenAI 是我們在 IDMC 上的所有解決方案對於推動 GenAI 專案至關重要的地方，我們提供瑞士唯一的資料和人工智慧平台，跨所有雲端生態系統和資料平台進行本機整合。

As a system of record for metadata across an enterprise, IDMC allows users to seamlessly build and scale GenAI apps across different clouds, ensuring flexibility and future-proofing the data estate. Customers are choosing IDMC to build enterprise GenAI app using a no-cord low-code interface, eliminating the need for specialized skills.

作為整個企業元資料的記錄系統，IDMC 允許用戶跨不同雲端無縫建置和擴展 GenAI 應用程序，確保資料資產的靈活性和麵向未來的需求。客戶選擇 IDMC 使用無線低程式碼介面建立企業 GenAI 應用程序，無需專業技能。

We've introduced GenAI recipes, prebuild for common patterns like RAG, prompt engineering and AI agents, which have seen rapid adoption. Hundreds of customers have downloaded them in just a month with recipes for AWS, GCP, Azure, and Oracle available now and Snowflake and Databricks coming later. Real life customer stories include one, a leading multinational biopharmaceutical company leveraging GenAI with contextualized data from IDMC to accelerate its clinical trials, ensuring optimal patient and site selection for successful outcomes.

我們引入了 GenAI 配方，針對 RAG、即時工程和 AI 代理等常見模式進行預構建，這些方案已快速採用。數百名客戶在短短一個月內下載了它們，AWS、GCP、Azure 和 Oracle 的配方現已推出，Snowflake 和 Databricks 稍後推出。現實生活中的客戶案例包括一家領先的跨國生物製藥公司，利用 GenAI 和 IDMC 的情境化數據來加速其臨床試驗，確保最佳的患者和地點選擇以獲得成功的結果。

In Latin America, our retail giant is enhancing its customer experiencing using IDMC with OpenAI delivering personalized product recommendations that improve overall customer engagement and boost their sales. A major US-based global event management company is using IDMC and open AI to speed up future development of the SaaS platform by automating client feedback into technical specs, significantly improving efficiency and reducing the time to value.

在拉丁美洲，我們的零售巨頭正在使用 IDMC 和 OpenAI 來增強其客戶體驗，提供個人化的產品推薦，從而提高整體客戶參與度並促進銷售。一家總部位於美國的大型全球活動管理公司正在使用 IDMC 和開放式人工智慧，透過將客戶回饋自動化到技術規格中來加快 SaaS 平台的未來開發，從而顯著提高效率並縮短價值實現時間。

Now to the second part. GenAI from Informatica, we've expanded clear GPT capabilities, including support for complex data lineage craft queries. Data lineage is one of the most popular use cases for our cloud data governance and catalog solutions.

現在到第二部分。來自 Informatica 的 GenAI，我們擴展了清晰的 GPT 功能，包括對複雜資料沿襲製程查詢的支援。資料沿襲是我們的雲端資料治理和目錄解決方案最受歡迎的用例之一。

Additionally, clear GPT aggregate metadata exploration capabilities will help our data governance towards better understand the data landscape, which is a huge need within an enterprise, making it easy to manage complex, fragmented data landscape with natural language queries. Hundreds of our customers are using CLAIRE GPT today and the usage is expanding briskly.

此外，清晰的 GPT 聚合元資料探索功能將幫助我們的資料治理更了解資料環境，這是企業內部的巨大需求，使得可以透過自然語言查詢輕鬆管理複雜、分散的資料環境。如今，我們有數百名客戶正在使用 CLAIRE GPT，使用量正在迅速擴大。

Recent CLAIRE GPT customer stories include a consumer finance company using CLAIRE GPT with their executive leadership and management teams to obtain answers to their ad hoc natural language queries on Snowflake without any need to know (inaudible) pipeline. And appliances company in Mexico is using CLAIRE GPT with cloud data governance and data catalog to understand critical data elements identify the stakeholders for those developments that understand the linage of that data.

最近的 CLAIRE GPT 客戶案例包括一家消費金融公司，其執行領導層和管理團隊使用 CLAIRE GPT 來獲取 Snowflake 上臨時自然語言查詢的答案，而無需了解（聽不清楚）管道。墨西哥的家電公司正在使用 CLAIRE GPT 以及雲端資料治理和資料目錄來了解關鍵資料元素，識別那些了解該資料譜系的開發的利害關係人。

We are excited to announce that we plan to expand CLAIRE GPT to EMEA, Asia Pacific and Canada later this quarter. Informatica for GenAI and GenAI from Informatica, both are driving more use cases and IP consumption on the IDMC platform, which is a tailwind for us for many, many years to come.

我們很高興地宣布，我們計劃在本季度稍後將 CLAIRE GPT 擴展到歐洲、中東和非洲、亞太地區和加​​拿大。Informatica for GenAI 和 Informatica 的 GenAI 都在推動 IDMC 平台上更多的用例和 IP 消耗，這對我們未來多年都是有利的。

We believe that the need for effective cloud data management is only increasing, driven by growing data complexity, fragmentation, evolving decision requirements and proliferation of this fragmented data across a mind of system, including warehouses, lakes, databases, apps, data science and GenAI and many, many more.

我們認為，由於資料複雜性、碎片化、不斷變化的決策需求以及這些碎片資料在整個系統（包括倉庫、湖泊、資料庫、應用程式、資料科學和GenAI）中的擴散，對有效雲端資料管理的需求只會不斷增加。

We excel in this area more than any other company in the market today and at enterprise scale. So as I wrap up, I want to thank all of my Informatica colleagues our partners, our customers and shareholders for the support. We are pleased with our performance and remain focused on executing a cloud-only strategy as we close the year. With that, let me turn the call over to Mike.

我們在這一領域比當今市場上和企業規模的任何其他公司都更出色。最後，我要感謝所有 Informatica 同事、合作夥伴、客戶和股東的支持。我們對自己的表現感到滿意，並在年底繼續專注於執行純雲端策略。接下來，讓我把電話轉給麥克。

Mike, please take it away.

麥克，請把它拿走。

Thank you, Amit, and good afternoon, everyone. Q3 was another solid financial quarter across the board with all key growth and profitability metrics within or above our guidance metrics. I'll begin by reviewing our Q3 results, focusing first on Informatica's annual recurring revenue or ARR.

謝謝阿米特，大家下午好。第三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。我將首先回顧第三季的業績，首先關注 Informatica 的年度經常性收入或 ARR。

As a reminder, our total ARR falls into three categories: cloud subscriptions, which increased by 36% year-over-year self-managed subscriptions, which we no longer actively sell and are, therefore, gradually declining and maintenance from on-prem perpetual licenses, which we are no longer actively selling and are gradually declining.

提醒一下，我們的總 ARR 分為三類：雲端訂閱，與去年同期相比增長了 36% 的自我管理訂閱（我們不再積極銷售，因此正在逐漸下降）以及本地永久維護我們不再積極銷售這些許可證，並且正在逐漸減少。

With that in mind, let's start with total ARR, which was $1.68 billion, an increase of 6.7% over the prior year. This growth was driven primarily by new cloud workloads, strong cloud net expansion with existing customers and steady self-managed subscription and maintenance renewal rates. Foreign exchange rates positively impacted total ARR by $1.4 million on a year-over-year basis.

考慮到這一點，讓我們從總 ARR 開始，總 ARR 為 16.8 億美元，比上一年增長 6.7%。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 產生了年比 140 萬美元的正面影響。

Now let's break down total ARR into its three components. First, cloud subscription ARR was $748 million, a 36% increase year over year and $4.8 million above the midpoint of our July guidance new cloud workloads and strong net expansion with existing customers drove cloud subscription net new ARR of $198 million year-over-year and $45 million sequentially. Cloud subscription ARR now represents over 44% of total ARR, up from 35% a year ago.

現在讓我們將總 ARR 分解為三個組成部分。首先，雲端訂閱ARR 為7.48 億美元，年成長36%，比我們7 月指引的中點高出480 萬美元，新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1.98億美元和 4500 萬美元。雲端訂閱 ARR 目前佔總 ARR 的 44% 以上，高於一年前的 35%。

Foreign exchange positively impacted cloud subscription ARR by about $300,000 on a year-over-year basis. Our cloud subscription net retention rate remained very strong in Q3. At the end-user level, it was 120%, up 2 percentage points year over year and up 1 percentage point versus last quarter.

外匯對雲端訂閱 ARR 產生了年比約 30 萬美元的正面影響。我們的雲端訂閱淨保留率在第三季仍然非常強勁。最終用戶層面為120%，較去年同期上升2個百分點，較上季上升1個百分點。

Cloud subscription net retention rate at the global parent level was 126%, up 2 percentage points year over year and flat versus last quarter. The second category of total ARR is self-managed subscription ARR, this category declined in the quarter to $471 million.

全球母公司層級的雲端訂閱淨留存率為126%，較去年同期成長2個百分點，與上季持平。總 ARR 的第二類是自我管理訂閱 ARR，該類別在本季下降至 4.71 億美元。

This was down approximately 5% sequentially and down 11% year over year, slightly better than our expectations coming into the quarter. The decline of this category is driven by two factors. First, what we refer to as natural churn, which is the attrition of customers due to typical reasons like use case termination, M&A events, et cetera, and migration churn, which are customers who have migrated their workloads from Informatica self-managed deployments to our IDMC cloud platform.

環比下降約 5%，年減 11%，略優於我們對本季的預期。此類別的下降由兩個因素驅動。首先，我們所謂的自然流失，即由於用例終止、併購事件等典型原因而導致的客戶流失，以及遷移流失，即已將工作負載從 Informatica 自行管理部署遷移到 Informatica 自我管理部署的客戶。 IDMC雲端平台。

Both the natural churn and migration churn of our self-managed ARR were in line with our expectations. And the third component of total ARR's 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 $463 million, in line with our expectations.

我們自行管理的 ARR 的自然流失和遷移流失都符合我們的預期。總 ARR 維護的第三部分是過去銷售的本地永久許可證，現在佔總 ARR 的 28%。維護 ARR 年減約 7% 至 4.63 億美元，符合我們的預期。

As with self-managed subscriptions, the decline in this category is due to both natural churn and the migration of on-prem workloads to Informatica's IDMC cloud platform. Subscription ARR, one of our quarterly guidance metrics is simply the sum of cloud subscription ARR and self-managed ARR, it grew 3% year over year to $1.219 billion. This was approximately $10 million above the midpoint of our July guidance.

與自我管理訂閱一樣，該類別的下降是由於自然流失和本地工作負載遷移到 Informatica 的 IDMC 雲端平台造成的。訂閱 ARR 是我們的季度指導指標之一，它只是雲端訂閱 ARR 和自我管理 ARR 的總和，它年增 3% 至 12.19 億美元。這比我們 7 月指導的中點高出約 1000 萬美元。

Foreign exchange rates positively impacted subscription ARR by approximately $900,000 on a year-over-year basis. Modernizing or migrating our on-premise customer base to Informatica's Intelligent Data Management Cloud is a large opportunity for us.

外匯匯率對訂閱 ARR 產生了同比約 90 萬美元的正面影響。將我們的本地客戶群現代化或遷移到 Informatica 的智慧型資料管理雲端對我們來說是一個巨大的機會。

As of the end of Q3, we have migrated 6.8% of our maintenance and self-managed ARR base to cloud, up from 6.1% last quarter. We have a life-to-date average 2:1 ARR uplift ratio on these migrations including power center and master data management migrations. The introduction of Power Center Cloud Edition a year ago has helped accelerate the volume of side migrations of our PowerCenter maintenance and self-managed customer bases this year.

截至第三季末，我們已將 6.8% 的維護和自我管理 ARR 基礎遷移到雲端，高於上季的 6.1%。在這些遷移（包括電源中心和主資料管理遷移）中，我們迄今為止的平均 ARR 提升率為 2:1。一年前推出的 Power Center 雲端版幫助加快了今年我們 PowerCenter 維護和自我管理客戶群的側面遷移量。

So to summarize our Q3 ARR performance, total ARR summed to 6.7% ARR growth year-over-year driven by cloud subscription ARR growth of 36%, offset by gradual self-managed and maintenance ARR declines. We expect similar trends to continue in future quarters as a direct result of our cloud-only strategy.

因此，總結我們第三季的 ARR 表現，在雲端訂閱 ARR 成長 36% 的推動下，總 ARR 年成長 6.7%，但被自我管理和維護 ARR 逐步下降所抵消。我們預計，由於我們純雲端策略的直接結果，未來幾季將繼續出現類似的趨勢。

Now I'd like to review our revenue results for the third quarter. GAAP total revenues were $422 million, an increase of 3.4% year over year, in line with expectations. Foreign exchange rates negatively impacted total revenues by approximately $1.2 million on a year-over-year basis.

現在我想回顧一下我們第三季的收入結果。GAAP 總營收為 4.22 億美元，年增 3.4%，符合預期。外匯匯率對總收入造成了約 120 萬美元的負面影響。

Subscription revenue, which includes cloud subscriptions and self-managed subscriptions, increased 10% year over year to $288 million, representing 68% of total revenue compared to 64% a year ago. Our quarterly subscription renewal rate was 89%, down 4.7 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 10%，達到 2.88 億美元，佔總營收的 68%，而去年同期為 64%。我們的季度訂閱續訂率為 89%，年減 4.7 個百分點，原因是自我管理訂閱續訂率較低，但被較高的雲端訂閱續訂率所抵銷。

Our subscription renewal rates have been largely consistent with our expectations this year. Cloud subscription revenue was $176 million or 61% of subscription revenues growing 37% 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.

我們今年的訂閱續訂率與我們的預期基本一致。雲端訂閱收入為 1.76 億美元，佔訂閱收入的 61%，較去年同期成長 37%。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。

Revenues in our maintenance and professional services category were $135 million, a decline of 8% year over year. Maintenance revenue of $115 million represented 27% of total revenue for the quarter.

維護和專業服務類別的收入為 1.35 億美元，年減 8%。維護收入為 1.15 億美元，佔該季度總收入的 27%。

Our maintenance renewal rate was 94%, down 1% year over year and consistent with our expectations this year. Professional services revenues, which includes implementation consulting and education, make up the remainder of this category and are down $3 million year over year.

我們的維護續約率為 94%，年減 1%，與我們今年的預期一致。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 300 萬美元。

As expected, 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 back this trend to continue in the fourth quarter. Turning to the geographic distribution of our business. US revenue declined 1% year-over-year to $262 million and represented 62% of total revenue. The decline in US revenue growth is primarily attributable to the year-over-year decline in self-managed license and support services.

正如預期的那樣，我們的實施服務收入同比下降，因為我們的服務合作夥伴為客戶承擔了更大的工作份額，我們支持這一趨勢在第四季度繼續下去。轉向我們業務的地理分佈。美國營收年減 1% 至 2.62 億美元，佔總營收的 62%。美國收入成長下降的主要原因是自我管理許可和支援服務的年減。

International revenue grew 11% year over year to $161 million, representing 38% of total revenue US exchange rates from Q3 last year using exchange rates from Q3 of last year, international revenue would have been approximately $1.2 million higher in the quarter.

國際營收年增 11%，達到 1.61 億美元，佔去年第三季總營收的 38%。

Now I'd like to move on to our profitability metrics. Please note that I will discuss non-GAAP results unless otherwise stated. In Q3, our gross margin was 83%, an increase of 70 basis 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。第三季度，我們的毛利率為 83%，年成長 70 個基點，隨著我們的業務向雲端轉型，我們仍然致力於維持健康的毛利率。

Operating expenses were consistent with expectations. Operating income was $151 million, growing 18% year over year, exceeding the midpoint of our July guidance by over $6 million. Operating margin was 35.8%, a 4.4 percentage point improvement from last year.

營運支出與預期一致。營業收入為 1.51 億美元，年增 18%，比我們 7 月指導值的中位數高出超過 600 萬美元。營業利益率為 35.8%，比去年提高 4.4 個百分點。

Adjusted EBITDA was $155 million, and net income was $89 million. Net income per diluted share was $0.28 based on approximately 313 million outstanding diluted shares. Basic share count was approximately 304 million shares.

調整後 EBITDA 為 1.55 億美元，淨利為 8,900 萬美元。根據約 3.13 億股稀釋後流通股計算，稀釋後每股淨利為 0.28 美元。基本股數約3.04億股。

Adjusted unlevered free cash flow after tax was $144 million, better than expected due to faster cash collections and other working capital dynamics. Cash paid for interest in the quarter was $36 million, consistent with expectations.

調整後的稅後無槓桿自由現金流為 1.44 億美元，由於現金回籠速度加快和其他營運資金動態優於預期。本季支付利息的現金為 3,600 萬美元，與預期一致。

We ended the third quarter in a strong cash position with cash plus short-term investments of $1.24 billion, an increase of $371 million year over year. Net debt was $588 million and a trailing 12 months of adjusted EBITDA was $551 million. This resulted in a net leverage ratio of 1.1 times at the end of September. Now turning to guidance, starting with the full year 2024.

截至第三季末，我們的現金狀況強勁，現金加上短期投資為 12.4 億美元，年增 3.71 億美元。淨債務為 5.88 億美元，過去 12 個月調整後 EBITDA 為 5.51 億美元。這導致9月底淨槓桿率為1.1倍。現在轉向指導，從 2024 年全年開始。

We are pleased with our execution in the third quarter and are comfortable reaffirming all previously issued guidance for the full year. This reflects confidence in our cloud-only consumption-driven strategy supported by strong customer momentum and steady renewal rates.

我們對第三季的執行情況感到滿意，並輕鬆重申先前發布的所有全年指引。這反映了我們對我們的純雲端消費驅動策略的信心，該策略得到了強勁的客戶動力和穩定的續訂率的支持。

Similar to the dynamics we've observed year-to-date, we expect cloud subscription ARR and revenue to grow, while self-managed and maintenance ARR and revenue are expected to decline sequentially and on a year-over-year basis.

與我們今年迄今觀察到的動態類似，我們預計雲端訂閱 ARR 和收入將成長，而自我管理和維護 ARR 和收入預計將依次下降和同比下降。

For the fourth quarter of 2024, we are establishing guidance as follows. We expect GAAP total revenues to be in the range of $448 million to $468 million, representing approximately 2.9% year-over-year growth at the midpoint of the range.

對於 2024 年第四季度，我們制定以下指引。我們預計 GAAP 總營收將在 4.48 億美元至 4.68 億美元之間，相當於該範圍中位數的年增約 2.9%。

We 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 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 and we expect non-GAAP operating income to be in the range of $162 million to $182 million, representing approximately 6.3% year-over-year growth at the midpoint of the range. For modeling purposes, I'd like to provide a few more pieces of additional information.

我們預計認購 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，相當於該範圍中點的同比增長約 35.5%，我們預計非 GAAP 營業收入將在 1.62 億美元至 1.62 億美元之間1.82 億美元，相當於該範圍中點的年增約6.3%。出於建模目的，我想提供更多一些附加資訊。

First, we expect adjusted unlevered free cash flow after tax for the fourth quarter to be in the range of $146 million to $166 million. Second, we estimate cash paid for interest will be approximately $32 million in the fourth quarter, and approximately $144 million for the full year using forward interest rates based on one-month silver. Third, with respect to, our Q3 non-GAAP tax rate was 23%, and we expect that rate to continue for the full year of 2024. And lastly, our share count assumptions.

首先，我們預計第四季度調整後的無槓桿稅後自由現金流將在 1.46 億至 1.66 億美元之間。其次，我們估計第四季度支付利息的現金約為 3,200 萬美元，使用基於一個月白銀的遠期利率計算，全年支付利息的現金約為 1.44 億美元。第三，我們第三季的非 GAAP 稅率為 23%，我們預計 2024 年全年將繼續維持此稅率。最後，我們的股份數量假設。

For the fourth quarter, we expect basic weighted average shares outstanding to be approximately 307 million shares -- diluted weighted average sharing to be appreciate 315 million shares. For the full year at we expect basic weighted average shares outstanding to be approximately 303 million shares and diluted weighted average shares outstanding to be approximately 313 million shares.

對於第四季度，我們預計已發行基本加權平均股數約為3.07億股－稀釋加權平均股數將增值3.15億股。我們預計全年已發行基本加權平均股數約 3.03 億股，稀釋加權平均已發行股數約 3.13 億股。

Now before opening the line for Q&A, I have two additional items to discuss. Yesterday, our Board of Directors approved a new share purchase authorization that enabled us to buy up to $400 million of our Class A common stock through privately negotiated transactions with individual holders or in the open market. This new authorization replaces the prior $200 million purchase authorization.

現在，在開通問答線路之前，我還有兩個問題要討論。昨天，我們的董事會批准了一項新的股票購買授權，使我們能夠透過與個人持有人私下協商的交易或在公開市場上購買最多 4 億美元的 A 類普通股。這項新授權取代了先前 2 億美元的購買授權。

No repurchases have been made under the existing authorization. Our committee of the Board will determine the timing, amount and terms of any repurchase. While we do not currently have any specific plans to purchase shares, this authorization gives us the opportunity to move quickly if and when opportunities arise.

根據現有授權，未進行任何回購。我們的董事會委員會將決定任何回購的時間、金額和條款。雖然我們目前沒有任何購買股票的具體計劃，但這項授權使我們有機會在機會出現時迅速採取行動。

Next, beginning in fiscal 2025, we will modify our ARR disclosure to provide clarity to investors and better align with our cloud-only strategy. First, we will no longer provide quarterly guidance or quarterly reporting of subscription ARR.

接下來，從 2025 財年開始，我們將修改 ARR 披露，以便為投資者提供清晰的信息，並更好地符合我們的純雲戰略。首先，我們將不再提供訂閱 ARR 的季度指導或季度報告。

As you know, subscription ARR is simply the sum of our two -- of two of our other reported ARR metrics cloud subscription and self-managed subscription. Now subscription error was a useful metric during the IPO process and in our initial years as a public company. But following the adoption of our cloud-only strategy last year, the subscription AR metric became superfluous.

如您所知，訂閱 ARR 只是我們兩個報告的 ARR 指標雲訂閱和自我管理訂閱的兩個總和。現在，在 IPO 流程以及我們作為上市公司的最初幾年，認購錯誤是一個有用的指標。但去年採用純雲端策略後，訂閱 AR 指標就變得多餘了。

Therefore, starting in Q1 '25, we will begin providing quarterly and annual guidance for cloud subscription era and total ARR dropping subscription ARR. We'll also continue to provide quarterly reporting of cloud subscription ARR, self-managed ARR and maintenance era.

因此，從 25 年第一季開始，我們將開始提供雲端訂閱時代的季度和年度指導以及總 ARR 下降的訂閱 ARR。我們也將繼續提供雲端訂閱 ARR、自我管理 ARR 和維護時代的季度報告。

If you're interested in following subscription ARR in 2025, you can simply add together cloud subscription ARR and self-managed era. And second, we will no longer report the subscription net retention rate at the end user level and the cloud net retention rate at the end user level.

如果您有興趣關注 2025 年的訂閱 ARR，您可以簡單地將雲端訂閱 ARR 和自我管理時代相加。其次，我們將不再報告最終用戶層面的訂閱淨留存率和最終用戶層面的雲端淨留存率。

Last year, we introduced cloud net retention rate at the global parent level, and we'll continue to report this metric, which we believe is consistent with the net retention rate reporting of our public market peers. In summary, we are very pleased with our third quarter performance, and we're focused on exceeding our cloud -- executing our cloud-only strategy and delivering our 2024 guidance.

去年，我們在全球母公司層面引入了雲端淨留存率，我們將繼續報告這項指標，我們認為這與公開市場同行的淨留存率報告一致。總而言之，我們對第三季的業績非常滿意，我們專注於超越我們的雲端——執行我們的純雲端策略並提供我們的 2024 年指導。

Operator, you can now open the line for questions.

接線員，現在可以撥打電話提問。

(Operator Instructions) Koji Ikeda, Bank of America.

（操作員指令）Koji Ikeda，美國銀行。

A couple for me here. So when I look at the deck and I look at the medium-term expectations of a 31% to 33% cloud subscription ARR growth between fiscal '23 and '26. That was given a year ago. And so we're essentially a one-third of the way through it, and you guys have been performing well above that range. So when I look at that CAGR, it does imply that cloud ARR begins to decelerate here pretty soon.

這裡有一對給我。因此，當我查看甲板時，我會考慮 23 財年至 26 財年雲端訂閱 ARR 成長 31% 至 33% 的中期預期。這是一年前給出的。所以我們基本上已經完成了三分之一，而你們的表現遠遠超出了這個範圍。因此，當我查看複合年增長率時，它確實意味著雲 ARR 很快就會開始減速。

But it has been a year since you've given that medium-term expectation. So curious to hear what you've learned over the past year that's given you more confidence in that medium-term target? And what could happen from here that could drive that medium-term growth CAGR higher?

但距離您給出中期預期已經過了一年。很想知道您在過去一年中學到了什麼，這讓您對中期目標更有信心了？接下來會發生什麼事來推動中期複合年增長率更高？

Well, I'll start and then maybe Amit can chime in with other qualitative observations. But we feel as though we're tracking very much in line with the expectations we set when we offered that guidance last December. The growth we're delivering this year is consistent with our '24 guidance, and everything we can see for '25 and '26 given where we sit here in October of 2024, it gives us confidence that, that medium-term guidance is still the right expectation for the market.

好吧，我先開始，然後也許阿米特可以加入其他定性觀察。但我們覺得我們的追蹤情況與我們去年 12 月提供該指導時設定的預期非常一致。我們今年實現的成長與我們的「24 年指導」一致，考慮到2024 年10 月我們所處的位置，我們可以看到「25 年」和「26 年」的一切，這讓我們有信心，中期指導仍然是對市場的正確預期。

We won't, of course, offer formal 2025 guidance until we report Q4 earnings. But everything is on track, and our goal of consistently executing against the expectations we set is how we've been operating so far this year and expect to in 2025.

當然，在我們報告第四季度收益之前，我們不會提供正式的 2025 年指引。但一切都步入正軌，我們的目標是始終如一地執行我們設定的預期，這就是我們今年迄今為止的營運方式以及 2025 年的預期。

Amit, anything to add?

阿米特，有什麼要補充的嗎？

I think Mike said it very well. I think we will have -- we will talk more about it as we come in February of next year and talk about Q4 fiscal year 2024, and we'll layer on 2025 guidance at that point, and we'll give you more color to that.But Koji, right now, we couldn't be more happy and excited about what we set out last year for medium-term guidance in that context of 2024, we have continued to not only deliver but I would say out deliver that, and that gives us tremendous confidence against what we have in front of us.

我認為麥克說得很好。我認為我們將在明年 2 月到來時更多地討論這一問題，並討論 2024 財年第四季度，屆時我們將在 2025 年指導上分層，我們將為您提供更多信息但是Koji，現在，我們對去年在2024 年的背景下制定的中期指導方針感到非常高興和興奮，我們不僅繼續交付，而且我想說，我們要交付這一點，這讓我們對眼前的情況充滿信心。

Got it. And just a follow-up here. When I look through all the metrics, everything looks pretty good, except for one, and I was hoping to get a little bit of color on it. When I look at the 1 million-plus customers, it's $264 million. I know that's up 18% year over year.

知道了。這裡只是後續行動。當我查看所有指標時，除了一個指標之外，所有指標看起來都不錯，我希望從中得到一些啟發。當我查看超過 100 萬的客戶時，結果是 2.64 億美元。我知道這一數字年增了 18%。

But when I look at it compared to the second quarter, it's down a little bit sequentially from [272]. So could you help walk us through that a little bit, please?

但當我與第二季度相比時，它比第二季度略有下降[272]。那您能幫我們簡單介紹一下嗎？

Sure. I'll take that one. drawing a line in the sand at $1 million or $500,000 or $2 million isn't a great way to evaluate our performance, particularly in any particular quarter. It was down on a sequential basis, and -- we expected the question. So we've looked into it carefully to see exactly what happened.

當然。我會接受那個。以 100 萬美元、50 萬美元或 200 萬美元為底線並不是評估我們業績的好方法，尤其是在任何特定季度。它連續下降，而且——我們預料到了這個問題。所以我們仔細調查了到底發生了什麼事。

A number of those were state and local customers who had COVID use cases that don't exist anymore. So they downsized themselves a little bit and dropped across that in artificial one. We have some customers that completed large migrations and the maintenance during the migration period rolled off and you understand how that accounting world works. And so they dip below the $1 billion line.

其中許多是州和當地客戶，他們的新冠病毒用例已不復存在。因此，他們縮小了自己的規模，並以人工的方式跨越了這一點。我們有一些客戶完成了大型遷移，遷移期間的維護工作已經結束，您了解會計世界是如何運作的。因此它們跌破了 10 億美元線。

Look, our average ARR per subscription customer grew by 15% year over year. The growth in customers over $100,000 grew very nicely. And this isn't a metric that we will regularly disclose, but our customer is about $5 million in the quarter. So it's not something that indicates anything we're concerned about. It's just the idiosyncrasies of having an artificial line in the sand and customers tipping one way or another over that line.

看，我們每個訂閱客戶的平均 ARR 年增了 15%。10萬美元以上的客戶成長非常好。這不是我們會定期披露的指標，但我們的客戶在本季約為 500 萬美元。所以這並不表示我們擔心什麼。這只是沙子上有一條人工線，而顧客會在這條線上以某種方式傾斜的特殊情況。

Will Power, Baird.

意志力，貝爾德。

Okay. Great. Mike, maybe just starting on results in the quarter and guidance, it looked like some slight upside in the quarter and continued strong cloud trends that you reaffirmed the full year guidance. And I just wonder if there's anything you're recalling out any sort of caution around with respect to Q4 or any changes in tone of conversations or linearity kind of as you move through the quarter that might be informing kind of Q4 versus Q3.

好的。偉大的。麥克，也許只是從本季度的業績和指導開始，看起來本季有一些小幅上漲，並且雲端趨勢持續強勁，您重申了全年指導。我只是想知道您是否記得有關第四季度的任何謹慎事項，或者當您度過本季度時談話語氣或線性的任何變化，這些變化可能會告訴您第四季度與第三季度的情況。

Well, I'll start it again if there's anything qualitative that I missed, Amit can chime in. But the tone feels very consistent, both with last quarter and with last year. And if you do some of the implied math around the NARR required in Q4 to get us to our guidance and the linearity that implies for the year, it's all very consistent with what we saw last year. And it all -- that all adds up to comfort with being on track to meet or beat that full-year guidance. So it really is steady as she goes well.

好吧，如果我錯過了任何定性的內容，我會重新開始，阿米特可以插話。但無論是上個季度還是去年，基調都非常一致。如果你圍繞著第四季度所需的 NARR 進行一些隱含的數學計算，以使我們得出今年的指導和線性，那麼這一切都與我們去年看到的情況非常一致。這一切——所有這些加在一起，讓我們對有望達到或超過全年指導目標感到放心。所以她進展順利，確實很穩定。

I think that's about it. It's a conversation with customers. As I said and I talked about in my prepared remarks, Bill, on macro, very stable, very consistent with what we saw last quarter or the quarter before. So we feel pretty consistent about where we've been before in Q4.

我想就是這樣。這是與客戶的對話。正如我在準備好的演講中所說的那樣，比爾在宏觀方面非常穩定，與我們上個季度或前一個季度看到的情況非常一致。因此，我們對第四季度之前的情況感到非常一致。

Okay. That's great. And then maybe just any kind of qualitative commentary you can provide on the cloud growth breakdown, I know you noted 50% of the growth of the ARR split between, I guess, data integration and the other half, at least that was a big chunk of it, they have MDM, catalog, governance.

好的。那太棒了。然後，也許您可以對雲端成長細分提供任何類型的定性評論，我知道您注意到 ARR 成長的 50% 在我猜資料整合和另一半之間分配，至少這是一個很大的部分其中，他們有MDM、目錄、治理。

Anything to call out with respect to trends you're seeing in either of those buckets? And one or the other that you think could be a bigger growth driver as you move forward here?

關於您在這兩個類別中看到的趨勢，有什麼值得指出的嗎？當您在這裡前進時，您認為哪一個可能成為更大的成長動力？

I think, well, I would generally don't look at one quarter dictating anything because it's a full year. And I think each quarter, there's some product area or some category has a story of its own. But philosophically, like I highlighted, the beauty that we are seeing is that customers definitely are -- they have moved from what I call defensive cost-cutting productivity use cases to also going after what I call offensive transformational use cases.

我想，嗯，我通常不會用一個季度來決定任何事情，因為這是一整年。我認為每個季度都有一些產品領域或某個類別有自己的故事。但從哲學上講，正如我所強調的那樣，我們看到的美妙之處在於客戶確實是——他們已經從我所說的防禦性成本削減生產力用例轉向了我所說的進攻性轉型用例。

And we serve the entire digital enterprise. So it could very well be that, hey, like I give you examples about how do you figure out grabbing a bigger share of the wallet with our existing customers and acquiring new customers.

我們為整個數位企業提供服務。所以很可能是這樣的，嘿，就像我給你舉的例子，告訴你如何才能從我們現有客戶那裡獲得更大的錢包份額並獲得新客戶。

We get to see those kind of use cases coming up as well as, so 360-degree view of a customer becomes important, whether you do a managing your churn, getting a bigger share of the wallet of your customers or getting new customers.

我們也會看到此類用例的出現，因此 360 度客戶視圖變得非常重要，無論您是管理客戶流失、獲得更大的客戶錢包份額還是獲得新客戶。

And at the same time, when you have an existing customer and you're basically getting more and more of analytics, governance becomes very important, also becomes important as customers are thinking about taking their pilots of GenAI, and try to expand that into the pilot going into even a small operationalization before it becomes enterprise.

同時，當你擁有現有客戶並且基本上獲得越來越多的分析時，治理就變得非常重要，而且當客戶考慮進行GenAI 試點並嘗試將其擴展到其他領域時，治理也變得非常重要。

So we're seeing pretty well diversified growth. I didn't see anything one necessarily spike over the other. And that's kind of like the best way to highlight that.

因此，我們看到了相當好的多元化成長。我沒有看到任何一個必然會超過另一個。這有點像強調這一點的最好方式。

The other thing I'll also highlight is remember, all of our use cases end up being multiproduct. So even if it's integration for a warehouse or a lake, it's integration, it could be data integration, some API, some data quality. It's MDM, its MDM plus integration plus quality, so on and so forth. So they all end up being multiproduct.

我還要強調的另一件事是記住，我們所有的用例最終都是多產品的。因此，即使它是倉庫或湖泊的集成，它也是集成，它可能是資料集成、一些 API、一些資料品質。它是 MDM，它的 MDM 加上整合加上質量，等等。所以它們最終都會成為多產品。

Matt Hedberg, RBC.

馬特‧赫德伯格，加拿大皇家銀行。

It seems like both cloud native wins as well as cloud migrations are doing well, and it really does feel like PowerCenter cloud is driving some pretty significant momentum there. I'm wondering, as we think about going into Q4 and into '25, are there mechanisms in place to drive even faster migrations there now that a lot of the technology -- and the sort of the cloud-first sales focus is in place?

看起來雲端原生的勝利和雲端遷移都做得很好，而且確實感覺 PowerCenter 雲端正在推動一些相當重要的勢頭。我想知道，當我們考慮進入第四季度和 25 年時，是否有適當的機制可以推動更快的遷移，因為現在有很多技術以及雲端優先的銷售重點已經到位？

Yes. I mean we all want the same outcome, right, Matt, thanks for the question. I mean, look, I think we had a pretty solid start to the year. If you remember, we always think of the year as an annual year. Yes, we have to go report every quarter.

是的。我的意思是我們都想要相同的結果，對吧，馬特，謝謝你的提問。我的意思是，看，我認為我們今年的開局相當不錯。如果你還記得的話，我們總是將這一年視為一年一度的一年。是的，我們每季都必須去報告。

We all know that. But if you remember, the first half of the year was a pretty solid growth on migrations, and we see the momentum of PowerCenter Cloud Edition, continue to hum very strongly and don't see any reason to think differently. I think as we think about not just Q4, we think about next year, we have many things that we are evaluating, talking to our customers also.

我們都知道這一點。但如果您還記得的話，今年上半年的遷移成長相當穩健，我們看到了 PowerCenter Cloud Edition 的勢頭，繼續強勁地發展，沒有任何理由進行不同的思考。我認為，當我們考慮的不僅僅是第四季度，我們還考慮明年，我們正在評估很多事情，也與我們的客戶交談。

And to be kind of one of the things that we are also doing in particular is, and I always say we balance a character mistake, I'm a believer in balancing it both for customers. is that really getting our customers to understand that if they really want to get the power of GenAI, they have to digitize.

我們特別做的事情之一是，我總是說我們平衡性格錯誤，我相信為客戶平衡兩者。真正讓我們的客戶明白，如果他們真的想獲得 GenAI 的力量，他們就必須數位化。

For digitizing, they have to modernize. So sometimes that makes it an easier conversation and that is totally resonating with our customers that they can get to GenAI they are not the models, IDMC architecture, leveraging the power of CLAIRE.

為了實現數位化，他們必須實現現代化。因此，有時這使得對話變得更容易，並且完全與我們的客戶產生共鳴，他們可以使用 GenAI，他們不是模型，IDMC 架構，利用 CLAIRE 的力量。

And we see that messaging as we run those campaigns quite a bit in the second half of the year, actually getting deeper and deeper. And that allows our customers to start planning for next year because these are not necessarily, I can do something instantly. We allow our customers to plan for that.

當我們在下半年大量開展這些活動時，我們看到了這種訊息傳遞，實際上越來越深入。這使得我們的客戶可以開始計劃明年，因為這些不一定，我可以立即做一些事情。我們允許客戶為此制定計劃。

So we're seeing that traction and seeing that learning coming in and the conversation of having customers are realizing that. So we expect those kind of things to trickle into next year for sure.

因此，我們看到了這種吸引力，看到了學習的到來，以及與客戶的對話正在意識到這一點。因此，我們預計這些事情肯定會持續到明年。

Got it. And then maybe Mike, one for you. You had a really strong quarter and you reiterated guidance, which, I mean, I think you talked about stable macros. It feels like a conservative guide for 4Q. I guess my question is when I look back last -- to last 4Q, you guys had a really strong quarter.

知道了。然後也許是麥克，一位適合你的人。你們有一個非常強勁的季度，並且重申了指導意見，我的意思是，我認為你們談到了穩定的宏觀經濟。這感覺像是第四季度的保守指南。我想我的問題是，當我回顧過去的第四季時，你們的季度表現非常強勁。

And I don't know if there was a function of like budget flush last year that you saw and you're not anticipating it this quarter -- or this year, I should say. I'm just sort of curious if you could maybe talk about like what you normally see from a budget flush -- December budget flush. Are you anticipating any of that this year?

我不知道去年你是否看到了類似預算充裕的功能，而你在本季度或今年都沒有預料到它，我應該說。我只是有點好奇你是否可以像通常從預算充裕中看到的那樣談論 - 12 月預算充裕。你對今年有這樣的期待嗎？

It's too early to tell. You only know in the last couple of weeks of the quarter, frankly, you can maybe start to get hints in December, but that would be after we've already entered our quiet period. it feels like I say, similar sitting here on October 30 to how it fell end of October last year.

現在說還太早。你只知道在本季度的最後幾週，坦白說，你可能會在 12 月開始得到暗示，但那是在我們已經進入平靜期之後。就像我說的，10 月 30 日坐在這裡的感覺與去年 10 月底的情況類似。

It's certainly possible that there could be a budget for us that we don't see but we're expecting a solid quarter, delivering north of 35% of our -- 38% of our bookings or whatever it is linearly for the year in the fourth quarter. So it's always a big quarter and a lot of work to do to deliver it.

當然，我們可能會有一個我們看不到的預算，但我們預計會有一個穩定的季度，交付超過 35% 至 38% 的預訂量或今年線性的任何數字。因此，交付它總是一個很大的季度和大量的工作要做。

So we feel this is the prudent place to be in terms of guidance, and we'll just have to see if there's a budget flush that comes out of the woodwork.

因此，我們認為就指導而言，這是一個謹慎的地方，我們只需要看看是否會出現預算充裕。

Kash Rangan, Goldman Sachs.

卡什·蘭根，高盛。

Alex Zukin, Wolfe Research.

亞歷克斯祖金，沃爾夫研究中心。

This is Patrick on for Alex. I wonder if you can just sort of talk through any of the changes and trends you've seen. Around budgets for data initiatives so far this year? And maybe how that compares to your expectations heading into the year? And then how do you expect those budgets to trend into the fourth quarter and into next year?

這是派崔克（Patrick）替亞歷克斯（Alex）發言。我想知道您是否可以談談您所看到的任何變化和趨勢。今年到目前為止數據計畫的預算大約是多少？也許這與您今年的預期相比如何？那麼您預計這些預算在第四季和明年的趨勢如何？

Yes. I think as I was sharing earlier to Matt's question, I think definitely, what we have seen is -- I'll bifurcate into be different things. One is customers have moved very consistently in the last couple of quarters from what I call defensive productivity, cost saving initiatives to also transformational offensive initiatives.

是的。我想，正如我之前對馬特的問題所分享的那樣，我認為我們所看到的是——我將分成不同的事情。一是客戶在過去幾季中一直從我所說的防禦性生產力、成本節約措施轉向轉型進攻措施。

And they end up becoming data initiatives in general, like I give the example of, hey, if I was worried about customer churn, I'm now excited about doing new customer acquisitions, new product launches, new offers to new customers, things of that nature. So we definitely see that. And customers are becoming more and more and more ambitious or comfortable to do those growth-oriented initiatives.

一般來說，它們最終會成為數據計劃，就像我舉的例子一樣，嘿，如果我擔心客戶流失，那麼我現在很高興能夠進行新客戶獲取、新產品發布、向新客戶提供新優惠等等那種性質。所以我們肯定看到了這一點。客戶變得越來越雄心勃勃或願意執行這些以成長為導向的計劃。

Number two, obviously, GenAI, and GenAI is embedded in every conversation. Needless to say, there's a whole amount of CapEx spending happening everywhere, the freeways I think laid out, where we said we see the pilots happening whether it's IDMC for GenAI or even our GenAI from us like CLAIRE GPT. The customers using it. I gave you examples of customers.

第二，顯然是 GenAI，GenAI 嵌入到每一次對話中。不用說，到處都在發生大量的資本支出，我認為在高速公路上，我們說我們看到試點正在發生，無論是 GenAI 的 IDMC 還是我們的 GenAI（例如 CLAIRE GPT）。使用它的客戶。我給你舉了一些客戶的例子。

So absolutely, the GenAI pilots or small areas where customers are trying to roll it out to test it and then basically make it bigger and bigger. We see those happening. All our conversations are like, hey, I want to do GenAI and the beauty is an IDMC, you can do non-GenAI digital transformation and GenAI digital transformation, the customers benefit from that, and they can use IPs for anything, including running IPs to do CLAIRE GPT queries, those conversations up front, et cetera.

因此，絕對是 GenAI 試點或小範圍，客戶試圖將其推出以進行測試，然後基​​本上將其變得越來越大。我們看到這些正在發生。我們所有的對話都是這樣的，嘿，我想做 GenAI，而美麗的是 IDMC，你可以進行非 GenAI 數位轉型和 GenAI 數位轉型，客戶從中受益，他們可以將 IP 用於任何事情，包括運行 IP進行CLAIRE GPT 查詢、預先進行這些對話等等。

We had our AI Summit in New York a couple of weeks ago, I forget a month or so ago, it was a tremendous success. So we see that as well. So I think, I'm seeing definitely.

幾週前，我忘記了大約一個月前，我們在紐約舉行了人工智慧高峰會，這是一次巨大的成功。所以我們也看到了這一點。所以我想，我肯定看到了。

Now having said that, the third thing I see is that definitely data and AI and cyber are the two areas where customers are parking their spend. Definitely, those areas spend are happening. I had the CIO to tell me that security that defense spend in data as an offensive spend concerns. So we see these kind of things across global customers.

話雖如此，我看到的第三件事是，數據、人工智慧和網路肯定是客戶停止支出的兩個領域。當然，這些領域的支出正在發生。資訊長告訴我，防禦性資料支出作為進攻性支出所關注的安全性。因此，我們在全球客戶中看到了此類情況。

Pinjalim Bora, JPMorgan.

平賈林·博拉，摩根大通。

Great. This is Jaiden on for Pinjalim. To follow up on an earlier question, can you talk a little bit more about any trends you saw in the public sector customers in the quarter?

偉大的。這是 Pinjalim 的 Jaiden。為了跟進先前的問題，您能否多談談您在本季度在公共部門客戶中看到的任何趨勢？

Sure. I mean, Q3 is always a big public sector quarter as we all know their fiscal year. Pretty robust. We saw, obviously, our public sector business kind of as always, outdelivered the Q3 or the Q4 which is our Q3. And trends remain the same.

當然。我的意思是，第三季度始終是公共部門的重要季度，因為我們都知道他們的財政年度。相當健壯。顯然，我們看到我們的公共部門業務一如既往地超過了第三季或第四季（即我們的第三季）。且趨勢保持不變。

I do see public sector now. So first of all, very well done across a broad area of different kind of customers that we serve within public sector, state and local and the agencies and all that stuff. We absolutely see the public sector customers getting to more and more of digital transformation and accelerated one state and local ad in a different phase.

我現在確實看到了公共部門。首先，我們在公共部門、州和地方以及機構和所有這些方面服務的不同類型客戶的廣泛領域做得很好。我們絕對看到公共部門客戶越來越多地進行數位轉型，並在不同階段加速了一個州和地方的廣告。

They obviously have rest, less intense compliance and regulatory situation than the federal or the three-letter agencies. But I absolutely see the conversations we are having and even the ones I was engaged in more and more desire to do accelerated digital.

與聯邦或三字母機構相比，他們顯然有休息，不那麼嚴格的合規和監管情況。但我絕對看到我們正在進行的對話，甚至我參與的對話越來越渴望加速數位化。

GenAI's top of their mind, of course, you can imagine that there is so much that they have to put a box around GenAI are to do it the right way, but everybody is having that conversation. But definitely, digital and modernization, by the way. A lot of our public sector customers are moving towards the cloud, definitely.

當然，GenAI 是他們最關心的事情，你可以想像，他們必須在 GenAI 周圍放置一個盒子才能以正確的方式去做，但每個人都在進行這樣的對話。但順便說一句，肯定是數位化和現代化。毫無疑問，我們的許多公共部門客戶正在轉向雲端。

We saw a big push towards modernization happening over the course of the year. So we're seeing some of those kind of trends within our broad public sector business.

我們看到這一年現代化進程取得了巨大進展。因此，我們在廣泛的公共部門業務中看到了一些此類趨勢。

Tyler Radke, Citi.

泰勒·拉德克，花旗銀行。

Amit, I'm curious, for customers where you've seen adoption of Open Table formats like Iceberg. Have you noticed any meaningful changes either positively in terms of Informatica utilization or IPU credits or too early to tell, just would just love your perspective on that theme based on the customers that you've worked with.

阿米特，我很好奇，對於那些您看到採用像 Iceberg 這樣的 Open Table 格式的客戶。您是否注意到任何有意義的變化，無論是在 Informatica 使用率或 IPU 積分方面的積極變化，還是現在判斷還為時過早，只是希望您根據與您合作過的客戶對該主題的看法。

Sure. Very early. And in fact, what we see is, like I've always said, look, Open Tables don't just happen to fill themselves. Actually, what we are seeing is customers actually needing to do ESP on Open Table, preparing the data getting data from different operational systems and making sure that the five formats are organized, quality has happened, and we are seeing some of that stuff customers getting ready for that.

當然。很早。事實上，我們看到的是，就像我一直說的那樣，看，開放表並不會自動填滿。實際上，我們看到的是客戶實際上需要在 Open Table 上執行 ESP，準備從不同作業系統獲取數據的數據，並確保五種格式得到組織，品質得到保證，我們看到客戶得到了一些東西準備好了。

In fact, Databricks and us have been in strong partnership in that area. We are collectively helping customers figure that out. But we see the need for ELT, see the need for data preparation, see the need for quality to even get the Open Tables to be populated for them to then be in some operational use absolutely be there, which is why we continue to benefit because that's more IP consumption and usage. That's where things are right now.

事實上，Databricks 和我們在該領域一直保持著牢固的合作關係。我們正在共同幫助客戶解決這個問題。但是我們看到了 ELT 的需要，看到了資料準備的需要，看到了對品質的需要，甚至需要填充開放表，然後絕對可以在某些操作中使用，這就是我們繼續受益的原因，因為這就是更多的IP 消耗和使用。這就是現在的情況。

And I would emphasize is you would note if you've listened carefully to our remarks or seen of our press releases that we support very deeply the Iceberg table format for all the cloud service providers and cloud data like our warehouse providers. So we are there to be the most efficient and effective partner to manage and transform the data that is going into those tables.

我要強調的是，如果您仔細聆聽了我們的言論或看到了我們的新聞稿，您會注意到我們非常深入地支援所有雲端服務提供者和雲端資料（例如我們的倉庫提供者）的Iceberg 表格式。因此，我們將成為最高效、最有效的合作夥伴來管理和轉換進入這些表的資料。

Great. I appreciate the answer there. And Mike, if I look at your updated guidance for the full year, you took up cloud ARR, which is good to see solid performance in the quarter. Subscription it looked like it stayed the same and self-managed did decline a bit more sequentially than you've seen recently.

偉大的。我很欣賞那裡的答案。麥克，如果我看一下您更新後的全年指引，您會發現您採用了雲端 ARR，這很高興看到本季度的穩健表現。訂閱量看起來保持不變，而自我管理的下降速度確實比您最近看到的要多一些。

So is the way to think about that incremental cloud subscription rates, is that kind of coming more from migrations? Or is it hey, you're just seeing a bit more falloff on the self-managed business, but you're more than offsetting that or offsetting that just on the strength of new business? Just help us understand kind of the puts and takes there.

那麼，思考增量雲端訂閱率的方式是不是更多來自遷移？或者是嘿，你只是看到自我管理業務有所下降，但你不僅僅是抵消了這一點，或者僅僅依靠新業務的實力來抵消了這一點？只是幫助我們理解那裡的看跌期權和索取期權。

Yes. And just to clarify, we didn't change our full year guidance at all. We established Q4 guidance for the first time, which because when you report Q2 and give Q3 guidance and the year, there's an implied Q4 in there. So I think what you're talking about is puts and takes of how the math works out of what the implied Q4 was three months ago versus what the actual Q4 guidance is today.

是的。需要澄清的是，我們根本沒有改變全年指導。我們首次製定了第四季度的指導，這是因為當您報告第二季度並給出第三季度的指導和年份時，其中隱含了第四季度。因此，我認為您所說的是將三個月前隱含的第四季度的數據與今天實際的第四季度的指導數據進行數學計算的比較。

And I wouldn't look at it as particular strength or weakness in any of the categories it's simply on track to deliver what we always thought was going to be the full year starting out and then feathering in the up the raise of the cloud we did after Q2 and the non-GAAP OpEx free cash flow raise that we gave after Q2.

我不會將其視為任何類別中的特定優勢或劣勢，它只是有望提供我們一直認為將在全年開始的內容，然後隨著我們所做的雲的提升而不斷完善第二季度之後以及我們在第二季之後提供的非GAAP 營運支出自由現金流提高。

We still think that cloud is going to grow north of 35%. We still think that for the year, that self-managed is going to decline about 13%, and we still think that maintenance for the year is going to decline about 7%. So no big changes in mix shift assumptions are net new versus migration or anything like that.

我們仍然認為雲端運算將成長 35% 以上。我們仍然認為今年的自我管理費用將下降約 13%，我們仍然認為今年的維護費用將下降約 7%。因此，與遷移或類似的情況相比，混合轉變假設沒有重大變化是全新的。

Patrick Colville, Scotiabank.

派崔克‧科爾維爾，豐業銀行。

Congrats on all the momentum you guys are seeing. I guess I just want to ask Amit and Mike about the 2024 guidance. So I guess what was implied for 4Q both on the cloud ARR line and on the total ARR line, I guess the guidance for 4Q implies kind of a net new ARR, sequential net new ARR, but we haven't -- Informatica has never reported before. I mean if my math is correct, it points to [$63 million] of net new total ARR and $88 million of net new cloud ARR. So I guess what gives you confidence going into 4Q to guide to those levels?

祝賀你們所看到的所有勢頭。我想我只是想向 Amit 和 Mike 詢問 2024 年的指導。因此，我猜第 4 季的雲端 ARR 線和總 ARR 線意味著什麼，我猜第 4 季的指導意味著淨新 ARR、順序淨新 ARR，但我們沒有——Informatica 從來沒有之前報導過。我的意思是，如果我的數學正確的話，它表明淨新總 ARR 為 [6300 萬美元]，淨新雲 ARR 為 8800 萬美元。所以我想是什麼讓您有信心進入第四季來指導這些水平？

Yes. Look, it's bigger than ever because we are bigger than ever. It's off a base that's 35% higher than it was coming out of Q3 last year. It's actually -- it's kind of as simple as that. we have more go-to-market.

是的。看，它比以往任何時候都更大，因為我們比以往任何時候都更大。其基數比去年第三季高出 35%。事實上，就這麼簡單。我們有更多的產品進入市場。

We have more pipeline. We have more prospects and more renewal base to work with than we did in Q3 of last year. I think the right way to think about it and the format your own judgment about how attainable it is, is just to look at what percentage the net new ARR represents in Q4 of the full year in 2024 versus the same look in 2023.

我們有更多的管道。與去年第三季相比，我們有更多的潛在客戶和更多的續約基礎可供合作。我認為思考這個問題的正確方法以及您自己對它的實現程度的判斷的格式，就是看看 2024 年全年第四季度淨新 ARR 所佔的百分比與 2023 年的相同情況相比。

And you'll see that as a percentage of the year as the percentage of sequential growth that it's all very consistent with what we actually delivered in Q3 of 2023 -- or sorry, Q4 of 2023 versus Q3 of 2023.

您會發現，作為年度增長的百分比，這與我們在 2023 年第三季度實際交付的數據非常一致——或者抱歉，2023 年第四季度與 2023 年第三季度相比。

And just to add to what Mike said, I may think -- we also look at, obviously, our pipe create pipe coverage and things of that nature and those have consistently be better each quarter and each year. So hope we feel good about that.

我想補充一下麥克所說的內容——顯然，我們還關注了我們的管道創建管道覆蓋範圍以及類似性質的事情，並且這些事情每個季度和每年都在不斷改善。所以希望我們對此感覺良好。

Great. Okay. Yes, that's very clear. I guess I want to ask just for my follow-on, please, around migrations versus net new ARR. I mean what many investors like about Informatica is you have both of those kind of pickers.

偉大的。好的。是的，這很清楚。我想我只想問一下關於遷移與淨新 ARR 的後續情況。我的意思是，許多投資者喜歡 Informatica 的原因是您擁有這兩種選擇器。

But specifically on the migrations, the disclosure Informatica provides this quarter, on a TTM basis, 24% of new ARR from migrations, very impressive, but I guess a slight downtick versus last quarter. Why would migration, net new ARR contribution downtick, given the launch of PowerCenter Cloud Edition a year ago. Like I would have expected a net uptick. So any color you could provide there would be super helpful.

但具體到遷移方面，Informatica 披露本季以 TTM 為基礎，24% 的新 ARR 來自遷移，非常令人印象深刻，但我認為與上季相比略有下降。鑑於一年前推出了 PowerCenter 雲端版，為什麼遷移、淨新 ARR 貢獻會下降。就像我預期的淨成長一樣。因此，您可以提供的任何顏色都會非常有幫助。

Yes, sure. It's quarter-to-quarter variability, Patrick. I mean, your math is right. It wasn't a blowout quarter for migrations. But some will be blowout, some will be a little bit below expectations.

是的，當然。這是季度與季度之間的變化，帕特里克。我的意思是，你的數學是正確的。這並不是移民井噴的季度。但有些會井噴，有些會略低於預期。

But over the year, we continue to see really strong acceleration. And continue to expect a contribution of migrations to the total net new ARR in the cloud in the 25% to 30% range. for the year. And over time, we would expect that to grow to maybe as big as a third of the contribution.

但一年來，我們繼續看到強勁的加速。預計遷移對雲端總淨新 ARR 的貢獻將在 25% 至 30% 範圍內。今年。隨著時間的推移，我們預計這項貢獻可能會成長到三分之一。

But as I've said before, the most important value creator for Informatica shareholder is winning net new, winning new customers, winning new workloads from existing customers. Migration is great, and it's going to provide a very long tail of opportunity to increase the value footprint with our customers and therefore, our shareholder value.

但正如我之前所說，對於 Informatica 股東來說，最重要的價值創造者是贏得淨新收入、贏得新客戶、從現有客戶那裡贏得新的工作負載。遷移很棒，它將提供很長的機會來增加我們與客戶的價值足跡，從而增加我們的股東價值。

But the net new is doing what we expect it to is the strong majority of what we do, and the migration continues to be healthy, but you'll see some quarter-to-quarter variability.

但淨新正在做我們期望的事情，這是我們所做的絕大多數事情，並且遷移仍然健康，但您會看到一些季度與季度的變化。

The other thing I'll add to that is that adding to what Mike just said is that look, we feel very good about how we balance our business, and it's net new customers or net new workloads in cloud. The other engine that used to be smaller. But as we've shared about, and you can see in our NRR is consistently outperformance becoming bigger and bigger expansions expansion of our business with existing customers once they buy the IPUs and then, of course, migration and modernization.

我要補充的另一件事是，除了麥克剛才所說的之外，我們對如何平衡業務以及雲端中的淨新客戶或淨新工作負載感覺非常好。另一個引擎曾經較小。但正如我們所分享的，您可以在我們的 NRR 中看到，一旦現有客戶購買了 IPU，我們的業務就會越來越大地擴展，當然還有遷移和現代化。

So we have a healthy and we'll never want to be a one-trick pony to just do one thing or the other. And hence, we -- at the end of the day, it's growing the total cloud ARR is what matters. And we feel good about we have many vectors to get there.

因此，我們擁有健康的身體，我們永遠不會想成為只做一件事或另一件事的只會做一件事的小馬。因此，歸根究底，雲總 ARR 的成長才是最重要的。我們感到很高興，因為我們有很多載體可以到達那裡。

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

目前沒有其他問題等待。我想將會議轉交給管理團隊，讓他們發表閉幕詞。

Thank you. Well, look, I really appreciate everybody taking the time to join on the call today. As you can see, we feel very good about where we are for the year-to-date as much as it is only about about Q3.

謝謝。好吧，我真的很感謝大家抽出時間參加今天的電話會議。正如您所看到的，我們對今年迄今為止的狀況感到非常滿意，因為這只是第三季的情況。

I mean growing our cloud business, which has been a paramount growth strategy, which you can see growing 36% cloud ARR, cloud platform growing up to 101 trillion transactions a month and to our subscription ARR per customer growing at healthy 15%, and we feel very good about where we are. And of course, while we are growing all of that to continue to be growing our operating margin and maintaining a gross margin of growing that.

我的意思是發展我們的雲端業務，這是我們最重要的成長策略，您可以看到雲端ARR 成長了36%，雲端平台每月交易量成長至101 兆筆，每個客戶的訂閱ARR 健康成長15%，我們對我們所處的位置感覺非常好。當然，在我們不斷成長的同時，我們的營業利潤率也不斷成長，並維持了毛利率的成長。

So it's a very well balanced across the board, P&L that we are managing, and we feel very good about it. So once again, I really want to thank each and every Informatica employee and our partners and customers who are partnered with us.

因此，我們正在管理的損益表在整體上非常平衡，我們對此感覺非常好。因此，我再次衷心感謝每位 Informatica 員工以及與我們合作的合作夥伴和客戶。

And thank you all for taking the time today and for your questions. So thank you very much.

感謝大家今天抽出寶貴時間提出問題。非常感謝。

That concludes today's Informatica Inc.'s fiscal year third-quarter 2024 conference call. Thank you for your participation, and enjoy the rest of your day.

今天的 Informatica Inc. 2024 財年第三季電話會議到此結束。感謝您的參與，祝您有個愉快的一天。