Informatica Inc (INFA) 2025 Q1 法說會逐字稿

Good afternoon. Thank you for attending today's Informatica Inc. fiscal first-quarter 2025 call. My name is Megan, and I'll be your moderator for today. (Operator Instructions)

午安.感謝您參加今天的 Informatica Inc. 2025 財年第一季電話會議。我叫梅根，今天我將擔任主持人。（操作員指示）

I would now like to turn the call over to Victoria Hyde-Dunn, Vice President of Investor Relations. Please proceed.

現在我想將電話轉給投資者關係副總裁維多利亞·海德·鄧恩 (Victoria Hyde-Dunn)。請繼續。

Thank you, Megan. Good afternoon, and thank you for joining Informatica's first-quarter 2025 earnings 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 Informatica's Investor Relations website at investor.informatica.com.

謝謝你，梅根。下午好，感謝您參加 Informatica 2025 年第一季財報電話會議。今天與我一起出席的還有執行長 Amit Walia；以及財務長 Mike McLaughlin。在我們開始之前，我們有幾點提醒。我們的收益新聞稿和投影片簡報可在 Informatica 的投資者關係網站 investor.informatica.com 上找到。

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. Actual results may differ materially from those expressed or implied as a result of various risks and uncertainties.

電話會議結束後，我們準備好的發言稿將會發佈在 IR 網站上。在通話期間，我們將發表前瞻性的評論。由於各種風險和不確定性，實際結果可能與明示或暗示的結果有重大差異。

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-K filing for the full-year 2024, and the 10-Q to be filed for the first quarter of 2025. 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.

有關其中一些風險的更多信息，請查看公司的 SEC 文件，包括我們最新的 2024 年全年 10-K 文件中的“風險因素”部分，以及即將提交的 2025 年第一季度 10-Q 文件中的“風險因素”。這些前瞻性陳述是基於截至今天的信息，除非法律要求，否則我們不承擔公開更新或修改我們的前瞻性陳述的義務。

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. 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，我們也將討論某些非公認會計準則財務指標。這些非 GAAP 財務指標是對按照 GAAP 編制的財務績效指標的補充，而不是替代。在今天下午的新聞稿和 Informatica 投資者關係網站上的幻燈片演示中可以找到這些項目與最接近的美國 GAAP 指標的對帳。

And with that, it is my pleasure to turn the call over to Amit.

現在，我很高興將電話轉給阿米特 (Amit)。

Thank you, Victoria. Thank you, everyone, fo joining us today. Before turning to Q1 results, I'd like to provide three updates since we met last on our February earnings call. First, 2025 marks the final phase of our business model transformation journey to being a cloud-only company. As I mentioned before, our large, high-growth Cloud business is very healthy, as we continue the engineered decline of our end-of-sale on-prem businesses.

謝謝你，維多利亞。謝謝大家今天加入我們。在討論第一季業績之前，我想先提供一下自我們上次二月份財報電話會議以來的三條更新資訊。首先，2025 年標誌著我們商業模式轉型之旅的最後階段，即成為一家專注於雲端運算的公司。正如我之前提到的，我們的大型、高成長雲端業務非常健康，因為我們的銷售終止本地業務繼續受到精心設計的影響。

Looking at our on-prem businesses, maintenance and self-managed ARR combined, represented approximately 50% of the total ARR in Q1, down 13% year-over-year.

縱觀我們的內部部署業務，維護和自我管理 ARR 合計約佔第一季總 ARR 的 50%，年減 13%。

Turning to our cloud business. Cloud subscription ARR represented approximately 50% of total ARR in Q1, up from 40% a year ago. At the midpoint of full year guidance, it is expected to be 58% of total ARR. This is playing out as expected when we provided guidance in February. We see growth in Cloud modernization deals.

轉向我們的雲端業務。雲端訂閱 ARR 佔第一季總 ARR 的約 50%，高於一年前的 40%。在全年指導的中點，預計它將達到總 ARR 的 58%。這與我們在二月提供指導時預期的情況一致。我們看到雲端現代化交易的成長。

We see growth in new logos, and we continue to see growth in expansion opportunities unfolding for us. We also continue to see healthy Cloud pipeline coverage and an increasingly growing appetite for our GenAI capabilities from customer conversations, customer and product events, AI webinars and actual product usage. We are encouraged by this momentum, which is a tailwind to our business.

我們看到了新標誌的成長，我們也繼續看到擴張機會的成長。我們也繼續看到健康的雲端管道覆蓋率，以及從客戶對話、客戶和產品活動、人工智慧網路研討會和實際產品使用中對我們的 GenAI 功能日益增長的興趣。這一勢頭令我們感到鼓舞，這對我們的業務來說是一股順風。

We are also mindful of the fluid macro environment. We have not seen a noticeable change in customer buying behavior through April of this year. Most of our software and services are regarded as essential in processing mission-critical workloads and use cases and contributing to operating efficiency and growth for customers.

我們也注意到不斷變化的宏觀環境。截至今年 4 月，我們尚未看到客戶購買行為有明顯變化。我們的大多數軟體和服務對於處理關鍵任務工作負載和用例以及提高客戶的營運效率和成長至關重要。

Our Cloud pipeline remains very healthy. So we have Informatica Award next week, which many customers and prospects plan to attend, driving second half lead gen and pipeline. As of today, we have a year-over-year increase in registration at Informatica World as well as an increase in pipeline at Informatica World compared to last year.

我們的雲端管道仍然非常健康。因此，我們下週將舉辦 Informatica 獎頒獎典禮，許多客戶和潛在客戶計劃參加，以推動下半年的銷售線索產生和銷售管道。截至今天，我們在 Informatica World 的註冊數量與去年同期相比有所增加，同時 Informatica World 的管道數量也有所增加。

Second, I'm pleased to share that we have taken steps to address the operational missteps in our renewals from last quarter. We've implemented all the operational changes that we discussed in our February earnings call and they are already bearing fruit. We introduced a new retention operating model in Turkey, that entirely turn that leverages our internal AI models to help us identify potential risk accounts even earlier, ensuring you have more lead times to take proactive steps to mitigate.

其次，我很高興地告訴大家，我們已經採取措施解決上個季度續約過程中出現的營運失誤。我們已經實施了二月份收益電話會議上討論的所有營運變革，並且已經取得了成果。我們在土耳其引入了一種新的保留營運模式，該模式完全利用我們的內部人工智慧模型來幫助我們更早地識別潛在風險帳戶，確保您有更多的準備時間採取主動措施來緩解風險。

We have enhanced operational discipline between our customer success and field sales team incorporate an even tighter alignment and incentives at the account level. Our first-quarter results demonstrate that we have made good progress and we're moving in the right direction. Our team is now focused on building upon their Q1 success to execute against the Q2 targets.

我們加強了客戶成功和現場銷售團隊之間的營運紀律，在帳戶層面納入了更緊密的協調和激勵措施。我們第一季的業績表明，我們取得了良好的進展，並且正朝著正確的方向前進。我們的團隊現在專注於在第一季成功的基礎上實現第二季的目標。

Third, taking all of this in, we are comfortable reaffirming our full-year guidance. Very importantly, we remain on track to reach the remarkable milestone of $1 billion business in cloud subscription ARR. Our diversity accord businesses, geographies, industries, and large enterprise clients positions us very well to navigate the current climate.

第三，綜合考慮所有這些因素，我們可以放心地重申我們的全年業績指引。非常重要的是，我們仍有望實現雲端訂閱 ARR 業務 10 億美元的非凡里程碑。我們的多元化業務、地理、行業和大型企業客戶使我們能夠很好地應對當前的環境。

We continue to provide value through our best-in-class product innovation that hasn't skipped a beat. We are uniquely positioned as a leader and the only Cloud data management top team with the best data management products offered in a single platform with consumption-based pricing, helping customers digitally transform to the cloud with AI and additional tailwind that has immersed in the last year or so.

我們將繼續透過我們一流的、始終如一的產品創新來提供價值。我們擁有獨特的優勢，是產業領導者，也是唯一一家在單一平台上提供最佳資料管理產品的雲端資料管理頂級團隊，並且採用基於消費的定價模式，幫助客戶利用人工智慧和過去一年左右湧現的額外順風向雲端進行數位轉型。

Our vendor neutrality and ecosystem of over 650 partners broaden our global reach and impact. With our strong cash flow and cost discipline, we continue positioning ourselves well for sustainable growth and profitability. With those three things, let me now turn to Q1 results.

我們的供應商中立性和超過 650 個合作夥伴的生態系統擴大了我們的全球影響力和影響力。憑藉強大的現金流和成本控制，我們將繼續為永續成長和獲利做好準備。有了這三件事，現在讓我來談談第一季的結果。

We delivered a solid start to the year with all key growth and profitability metrics above the midpoint of our guidance metric ranges. Cloud subscription ARR grew 30% year-over-year to over $848 million, above the midpoint of the guidance range. Total ARR rose over 4% year-over-year to $1.7 billion and total revenue grew 4% year-over-year to $404 million, both exceeding the high end of the guidance range.

我們今年取得了良好的開端，所有關鍵的成長和獲利指標均高於我們指導指標範圍的中點。雲端訂閱 ARR 年成長 30%，達到 8.48 億美元以上，高於指導範圍的中點。總 ARR 年成長超過 4% 至 17 億美元，總收入年增 4% 至 4.04 億美元，均超過了指導範圍的高端。

We strengthened our cash position and grew non-GAAP operating income by 11% year-over-year to over $121 million, exceeding the high end of the guidance range.

我們加強了現金狀況，非公認會計準則營業收入年增 11%，達到 1.21 億美元以上，超過了指導範圍的高端。

Turning to our customers. In Q1, approximately 65% of cloud net new ARR in the trailing 12 months came from new cloud workloads and expansion, and approximately 42% of that 65% coming from new customers to Informatica. We continue to expect the majority of our cloud growth to be net new wins for new cloud workloads amongst new and existing customers.

轉向我們的客戶。在第一季度，過去 12 個月內約 65% 的雲端淨新 ARR 來自新的雲端工作負載和擴展，其中約 42% 來自 Informatica 的新客戶。我們仍然預計，我們的雲端運算成長大部分將來自於新舊客戶的新雲端工作負載的淨成長。

Cloud subscription ARR customer count grew by 8% year-over-year, and the number of cloud subscription ARR customer spending greater than $1 million with Informatica grew by 48% year-over-year. The average cloud subscription ARR per customer rose to $343,000, growing at 20% year-over-year.

雲端訂閱 ARR 客戶數量年增 8%，在 Informatica 上支出超過 100 萬美元的雲端訂閱 ARR 客戶數量年增 48%。每位客戶的平均雲端訂閱 ARR 上漲至 343,000 美元，較去年同期成長 20%。

Let me share a few customer stories behind these stats. 7 Brew is a high-growth coffee franchise backed by Blackstone with over 365 locations across the United States. In order to build a scalable infrastructure to support their businesses, 7 Brew partnered with us and a hyperscaler partner to develop a data foundation anchored in quality master data management.

讓我分享一下這些統計數據背後的一些客戶故事。7 Brew 是一家由黑石集團支持的高成長咖啡特許經營店，在全美擁有 365 多家分店。為了建立可擴展的基礎架構來支援其業務，7 Brew 與我們以及一家超大規模合作夥伴合作開發了以高品質主資料管理為基礎的資料基礎。

Another long-standing Informatica customer, [Chubb], which is a global leader in insurance with operations in 54 countries and territories is expanding their Informatica engagement, currently already leveraging IDMC for governance, quality and integration, they opted to now modernize their MDM footprint to create a comprehensive data foundation with Informatica and Microsoft Azure.

Informatica 的另一個長期客戶 [Chubb] 是保險業的全球領導者，業務遍及 54 個國家和地區，該公司正在擴大與 Informatica 的合作，目前已利用 IDMC 進行治理、品質和集成，他們現在選擇對其 MDM 覆蓋範圍進行現代化改造，以使用 Informatica 和 Microsoft Azure 創建全面的資料基礎。

Longchamp, that you all probably know, our French luxury leather goods company, renowned for its high-quality handbags, luggage and fashion accessories chose to modernize the power center platform to Informatica IDMC to secure and accelerate their ERP modernization program.

大家可能都知道，Longchamp 是一家法國奢華皮具公司，以其高品質的手袋、行李箱和時尚配件而聞名，該公司選擇將動力中心平台現代化為 Informatica IDMC，以確保和加速其 ERP 現代化計劃。

Tailor-made call needed to modernize its data integration stack to keep pace with omnichannel growth and new brand expansions. With Informatica, the golf icon consolidated its legacy integration vendors into 1 unified cloud platform, which is IDMC, enabling real-time data flows across warehouses, e-commerce, assembly operations and international offices.

需要客製化呼叫來現代化其數據整合堆疊，以跟上全通路成長和新品牌擴張的步伐。借助 Informatica，這家高爾夫偶像將其傳統的整合供應商整合到一個統一的雲端平台，即 IDMC，實現了跨倉庫、電子商務、組裝作業和國際辦事處的即時資料流。

The Informatica platform is helping deliver new integration requirements faster than ever and instantly connect to partners like Snowflake with prebuilt connectors.

Informatica 平台正在幫助以比以往更快的速度滿足新的整合需求，並透過預先建置的連接器立即連接到 Snowflake 等合作夥伴。

Turning from customers to our partners. Talking about our ecosystem partners, we announced expanded support for Databricks AI functions via our native SQL ELT which enables customers to execute Informatica non core data pipelines and Databrick functions natively within Databricks.

從客戶轉向我們的合作夥伴。談到我們的生態系統合作夥伴，我們宣布透過原生 SQL ELT 擴充功能對 Databricks AI 功能的支持，這使得客戶能夠在 Databricks 中原生執行 Informatica 非核心資料管道和 Databrick 功能。

Databricks featured Informatica in their Intelligent Data Engine and global broadcast, we participated in Databricks world tour events globally, and we published a joint video on Databricks discussing how our IDMC and Databricks work seamlessly together to provide a robust, comprehensive enterprise platform for analytics and AI.

Databricks 在其智慧數據引擎和全球廣播中展示了 Informatica，我們參加了全球 Databricks 世界巡迴活動，並在 Databricks 上發布了聯合視頻，討論了我們的 IDMC 和 Databricks 如何無縫協作以提供強大、全面的分析和人工智慧企業平台。

With Google Cloud, we announced the general availability of our cloud data governance and catalog service natively on Google Cloud, which enables customers to use their Google Cloud committed spend, their Google marketplace to subscribe to our cloud data governance and catalog capabilities. We also enhanced the integration of our MDM with SAP to facilitate an accelerated transition for organizations modernizing to [S/4 HANA]. Turning to our GSI partners.

透過 Google Cloud，我們宣佈在 Google Cloud 上全面推出我們的雲端資料治理和目錄服務，這使客戶能夠使用他們的 Google Cloud 承諾支出和他們的 Google 市場來訂閱我們的雲端資料治理和目錄功能。我們還增強了 MDM 與 SAP 的集成，以促進企業加快向現代化轉型[S/4 HANA]轉向我們的 GSI 合作夥伴。

The trend of large partners doubling down and investing in Informatica as a core of their growing data and AI practice continues. As another large GSI built an ambitious multi-year growth plan to scale their practice with us. As mentioned previously, some of our partners have been investing in solutions to also modernize non-Informatica legacy data integration, MDM and data governance products into DC.

大型合作夥伴加倍投資 Informatica 作為其不斷增長的數據和 AI 實踐的核心的趨勢仍在繼續。另一家大型 GSI 制定了雄心勃勃的多年增長計劃，以與我們一起擴大業務。如前所述，我們的一些合作夥伴一直在投資解決方案，將非 Informatica 遺留資料整合、MDM 和資料治理產品現代化到 DC。

During Q1, we saw good progress as these solutions are brought to market and the pipeline has been steadily building. We are committed to product innovation, customer centricity, vendor neutrality, and productivity at scale across hundreds of enterprise systems with varying latencies and formats.

在第一季度，我們看到了良好的進展，因為這些解決方案被推向市場並且通路正在穩步建設。我們致力於產品創新、以客戶為中心、供應商中立以及跨數百個具有不同延遲和格式的企業系統的大規模生產力。

In March, IDMC processed over 109 trillion cloud transactions per month, growing 30% year-over-year. We are pleased to be recognized as the leader in the 2025 Gartner Magic Quadrant for augmented Data Quality Solutions report. This marks the 17th time being named a leader the Informatica positioned furthest on the completeness of vision access and the highest on the ability to execute access. In these 17 years, many vendors have come and gone, we have continued to move to the top right.

3月份，IDMC每月處理超過109兆筆雲端交易，較去年同期成長30%。我們很高興被評為 2025 年 Gartner 增強資料品質解決方案魔力像限報告中的領導者。這是 Informatica 第 17 次被評為領導者，在願景存取的完整性方面排名最高，在執行存取的能力方面排名最高。在這 17 年裡，許多供應商來了又走，我們卻繼續往右上方移動。

Additionally, we are excited to welcome Krish Vitaldevara as our Chief Product Officer to propel Informatica to its next phase of innovation and growth. With our enterprise customers, we empower them to use AI for data readiness and simplify the data estate with informatica for GenAI use cases and GenAI tools from Informatica, which are both available on the IDMC platform.

此外，我們很高興歡迎 Krish Vitaldevara 擔任我們的首席產品官，推動 Informatica 進入下一階段的創新和成長。對於我們的企業客戶，我們協助他們使用 AI 進行資料準備，並使用 Informatica 的 GenAI 用例和 GenAI 工具簡化資料資產，這兩個工具均可在 IDMC 平台上使用。

Let me give you some color behind both of them. With Informatica for GenAI, it's exciting to see many enterprise customers now building and deploying impactful GenAI apps, AI Gen-tech workflows, and AI agents using our IDMC platform because on the same platform, you can use and do GenAI workloads now. The momentum is clear.

讓我跟你說說它們背後的故事。借助 Informatica for GenAI，我們很高興地看到許多企業客戶現在使用我們的 IDMC 平台構建和部署具有影響力的 GenAI 應用程式、AI Gen-tech 工作流程和 AI 代理，因為在同一個平台上，您現在可以使用和執行 GenAI 工作負載。勢頭十分明顯。

GenAI recipe downloads have been nearly doubled quarter-over-quarter and we have now over 175 customers using GenAI capabilities on IDMC. In the last quarter alone, these customers executed approximately 200,000 LLM calls or prompt excluding Clear GPT, which is a whole different product and different use cases.

GenAI 配方下載量較上季成長近一倍，目前我們有超過 175 位客戶在 IDMC 上使用 GenAI 功能。僅在上個季度，這些客戶就執行了大約 200,000 個 LLM 呼叫或提示（不包括 Clear GPT），這是一個完全不同的產品和不同的用例。

Real life customer success stories further exemplify the power of GenAI and IDMC, including a leading North American insurance company that leveraged IDMC, OpenAI, and Snowflake to automate the processing and analysis of unstructured environmental assessment reports. This significantly reduced manual workloads, and expedited decision-making processes.

真實的客戶成功案例進一步體現了 GenAI 和 IDMC 的強大功能，其中包括一家領先的北美保險公司利用 IDMC、OpenAI 和 Snowflake 自動處理和分析非結構化環境評估報告。這大大減少了手動工作量，並加快了決策過程。

A California-based credit union deployed IDMC and Azure Open AI to automate call transcript analysis, to generate concise summaries and assess quality and satisfaction metrics to improve customer experiences. These are all programs that are happening and are going to move from pilot to production at scale as time progresses.

一家位於加州的信用合作社部署了 IDMC 和 Azure Open AI 來自動執行通話記錄分析，產生簡明摘要並評估品質和滿意度指標，以改善客戶體驗。這些都是正在進行的項目，隨著時間的推移，它們將從試點轉向大規模生產。

Now with GenAI from Informatica, we have expanded our Clear GPT services globally now serving over 500 customers across various industries globally. We added new capabilities, including NLP interface for data quality reports, support for complex data exploration with metrics and realizations and inferred lineage to detect system connections using Clear automatically.

現在，透過 Informatica 的 GenAI，我們將 Clear GPT 服務擴展到全球，目前為全球各行業的 500 多家客戶提供服務。我們添加了新功能，包括用於數據品質報告的 NLP 介面、對使用指標和實現的複雜數據探索的支援以及推斷的沿襲以使用 Clear 自動檢測系統連接。

We also added support for Informatica's cloud data governance and catalog merited access controls. We also introduced Clear GPT for MDM and 360 apps on MDM to enhance conversational experiences, democratizing access to trusted data from MDM across the organization by improving decision-making and collaboration.

我們也增加了對 Informatica 雲端資料治理和目錄存取控制的支援。我們還引入了適用於 MDM 的 Clear GPT 和 MDM 上的 360 個應用程序，以增強對話體驗，透過改進決策和協作，實現整個組織對來自 MDM 的可信任資料的民主化存取。

Additionally, Clear Copilot is currently in preview for data integration and our iPass users and we'll be going live as we walk into Informatica world next week. A great customer success story that further exemplifies the power of GenAI Informatica is [Mabee], a leading Mexican appliances manufacturer. They transformed the fragmented data architecture across different regions into a unified AI-ready ecosystem using IDMC, Azure and SAP.

此外，Clear Copilot 目前正在預覽資料整合和我們的 iPass 用戶，我們將於下週進入 Informatica 世界時上線。一個偉大的客戶成功案例進一步體現了 GenAI Informatica 的強大功能，那就是墨西哥領先的家電製造商 [Mabee]。他們利用 IDMC、Azure 和 SAP 將不同地區的分散式資料架構轉變為統一的 AI 就緒生態系統。

By implementing a connected data management strategy, Mabee now delivers 95%-plus data quality score, speeds of data delivery with prebuilt automation, and avoids hundreds and thousands of dollars in costly errors that democratized access to trusted insight through the GPT interface to their end users.

透過實施連接資料管理策略，Mabee 現在可提供 95% 以上的資料品質分數、透過預建自動化實現的資料傳輸速度，並避免數百甚至數千美元的代價高昂的錯誤，從而使最終用戶能夠透過 GPT 介面民主化地存取可信任的洞察力。

What I'm excited about is in one week from now, we'll be at Informatica World, and as we head into Informatica World will next week, we believe data continues to be fragmented in poor quality and unruly with AI amplifying these challenges. Across enterprises, AI doesn't deliver value alone. It needs a strong data foundation.

令我興奮的是，一週後，我們將參加 Informatica World，下週我們將參加 Informatica World，我們相信數據將繼續分散、品質低且混亂，而人工智慧將加劇這些挑戰。在企業中，人工智慧並不能單獨創造價值。它需要強大的數據基礎。

Organizations require relevant responsible and robust AI attainable through holistic, accurate, timely, accessible, governed, protected and democratized data. That's data management, and it is crucial for transforming data into these valuable attributes. Since 2018, Informatica has led, when we launched, by the way, the first version of Clear, we have led an AI-powered data management with Claire.

組織需要透過全面、準確、及時、可存取、受管理、受保護和民主化的資料實現相關、負責任且強大的人工智慧。這就是資料管理，它對於將資料轉化為這些有價值的屬性至關重要。自 2018 年以來，Informatica 一直處於領先地位，順便說一下，當我們推出 Clear 的第一個版本時，我們就與 Claire 一起領導了人工智慧資料管理。

We are now enhancing our capabilities by integrating AI agents into our IDMC platform. Imagine autonomous AI agents managing processes like quality, discovery, governance, to name a few. We look forward to sharing much more at Informatica World next week.

我們現在透過將 AI 代理整合到我們的 IDMC 平台來增強我們的能力。想像自主的人工智慧代理管理品質、發現、治理等流程。我們期待下週在 Informatica World 上分享更多內容。

In closing, thank you to all of my Informatica colleagues across the globe for their hard work and to all of our shareholders and partners for their support. And of course, our customers who continue to trust us. We look forward to seeing many of them and many of you next week at Informatica World.

最後，我要感謝全球所有 Informatica 同事的辛勤工作以及所有股東和合作夥伴的支持。當然，還有我們的客戶繼續信任我們。我們期待下週在 Informatica World 上見到他們和你們中的許多人。

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

說完這些，讓我把電話轉給麥克。麥克，請把它拿走。

Thank you, Matt, and good afternoon, everyone. Q1 was a solid financial quarter across the board with all key growth and profitability metrics above the midpoint of our guidance. I'll begin by reviewing our Q1 results, focusing first on Informatica's annual recurring revenue.

謝謝你，馬特，大家下午好。第一季的財務表現全面穩健，所有關鍵成長和獲利指標均高於我們預期的中位數。我將首先回顧我們的第一季業績，首先關注 Informatica 的年度經常性收入。

Total ARR was $1.704 billion, growing 4.1% year-over-year, both on a reported and constant currency basis, exceeding the midpoint of our guidance range by $18.6 million. This growth was driven primarily by new cloud workloads, strong cloud net expansion with existing customers and accelerating migrations from our on-prem base to the cloud.

總 ARR 為 17.04 億美元，按報告和固定匯率計算年增 4.1%，超過我們指導範圍中點 1,860 萬美元。這一成長主要得益於新的雲端工作負載、現有客戶的強勁雲端網路擴張以及從本地基礎到雲端的加速遷移。

Foreign exchange rates negatively affected total ARR by $649,000 on a year-over-year basis. Now let's break down our total ARR into its three components. First, cloud subscription ARR was $848 million, $2.4 million above the midpoint of our February guidance, representing 30% growth year-over-year and [30.1%] in constant currency.

與去年同期相比，外匯匯率對總 ARR 產生了 649,000 美元的負面影響。現在讓我們將總 ARR 分解為三個部分。首先，雲端訂閱 ARR 為 8.48 億美元，比我們 2 月指引的中點高出 240 萬美元，年成長 30%，以固定匯率計算成長 [30.1%]。

New cloud workloads and net expansion with existing customers drove cloud subscription net new ARR of $196 million year-over-year. Cloud subscription ARR now represents almost 50% of total ARR, up from 40% a year ago. Foreign exchange negatively impacted cloud subscription ARR by $424,000 on a year-over-year basis.

新的雲端工作負載和現有客戶的淨擴展推動雲端訂閱淨新 ARR 年成長 1.96 億美元。雲端訂閱 ARR 目前佔總 ARR 的近 50%，高於一年前的 40%。外匯對雲端訂閱 ARR 產生了年比 424,000 美元的負面影響。

Approximately 65% of cloud subscription net new ARR in the trailing 12 months came from new cloud workloads and expansion of existing workloads and 35% came from modernization. This quarter, our modernization deals were over one-third of our cloud new bookings, similar to last quarter. Our cloud subscription net retention rate was 120% in Q1, and our cloud renewal rate was in line with our forecast for the quarter.

在過去 12 個月中，雲端訂閱淨新 ARR 的約 65% 來自新的雲端工作負載和現有工作負載的擴展，35% 來自現代化。本季度，我們的現代化交易佔雲端新訂單的三分之一以上，與上一季相似。我們第一季的雲端訂閱淨留存率為 120%，雲端續訂率與本季的預測一致。

The second category of total ARR is self-managed subscription ARR. This category, which we no longer actively sell, declined in the quarter to $422 million. This was down 5.6% sequentially and down 16% year-over-year, consistent with our expectations due to the effects of natural churn and the roll-off of migrated on-prem workloads to the IDMC cloud platform. The third component of total ARR's maintenance for on-premise perpetual licenses sold in the past.

總 ARR 的第二類是自我管理訂閱 ARR。我們不再主動銷售的這一類別產品本季銷售額下降至 4.22 億美元。由於自然流失和遷移至 IDMC 雲端平台的內部工作負載的影響，這一數字比上一季下降了 5.6%，比去年同期下降了 16%，與我們的預期一致。過去銷售的內部永久許可證總 ARR 維護的第三部分。

Maintenance ARR was $433 million, down 4% sequentially and 9.5% year-over-year. This was consistent with our expectations, driven by both natural churn and the roll-off of migrated on-premise workloads to the cloud. Approximately 1/3 of our year-over-year maintenance ARR gross churn resulted from maintenance to cloud migration.

維修 ARR 為 4.33 億美元，季減 4%，年減 9.5%。這與我們的預期一致，是由自然流失和遷移到雲端的內部工作負載所推動的。我們的維護 ARR 總流失率比去年同期大約有 1/3 是由於維護向雲端遷移造成的。

Our guidance for the full year assumes the roll-off of modernized maintenance and subscription acceleration -- subscription ARR accelerates this year as modernization bookings accelerate. Modernizing our on-prem customer base to IDMC continues to be an important part of our strategy.

我們對全年的指導假設現代化維護和訂閱加速的展開——隨著現代化預訂的加速，今年訂閱 ARR 也會加速。將我們的本地客戶群現代化為 IDMC 仍然是我們策略的重要組成部分。

At the end of Q1, 10.7% of our maintenance and self-managed ARR base has been modernized to the cloud or is in the process of modernizing, up from 9.4% last quarter and 5.5% a year ago. We have a life-to-date average 1.9 ARR uplift ratio on these modernizations flat to last quarter. Over the past four quarters, our average modernization uplift ratio was 1.8, and we expect the average uplift ratio to be in the 1.5 to 1.7 range in 2025, consistent with the forecast for the year we shared last quarter.

截至第一季末，我們 10.7% 的維護和自我管理 ARR 基礎已實現雲端現代化或正在現代化過程中，高於上一季的 9.4% 和一年前 5.5%。這些現代化改造迄今為止的平均 ARR 提升率為 1.9，與上一季持平。在過去的四個季度中，我們的平均現代化提升率為 1.8，我們預計 2025 年的平均提升率將在 1.5 至 1.7 範圍內，這與我們上個季度分享的年度預測一致。

In Q1, our realized modernization uplift ratio was slightly above the high end of the range we forecast for the year.

在第一季度，我們實現的現代化提升率略高於我們對今年預測範圍的高端。

Now I'd like to review our revenue results for the first quarter. GAAP total revenues were $404 million, an increase of 3.9% year-over-year or 5.6% year-over-year in constant currency. This exceeded the midpoint of our February guidance by approximately $14 million. Our revenue growth was driven by strong cloud growth, offset by declines as expected in our maintenance and self-managed subscription revenues. Foreign exchange rates negatively impacted total revenues by approximately $6.6 million on a year-over-year basis.

現在我想回顧一下我們第一季的收入結果。以 GAAP 計算，總營收為 4.04 億美元，比去年同期成長 3.9%，以固定匯率計算，比去年同期成長 5.6%。這比我們二月份指導價的中位數高出約 1400 萬美元。我們的營收成長是由強勁的雲端運算成長推動的，但被維護和自我管理訂閱收入的預期下降所抵消。外匯匯率對總收入產生了約 660 萬美元的年比負面影響。

Cloud subscription revenue was approximately $200 million or approximately 50% of total revenues, growing 32% year-over-year. As a reminder, due to the timing differences between revenue recognition and ARR the relative growth rates of these two metrics will differ from period to period. Self-managed subscription and support and license revenue combined were $84 million or 21% of total revenues, declining 16% year-over-year due to both natural churn and the roll-off of self-managed workloads that have been modernized to the IMC cloud platform.

雲端訂閱收入約 2 億美元，約佔總收入的 50%，較去年同期成長 32%。提醒一下，由於收入確認和 ARR 之間的時間差異，這兩個指標的相對成長率會因期間而異。自我管理訂閱和支援及授權收入總計 8,400 萬美元，佔總收入的 21%，年減 16%，原因是自然流失以及已現代化至 IMC 雲端平台的自我管理工作負載的轉移。

As a reminder, the impact of upfront revenue recognition for the license component of our on-premise self-managed contract renewals and new bookings effect supported GAAP revenue. The decline in upfront recognized self-managed revenues accounted for $9 million of the $16 million year-over-year decline, which was in line with the expectations embedded in our February guidance.

提醒一下，我們內部自行管理合約續約和新預訂的許可部分的預付收入確認的影響支持了 GAAP 收入。預付確認的自營收入的下降佔同比下降 1600 萬美元中的 900 萬美元，這符合我們 2 月指引中的預期。

Maintenance revenue was $103 million, representing about 26% of total revenues, a decline of approximately 12% year-over-year. Approximately one-third of our year-over-year maintenance gross churn resulted from maintenance to cloud migrations.

維護收入為1.03億美元，約佔總收入的26%，較去年同期下降約12%。我們年比維護總流失量的約三分之一是由維護向雲端遷移所造成的。

Professional services revenues, which includes implementation, consulting and education, were down about $2.3 million year-over-year to $17 million. As a result, we expect this trend to continue in 2025 as our services partners assume a greater share of our customers' implementation work.

專業服務收入（包括實施、諮詢和教育）年減約 230 萬美元，至 1,700 萬美元。因此，隨著我們的服務合作夥伴承擔客戶更大份額的實施工作，我們預計這一趨勢將在 2025 年持續下去。

Turning to the geographic distribution of our business. US revenue grew 6% year-over-year to approximately $256 million, representing 63% of total revenues. International revenue grew 1% year-over-year to $148 million, representing 37% of total revenue. Using exchange rates from Q1 last year, international revenue would have been approximately $6.6 million higher in the quarter, representing an international revenue growth of 5.2% year-over-year.

談到我們業務的地理分佈。美國營收年增 6% 至約 2.56 億美元，佔總營收的 63%。國際營收年增 1% 至 1.48 億美元，佔總營收的 37%。以去年第一季的匯率計算，本季國際營收將增加約 660 萬美元，年增 5.2%。

Now I'd like to move on to our profitability metrics. Please note that I will discuss non-GAAP results unless otherwise noted. In Q1, our gross margin was 82%, about 1 percentage point higher year-over-year. We remain focused on maintaining healthy gross margins as our business transitions to the Cloud. Operating expenses were consistent with expectations.

現在我想談談我們的獲利指標。請注意，除非另有說明，我將討論非 GAAP 結果。第一季度，我們的毛利率為82%，較去年同期上升約1個百分點。隨著我們的業務向雲端轉型，我們仍將專注於維持健康的毛利率。營業費用與預期一致。

Operating income was approximately $122 million, growing 11% year-over-year and exceeding the midpoint of our February guidance by almost $17 million. Operating margin was 30.1%, a 200 basis point improvement from a year ago. Adjusted EBITDA was $125 million and net income was $69 million.

營業收入約 1.22 億美元，年增 11%，比我們 2 月預期中位數高出近 1,700 萬美元。營業利益率為 30.1%，比去年同期提高了 200 個基點。調整後的 EBITDA 為 1.25 億美元，淨收入為 6,900 萬美元。

Net income per diluted share was $0.22 based on approximately 309 million outstanding diluted shares, basic share count was approximately 303 million shares. Adjusted unlevered free cash flow after tax was $186 million, $36 million above the midpoint of the modeling range we offered last quarter, primarily due to faster cash collections and other working capital dynamics.

基於約 3.09 億股流通稀釋股份，每股稀釋淨收益為 0.22 美元，基本股數約 3.03 億股。調整後的稅後無槓桿自由現金流為 1.86 億美元，比我們上個季度提供的模型範圍中點高出 3,600 萬美元，這主要歸功於更快的現金回款和其他營運資本動態。

We expect these favorable working capital factors to reverse in Q2 and therefore, Q2 free cash flow will be significantly lower than reported for Q1. Our free cash flow for the first half of 2025 should be in line with the historic linearity of that metric, and we are on track to deliver adjusted unlevered full year free cash flow that is in line with our full year guidance.

我們預計這些有利的營運資金因素將在第二季發生逆轉，因此第二季的自由現金流將明顯低於第一季報告的水平。我們 2025 年上半年的自由現金流應與該指標的歷史線性一致，並且我們有望實現與全年指導一致的調整後無槓桿全年自由現金流。

Cash paid for interest in the quarter was $30 million, consistent with our expectations. And I'd like to provide an update on our share repurchase activity. During the first quarter, we spent $100 million to repurchase 4.9 million shares of Class A common stock at an average price of $20.50 through open market purchases.

本季支付的利息現金為 3,000 萬美元，符合我們的預期。我想提供有關我們股票回購活動的最新情況。第一季度，我們花費 1 億美元透過公開市場以平均 20.50 美元的價格回購了 490 萬股 A​​ 類普通股。

We did not repurchase any shares from April through yesterday. We've reduced our total share count by 2.8% since we launched our buyback program in Q4 of last year. Currently, we have 597 million available under our $800 million stock repurchase program. We ended the first quarter strong cash position with cash plus short-term investments of $1.25 billion, an increase of $139 million year-over-year. Net debt was $567 million, and trailing 12 months of adjusted EBITDA was $564 million. This resulted in a net leverage ratio of 1.0 times at the end of March.

從四月到昨天我們沒有回購任何股票。自去年第四季啟動回購計畫以來，我們已將股票總數減少了 2.8%。目前，我們的 8 億美元股票回購計畫下有 5.97 億美元可用。第一季結束時，我們的現金狀況良好，現金加上短期投資為 12.5 億美元，比去年同期增加了 1.39 億美元。淨債務為 5.67 億美元，過去 12 個月的調整後 EBITDA 為 5.64 億美元。這使得3月底的淨槓桿率為1.0倍。

Now I'll turn to guidance, starting with the full year 2025. As Amit mentioned, we delivered solid results in Q1 and the guidance assumptions we made in February continue to align with our expectations. Therefore, we are comfortable reaffirming all previously issued guidance for the full year. As we look forward to the rest of the year, we will remain disciplined about managing our costs and balancing reinvestment in the business.

現在我將從 2025 年全年開始討論指導。正如阿米特 (Amit) 所提到的，我們在第一季取得了穩健的業績，並且我們在二月做出的指導假設繼續符合我們的預期。因此，我們很放心地重申先前發布的所有全年指引。展望今年剩餘時間，我們將繼續嚴格管理成本並平衡業務再投資。

We've seen the US dollar weaken since we initially set our full year guidance. If these FX rates persist, it will provide a tailwind to revenue, which will be mostly offset by an expense headwind. You can find the details of our full year guidance and the expected FX impact in constant currency for Q2 and the full year in the press release we filed this afternoon.

自從我們最初設定全年指引以來，美元一直處於走弱狀態。如果這些外匯匯率持續下去，它將為收入帶來順風，但大部分將被費用逆風所抵消。您可以在我們今天下午提交的新聞稿中找到我們全年指導的詳細資訊以及第二季度和全年按固定匯率計算的預期外匯影響。

Now turning to guidance for the second quarter. We expect continued strong growth in our Cloud Subscription business, which is the focus of all of our go-to-market efforts and continued decline in our combined on-premise maintenance and self-managed businesses, which we no longer actively sell.

現在談談第二季的指引。我們預計雲端訂閱業務將繼續強勁成長，這是我們所有市場推廣工作的重點，而我們的內部維護和自我管理業務將繼續下滑，我們不再主動銷售這些業務。

The decline rate of our on-premise maintenance and self-managed ARR and revenue is due to both the roll-off of migrated on-prem workloads to the cloud and natural churn, which impacts the associated ARR and the reduction in renewal term licences for on-premise self-managed contracts, which impacts the associated ASC 606 self-managed revenue.

我們的內部維護和自我管理 ARR 和收入的下降率是由於遷移到雲端的內部工作負載和自然流失造成的，這影響了相關的 ARR，並且內部自我管理合約的續約期限許可證減少，這影響了相關的 ASC 606 自我管理收入。

As we mentioned before, this is in line with the expectations we laid out in February and is factored into our revenue and ARR guidance. You will note that our Q2 revenue and non-GAAP operating income guidance are lower than would be implied by our past quarterly linearity.

正如我們之前提到的，這符合我們 2 月提出的預期，並已計入我們的收入和 ARR 指導中。您會注意到，我們的第二季收入和非公認會計準則營業收入預期低於我們過去季度線性所暗示的水平。

However, you will also note that for the first half of 2025, our guidance implies similar linearity to what we have experienced in the first half of past years. With this in mind, we are establishing guidance for the second quarter ending June 30, 2025, as follows: we expect cloud subscription ARR to be in the range of $889 million to $901 million, representing approximately 27.4% and year-over-year growth at the midpoint of the range or approximately 27.4% year-over-year growth on a constant currency basis.

但是，您還會注意到，對於 2025 年上半年，我們的指導意味著與過去幾年上半年經歷的線性類似的線性。考慮到這一點，我們為截至 2025 年 6 月 30 日的第二季度製定瞭如下指引：我們預計雲端訂閱 ARR 將在 8.89 億美元至 9.01 億美元之間，相當於約 27.4% 的同比增長，或按固定匯率計算約 27.4% 的同比增長。

We expect GAAP total revenues to be in the range of $391 million to $411 million representing approximately 0.1% year-over-year growth at the midpoint of the range or approximately negative 0.5% year-over-year decrease on a constant currency basis. We expect total ARR to be in the range of $1.69 billion to $1.714 billion, representing approximately 2% year-over-year growth at the midpoint of the range or approximately 2.1% year-over-year growth on a constant currency basis.

我們預計 GAAP 總營收將在 3.91 億美元至 4.11 億美元之間，以中間值計算，年增約 0.1%，以固定匯率計算，年減約 0.5%。我們預計 ARR 總將在 16.9 億美元至 17.14 億美元之間，以中間值計算，年增約 2%，以固定匯率計算，年成長約 2.1%。

And we expect non-GAAP operating income to be in the range of $93 million to $107 million, representing approximately negative 12.9% year-over-year decrease at the midpoint of the range.

我們預計非公認會計準則營業收入將在 9,300 萬美元至 1.07 億美元之間，以中間值計算，年減約 12.9%。

For modeling purposes, I would like to provide a few more pieces of additional information. First, we expect adjusted unlevered free cash flow after tax for the second quarter to be in the range of $55 million to $75 million. Second, we estimate cash paid for interest will be approximately $30 million in the second quarter and approximately $116 million for the full year using forward interest rates based on 1-month SOFR and a credit spread of 225 basis points.

為了建模目的，我想提供更多附加資訊。首先，我們預計第二季調整後的稅後無槓桿自由現金流將在 5,500 萬美元至 7,500 萬美元之間。其次，我們估計，使用基於 1 個月 SOFR 和 225 個基點的信用利差的遠期利率，第二季支付的利息現金約為 3,000 萬美元，全年支付的利息現金約為 1.16 億美元。

Third, with respect to taxes, our Q1 non-GAAP tax rate was 23%, and we expect that rate to continue for the full-year 2025. Lastly, our share count assumptions. For the second quarter, we expect basic weighted-average shares outstanding to be approximately 302.7 million shares and diluted weighted average shares outstanding to be approximately 306.3 million shares.

第三，關於稅收，我們第一季的非公認會計準則稅率為 23%，我們預計該稅率將持續到 2025 年全年。最後，我們的股票數量假設。對於第二季度，我們預計基本加權平均流通股數約為 3.027 億股，稀釋加權平均流通股數約為 3.063 億股。

For the full year, we expect basic weighted-average shares outstanding to be approximately 304.3 million shares and diluted weighted average shares outstanding to be approximately 309.2 million shares. Please note that the share count forecasts do not include the impact of any future share repurchases.

我們預計全年基本加權平均流通股數約為 3.043 億股，稀釋加權平均流通股數約為 3.092 億股。請注意，股票數量預測不包括任何未來股票回購的影響。

In summary, we are very pleased with our first quarter performance, and we're off to the right start in 2025. And with that, operator, we're now ready to take Q&A.

總而言之，我們對第一季的業績非常滿意，2025 年我們將有一個好的開始。接線員，現在我們可以開始問答了。

(Operator Instruction)

（操作員指令）

Howard Ma, Guggenheim.

霍華德·馬，古根漢。

Great. And it's great to see the outperformance on all key metrics at the start of the year. But Mike, I wanted to ask you about full year guidance. When you first gave initial FY '25 guidance 3 months ago, I think many investors interpreted it as a reset and appropriately conservative. So I'm a little surprised by the lowered top line guidance on a constant currency basis, especially considering the strong Q1 results.

偉大的。很高興看到年初所有關鍵指標都表現出色。但是麥克，我想問你有關全年指導的問題。當您三個月前首次給出 25 財年初步指導時，我認為許多投資者將其解釋為一次重置和適當的保守。因此，我對以固定匯率計算的營業收入指引下調感到有些驚訝，尤其是考慮到強勁的第一季業績。

So -- can you clarify, is the revised guidance simply the decision to keep the reported number unchanged. In other words, you're deciding not to flow through what has become incremental FX tailwinds since the last guidance? Or is it a reflection of deteriorating business trends? And if macro does deteriorate, is there enough cushion here?

那麼—您能否澄清一下，修訂後的指南是否只是決定保持報告數字不變。換句話說，您決定不順應自上次指導以來已成為增量外匯順風的趨勢？還是這是商業趨勢惡化的反映？如果宏觀經濟確實惡化，這裡是否有足夠的緩衝？

Yeah, it's the former, Howard. We're not in the habit of revising our guidance, particularly only one quarter into a full year based upon FX moves. As you know, FX has moved dramatically -- historically dramatically over the last couple of quarters, both directions. And as we pointed out in the script, if these FX rates persist, we will see a tailwind to revenue. And that will obviously be beneficial to all of us, but they may not.

是的，是前者，霍華德。我們沒有修改預期的習慣，尤其是僅在一年中的一個季度根據外匯走勢進行修改。正如你們所知，外匯市場在過去幾季中發生了劇烈波動——歷史上看，雙向波動都很大。正如我們在腳本中指出的那樣，如果這些外匯匯率持續下去，我們將看到收入的順風。這顯然對我們所有人都有利，但他們可能不會。

And so we have chosen not to flow them into the guide, but we're not hiding it either. Likewise, we haven't flowed any conservative -- we haven't lowered anything based upon fears of macro impact, tariffs, all that sort of stuff. We still feel good about the reported guide, and we don't view it as a lowering of anything. It's -- we're on track to deliver what we said we were going to deliver three months ago.

因此，我們選擇不將它們納入指南，但我們也不會隱藏它們。同樣，我們也沒有採取任何保守的措施——我們並沒有因為擔心宏觀影響、關稅等而降低任何價格。我們仍然對報告的指南感到滿意，並且我們不認為它降低了任何東西。我們正在按計劃實現我們三個月前承諾的目標。

That's great. I'm glad you clarified that. And as a follow-up in the same vein, also for you, Mike, with cloud subscription ARR representing 58% of the business exiting this year, growing 25%. I believe that implies that the remaining 42%, that is maintenance and self-managed ARR is going to exit the year down about 25% compared to the 13% decline in Q1. And so in the same vein, is that just conservatism or is there something we should be concerned about?

那太棒了。我很高興你澄清了這一點。同樣，對你來說，麥克，雲端訂閱 ARR 佔今年業務退出的 58%，成長了 25%。我認為這意味著剩下的 42%，即維護和自我管理的 ARR，將在年底下降約 25%，而第一季的降幅為 13%。那麼，同樣的道理，這只是保守主義嗎？還是我們應該擔心一些事情？

Yeah, no, look, it's -- I would consider it as on track to what we expected and what we guided to three months ago. We've tried to be clear that the natural churn in self-managed is getting larger as it gets further and further from the end of sale, which we declared two years ago. Maintenance churn is a little bit larger on a natural churn basis, but still very solidly in the mid-90s.

是的，不，看，這是——我認為它符合我們三個月前的預期和指導。我們試圖明確表示，隨著距離銷售結束越來越遠，自主管理的自然流失率會越來越大，我們兩年前就宣布了這一點。從自然流失率來看，維修流失率略高，但仍穩定在 90 年代中期。

And what's really accelerating and accelerating more as the year goes on, acceleration of acceleration, maybe I shouldn't say it that way, is migration -- modernization that folks are signing up to move their data workloads to the cloud and they're using Informatica IDMC to do it, and that's going to lead to more roll off of both sell managed and maintenance as the year goes on, and that's contributing to that double-digit decline that we expect for the rest of the year and what we expected when we talked to you in February.

隨著時間的推移，真正加速發展的是遷移，人們正在註冊將其資料工作負載遷移到雲端，並使用 Informatica IDMC 進行遷移，這將導致隨著時間的推移，銷售、管理和維護工作量增加，這也導致了我們預計今年剩餘時間會出現兩位數的下降，這也是我們在二月份與您交談時所預料的。

Pinjalim Bora, JPMorgan.

摩根大通的 Pinjalim Bora。

Oh great, thank you for taking the questions. I just want to go back to the cloud renewals. I don't think I got a number there. Obviously, it was pressured last quarter. Maybe help us understand what did you see in terms of the cloud renewals rate versus last quarter? Was it consistent? Or did you see any incremental pressure or improvement?

哦，太好了，謝謝你回答這些問題。我只是想回到雲端更新。我不認為我在那裡得到了一個號碼。顯然，上個季度它面臨壓力。也許可以幫助我們了解與上一季相比，雲端續訂率有何變化？一致嗎？或您是否看到任何增量壓力或改善？

Yeah, thanks, Pinjalim. We're not going to be disclosing any particular renewal rates other than maintenance going forward. But directionally, I can say two things. One, it was consistent with what we expected, and it was sequentially up.

是的，謝謝，Pinjalim。除了未來的維護之外，我們不會透露任何具體的續訂費率。但從方向上來說，我可以說兩件事。一是和我們預期一致，是季增的。

And we feel that we are on track to deliver the cloud renewal rates that we expected to deliver for the full year when we talked to you three weeks ago. And we're very much on track with the operational and systematic changes we made to make sure that cloud renewal rate is solid and gets even better in 2026 and beyond.

我們認為，我們預計將實現三週前與您交談時預計的全年雲端續訂率。我們正在順利推進營運和系統變革，以確保雲端更新率保持穩定，並在 2026 年及以後變得更好。

Okay. Understood. One for you or one follow-up for you, Mike. So Q1, when I look at the ARR results, overall seems like pretty good. But when I look at the net new ARR for Cloud and look at the rest of the net new kind of changes for maintenance and self-managed.

好的。明白了。一個給你或一個後續給你，麥克。因此，當我查看 Q1 的 ARR 結果時，整體看起來相當不錯。但是當我查看雲端的淨新 ARR 並查看維護和自我管理的其餘淨新變化時。

I think typically, in prior quarters, the net new on cloud nets out positive versus the decline on the other two. But this quarter, it seems to have netted out negative. I'm trying to think if it's largely because of the higher credits that you were talking about, last quarter depressing that cloud ARR number or just a lower uplift multiple. Maybe help me understand that.

我認為通常情況下，在前幾個季度，雲端運算的淨新增量是正值，而其他兩個則是下降的。但本季度，它的淨利潤似乎為負。我在想這是否主要是因為您所說的更高的信用額度，上個季度壓低了雲端 ARR 數字，或者僅僅是較低的提升倍數。也許可以幫助我理解這一點。

I wouldn't attribute it to either of those things, Pinjalim. Q1 is always our smallest quarter by a big factor. And Q1 depends really idiosyncratically on what happens to be in the pipeline and what closes. It wasn't that the credit dynamics against the on-prem or the uplift multiple, we're distorting it. And frankly, it was in line with what we expected, and we beat the guidance that we offered to you last quarter.

我不會將其歸咎於上述任何一件事，Pinjalim。第一季始終是我們規模最小的一個季度。而 Q1 實際上取決於管道中發生的事情和關閉的事情。這並不是說針對內部部署或提升倍數的信貸動態，而是我們扭曲了它。坦白說，這符合我們的預期，並且超出了上個季度向您提供的指導。

If you look at our Q2 guidance, you can see that it's going to be a larger quarter and gets us back to on a first half basis to a linearity that's pretty similar to what we've guided to in past years. So it's really more about just the idiosyncrasies of Q1 versus Q2 and the rest of the year, not those other factors.

如果您查看我們的第二季度指引，您會發現這將是一個更大的季度，並且讓我們在上半年的基礎上恢復到與過去幾年指引非常相似的線性水平。因此，這實際上更多的只是第一季與第二季以及今年剩餘時間的特性，而不是其他因素。

Got it. Thank you.

知道了。謝謝。

Alex Zukin, Wolfe Research.

沃爾夫研究公司的亞歷克斯·祖金（Alex Zukin）。

Thanks, Amit, maybe just first for you. Two-parter. Can you maybe comment on some of the -- would look like successful operational and execution changes you guys made what the results have been that we can see in the P&L at this point?

謝謝，阿米特，也許對你來說這只是第一步。兩部分。您能否評論一下你們所做的一些看似成功的營運和執行變革，以及我們目前在損益表中可以看到的結果？

And then maybe also on the competitive environment, we've heard a bit more noise about the data vendors, getting a little bit more aggressive in the space. You also obviously announced the partnership with Databricks. Maybe just help us understand a little bit of what's going on there? And then I have a quick follow-up for Mike.

然後也許在競爭環境中，我們聽到了更多關於數據供應商的聲音，他們在這個領域變得更加激進。您也明確宣布了與 Databricks 的合作關係。也許只是幫助我們了解那裡發生的事情？然後我要快速跟進麥克的情況。

Sure. Thanks, Alex. I think first, like Mike said, the operational changes that we made working into the year around renewal stuff is actually bearing fruit. We delivered against our guidance expectations. And the team, I think, as Mike said, sequentially, the renewal rate for cloud went up and basically against what we were expecting in our guidance plan.

當然。謝謝，亞歷克斯。我認為首先，就像麥克所說的那樣，我們在全年更新工作中所做的營運變革實際上正在取得成果。我們實現了預期目標。我認為，正如麥克所說，團隊的雲端運算續訂率連續上升，基本上與我們在指導計畫中預期的相反。

Same looking through for Q2 right now, Alex. So I feel very good about what the team is doing under the covers. And of course, we think of the full year, but I think very early on, they have started basically hitting the turf and the Obviously, like I've always said, the team has delivered day in day out. they took it upon themselves it hurt their pride and they are basically working hard towards that. I feel good.

同樣，現在正在查看 Q2，亞歷克斯。因此，我對團隊在幕後所做的事情感到非常滿意。當然，我們考慮的是全年的情況，但我認為他們很早就開始在草坪上訓練了，顯然，就像我一直說的那樣，球隊每天都在努力。他們承擔了這項責任，儘管這傷害了他們的自尊，但他們正在為此而努力。我感覺很好。

On the competitive dynamics, so far no change. In fact, if anything, you saw the announcements we have done and what I announced this week. And I think next week, when most of you will be there in you'll see even more enhanced announcements, not only of our innovation, but also partnerships and you will see that they continue to remain aggressive Databricks in particular, like I said, look, we support everything that they have.

就競爭動態而言，到目前為止沒有變化。事實上，如果有的話，您已經看到了我們已經發布的公告以及我本周宣布的內容。我認為下週，當你們大多數人到場時，你們會看到更多增強的公告，不僅是我們的創新，還有合作夥伴關係，你們會看到他們繼續保持積極的態度，特別是 Databricks，就像我說的，看，我們支持他們的一切。

Our partnership with them is even more expanded in the enterprise segment as customers want to modernize, leverage AI. They need -- they don't want to couple things together. They want to actually have a at-scale platform like us, and that's the partnership we have with them, which we announced, and that's actually bearing fruit. We see that.

由於客戶希望現代化並利用人工智慧，我們與他們的合作在企業領域得到了進一步擴展。他們需要──他們不想把事物結合在一起。他們實際上希望擁有像我們這樣的大規模平台，這就是我們與他們建立的合作夥伴關係，我們已經宣布了這項合作，並且確實取得了成果。我們看到了。

We are doing modernizations and new workloads in a bunch of large customers with them as well. So it's all good tailwind. I don't see any change to the rest of the competitive dynamic out there, Alex.

我們也與他們一起為許多大客戶進行現代化改造和新的工作量。所以一切都是順風順水。亞歷克斯，我沒有看到其餘競爭動態有任何變化。

Perfect. And then Mike, maybe for you, just -- again, I think you got this question from the first two analysts. But just explain your confidence or maybe the conviction and visibility around maintaining the cloud ARR guide for the full year, given it looks like the NRR went down a little bit more than maybe it had historically on a sequential basis to [$120] and you're still implying a net new ARR acceleration for the second half. Is that just more migration tailwinds kind of coming to bear? Or how do we think about your visibility there?

完美的。然後麥克，也許對你來說，只是——再說一次，我認為你從前兩位分析師那裡得到了這個問題。但是，請解釋一下您對維持全年雲 ARR 指南的信心或信念和預見性，因為看起來 NRR 下降的幅度可能比歷史上連續下降的幅度要大一些，達到 [120 美元]，而您仍然暗示下半年淨新 ARR 將加速增長。這是否只是移民順風的進一步顯現？或者我們如何看待您在那裡的知名度？

Yeah, migration is certainly a key part of it. And -- but the net new customer workload pipeline also looks good to support it. And again, the first half, second half linearity using our Q2 guidance as the metric for first half is similar to how we've guided that in the past couple of years, which gives us further confidence in it. And look, this feels good while we are not yet in production with many of these AI workloads that Amit talked about.

是的，移民當然是其中的關鍵部分。而且——但淨新客戶工作量管道看起來也很好地支持了這一點。再次，使用我們的第二季度指導作為上半年指標的上半年、下半年線性與我們過去幾年的指導類似，這讓我們對此更加有信心。看起來，雖然我們還沒有投入生產 Amit 談到的許多 AI 工作負載，但感覺很好。

That pipeline for that product is real, and we would certainly hope that we'll be generating revenue from those Informatica for GenAI type workloads in the latter half of the year as well.

這款產品的管道是真實的，我們當然希望我們也能在今年下半年從 Informatica for GenAI 類型的工作負載中獲得收入。

I think I'll add two comments to that, what Mike just said, Alex to give you more piece part. One is on AI in particular. When we say more, of course, when customers go to production, it actually has an enhanced usage. So what we mean by what customers are doing today, they are using the product and the platform. Of course, at the same goes in modernization, customers, obviously, when they are in dev test, pre-prod, the consumption of IPOs is less than when they get to prod.

我想我會對此添加兩條評論，就像邁克剛才說的那樣，亞歷克斯會給你更多的部分。其中一個特別關注的是人工智慧。當我們說更多的時候，當然，當客戶投入生產時，它實際上具有增強的使用性。因此，我們所說的客戶今天所做的事情是指他們正在使用產品和平台。當然，在現代化過程中也是如此，顯然，當客戶處於開發測試、預生產階段時，IPO 的消耗量比生產階段少。

So we are seeing that, the examples that give you all customers doing live work on the prod. These are basically actively customers using the [IPUs] as they scale into labs productions, we expect obviously larger utilization. That's what we see, both on Informatica for GenAI as well as the GPT usage. And of course, next week will unveil a lot more. On the other side, look, I think to build on what Mike said, look, the reality is, as I sit here today, be barring any meltdown that can happen in the world, which none of us know.

所以我們看到，這些例子顯示所有客戶都在產品上進行即時工作。這些基本上都是積極使用 [IPU] 的客戶，隨著它們擴展到實驗室生產，我們預計利用率會更高。這就是我們在 Informatica for GenAI 以及 GPT 使用上看到的。當然，下週將會揭曉更多消息。另一方面，看，我認為基於麥克所說，看，現實情況是，當我今天坐在這裡時，除非世界上發生任何我們誰也不知道的崩潰。

I mean, we keep that aside, pretty healthy pipe right now. When we look at Q2 pipe, I've mentioned in my prepared remarks, and Informatica World, we're seeing a year-over-year increase in the number of attendees and a year-over increase in the pipe that basically we tapped against Informatica World.

我的意思是，我們把它放在一邊，現在管道非常健康。當我們查看 Q2 管道時，我在準備好的演講中提到過，以及 Informatica World，我們看到與會人數同比增長，我們利用 Informatica World 的管道也同比增長。

All of those things look pretty good to us. So while there are other things in the world that can happen that we keep an eye on, we cannot ignore those. We also look at these tailwinds and we balance the two, and we feel good about where hence we come to where we feel good about the [diet].

所有這些事情對我們來說都看起來非常好。因此，儘管我們關注著世界上可能發生的其他事情，但我們不能忽視它們。我們也關注這些順風，並平衡兩者，我們對目前的情況感到滿意，因此我們來到了我們對未來感到滿意的地方。[飲食]。

Perfect. Thank you, guys.

完美的。謝謝你們。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

Hey guys, thanks so much for taking the questions. So earlier today, it was -- it's reported out there that ServiceNow bought a cloud data catalog and data governance vendor today. And so thinking about that, it seems to be two sides of the coin. On one side, definitely validating the importance of it. But on the other hand, maybe increasing competition. And so curious to hear your thoughts on it.

嘿夥計們，非常感謝你們回答這些問題。今天早些時候，有報告指出 ServiceNow 收購了一家雲端資料目錄和資料治理供應商。所以想想看，這似乎是硬幣的兩面。一方面，肯定證實了它的重要性。但另一方面，也許會加劇競爭。我很好奇想聽聽您的想法。

Sure. I think it's -- we don't look at it -- first of all, [Data.World] is a pretty tiny company we've never ever run into them ever in any of our deals because they basically -- they are -- as you can imagine, in every market, especially in data, which is such a fragmented market, I mean the 500, 600 companies out there doing offering data tools. So we've never run into them ever.

當然。我認為——我們沒有考慮過——首先，[Data.World] 是一家非常小的公司，我們在任何交易中都從未遇到過他們，因為他們基本上——你可以想像，在每個市場，特別是在數據領域，這是一個非常分散的市場，我的意思是那裡有 500、600 家公司提供數據工具。所以我們從來沒有遇過他們。

Obviously, there's a lot of people who do tiny, simple, easy use cases. But then I say easy, it's like easy easier at the lower end of not even easy like. So that's how first I'll categorize.

顯然，有很多人做的是微小、簡單、容易的用例。但是我說容易，就好比容易，甚至不容易。這就是我首先要進行的分類。

Number two is, look, I think let's not confuse cataloging to people what we do. The cataloging is needed in all markets. So as an example, even Tableau that is in the BI market actually has it had its own catalog. And when it came out people in the early days thought what's comeptitive, no, everybody has to catalog for their own use case, first of all.

第二點是，看，我認為我們不要混淆我們所做的事情的分類。所有市場都需要編目。舉個例子，即使是 BI 市場中的 Tableau 實際上也有自己的目錄。當它問世時，早期的人們認為什麼是競爭力，不，首先，每個人都必須根據自己的用例進行分類。

So look, I don't know what (technical difficulty) plans to do with it, but when you're moving IT tickets or log data, if you're a plug, you need to catalog those things for your own purpose within your own market. So that's how I see it versus people are looking to actually hire a lot of things for their own world.

所以看，我不知道（技術難度）計劃用它做什麼，但是當你移動 IT 票證或日誌資料時，如果你是一個插件，你需要在自己的市場內根據自己的目的對這些東西進行分類。這就是我的看法，人們實際上想為自己的世界僱用很多東西。

I don't see this, hey, now there is a whole new vendor in data cataloging and that's not how I see it, but look, obviously, will remain to see, but that's the reality of where the world is doing.

我沒有看到這一點，嘿，現在數據編目領域有一個全新的供應商，而這不是我所看到的，但顯然，我們仍將拭目以待，但這就是世界正在經歷的現實。

Got it. Thanks. And maybe a follow-up question for Mike. Appreciate all the commentary on kind of the new customer, net new ARR and the migrations ARR, net new ARR. And it looks like just based on our model, the migration net new cloud ARR is roughly the same this quarter as it was last quarter. But when I look at the churn away from self-managed and maintenance, that seems to be getting bigger this quarter.

知道了。謝謝。也許還有對麥克的後續問題。感謝所有關於新客戶、淨新 ARR 和遷移 ARR、淨新 ARR 的評論。根據我們的模型，本季的遷移淨新雲 ARR 與上一季大致相同。但當我看到自我管理和維護的流失時，我發現本季的流失似乎變得更大了。

And so just help me square what's going on there? Anything that we should be thinking about outside of just the normal course of business.

那麼能幫我解決一下那裡發生的事嗎？我們應該考慮正常業務範圍以外的任何事情。

Sure. So the thing you have to remember is, as we've explained in the past, is that we have and will continue to have for the next couple of quarters, the double -- what I call the double overlap of the roll off of our original power center modernization program that we were selling prior to power center Cloud Edition which, as you remember, we launched late Q3 2023 and really didn't start selling in volume until Q4 and Q1 of -- Q4 '23 and Q1 of '24.

當然。因此，您必須記住的是，正如我們過去所解釋的那樣，我們已經並將在接下來的幾個季度中繼續擁有雙重 - 我稱之為雙重重疊，即我們在 Power Center Cloud Edition 之前銷售的原始 Power Center 現代化計劃的推出，正如您記得的那樣，我們在 2023 年第三季度末推出了該計劃，但直到 2023 年第一季第 202324 年第一季。

Those power center modernizations original version, that was a two-year modernization program. And so the maintenance or self-managed, primarily maintenance, didn't roll off until you were done with the modernization, which is two years later. So all of the 2023 deals of that flavor are going to roll off in 2025, particularly the first two quarters and some in the third quarter.

這些電力中心現代化的原始版本，是一個為期兩年的現代化計劃。因此，維護或自我管理（主要是維護）直到現代化完成（也就是兩年後）才開始。因此，所有此類 2023 年交易都將在 2025 年完成，特別是前兩個季度和第三季的一些交易。

And we have the roll-off of the six-month modernization program, which is Power Center Cloud Edition that we sold in the second half of 2024 and then going on into 2025. So you will see an exaggerated or amplified roll off based on modernization from self-managed and maintenance that's not going to pie to the increase in cloud modernized ARR.

我們推出了為期六個月的現代化計劃，即 Power Center Cloud Edition，我們在 2024 年下半年銷售該產品，並將持續到 2025 年。因此，您將看到基於自我管理和維護的現代化而出現的誇大或放大的下降，而這不會與雲端現代化 ARR 的成長有關。

When we get to '26 and beyond, that old two-year stuff will be out of the mix, and so that distortion will be gone, but it's just a fact of life for the next couple of quarters, and we bake that into all of our guidance and modeling.

當我們進入 26 年及以後時，舊的兩年期數據將不再起作用，因此扭曲也將消失，但這只是未來幾季的現實，我們將把它納入我們所有的指導和模型中。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根（Kash Rangan）。

I'm going to try and see if I can do a (technical difficulty) and meet Zelnick in my question, although it's cash. I assure you it's not (technical difficulty) or sell Nick, but I'm going to try to ask them ask the question of the way they might. So with respect to the reset at the start of the year, following Q4 results, I can see why you're reiterating the reset guidance.

我將嘗試看看我是否可以解決（技術​​難題）並在我的問題中遇到 Zelnick，儘管這是現金。我向你保證這不是（技術難題）或賣掉尼克，但我會嘗試以他們可能的方式向他們提出問題。因此，關於年初根據第四季業績進行的重置，我明白您為何重申重置指引。

But you also had a plan before you experienced the issues that you did in Q4 that call for cloud and that CAGR of some 32% et cetera. So while I appreciate the fact that you're reiterating guidance that might seem like it's a good short-term thing, what Brad would have asked you is -- so why is this acceptable? And why are we not striving for getting back somewhere along the way to those old targets?

但是在遇到第四季度所遇到的問題之前，您也有一個計劃，需要雲端運算以及約 32% 的複合年增長率等等。因此，雖然我很欣賞你重申的指導意見，這在短期內似乎是一件好事，但布拉德會問你——為什麼這是可以接受的？為什麼我們不努力重新實現那些舊目標呢？

And what are the measures that you might have put in place that give you relief not just in a three-month time horizon, but something that structurally sets you approach. And this is the -- this is a two-partner, and this is the [Zukin] question. So you see a lot of companies say AI needs data, which we agree, and you've been saying that too.

您可能採取了哪些措施，不僅可以在三個月的時間範圍內減輕您的負擔，而且可以從結構上為您制定解決方案。這是——這是兩個合作夥伴的問題，這是 [Zukin] 的問題。所以你會看到很多公司說人工智慧需要數據，我們同意這一點，你也一直這麼說。

But you're also seeing the different companies offer their own data platform, whether it's Salesforce or -- of course, Northlake is Northlake. And then ServiceNow has been doing that. So every platform applications company seems to want to do their own data platform.

但您也會看到不同的公司提供自己的資料平台，無論是 Salesforce 還是 Northlake。然後 ServiceNow 就一直在這樣做。因此每個平台應用公司似乎都想做自己的數據平台。

So how are you to measure your success in a landscape where your platform neutrality is definitely well appreciated. But what is the proof we're going to see that it is translating into meaningful incremental revenue and not just sustainable revenue. I appreciate the start of being direct, but I thought it's -- we're all friends here.

那麼，在您的平台中立性絕對受到高度讚賞的環境中，您該如何衡量自己的成功呢？但是，我們有什麼證據表明它正在轉化為有意義的增量收入而不僅僅是可持續收入？我很欣賞你一開始就直截了當，但我認為──我們都是朋友。

No issue is being [directed]. Z plus z equal to k, what I would call this question then in equation. So we all math people in this call. Multiple piece part question. So I think, first, I'll begin with reset guidance against guidance, what we are doing and why not go back to the old one.

沒有問題[導演]。Z 加 z 等於 k，那麼我在等式中稱這個問題為什麼。因此，我們所有人都是數學家。多部分問題。因此，我認為，首先，我將從重置指導開始，對照指導，看看我們在做什麼，以及為什麼不回到舊的指導。

Kash, I think the all humility, we are one quarter into the year. And I think in one quarter, neither anybody should walk out after you implement changes and claims super victory and just basically raise their hands up in the air and saying, hey, I'm going to be 10 steps I head back to the old one or neither we are decelerating.

卡什，我認為大家都很謙虛，今年已經過了四分之一。我認為，在一個季度內，在你實施變革並宣稱取得超級勝利後，任何人都不應該走出來，只是舉起雙手說，嘿，我要走 10 步回到舊的，或者我們都不會減速。

I think we have to have the patients to basically we just finished three months in a fiscal year where we feel that all the changes we made, we are feeling good out there. So I think until we finish half a year, I think it will be (technical difficulty) with also realizing that while we have tailwinds that I talked about. The world also is out there out there in the ether that we cannot ignore.

我認為我們必須有耐心，基本上我們剛剛結束了一個財政年度的三個月，我們覺得我們所做的所有改變，我們感覺很好。因此，我認為，直到半年後，我們才會意識到（技術困難），儘管我們有我提到的順風。世界就在那裡，存在於以太之中，我們無法忽視。

So I think in one quarter, it'd be I think it would have been silly for us to come back and say, I go back to the old world. So that's not what we think. And I think that's the prudence and the -- and how we execute internally. So that's my answer to why not go back to the old one within three months of the change. I think, look, when we go to the second half, which is why we also took out the medium-term guidance and say, look, we've come back, and we'll give you a revised meeting in the guidance.

所以我認為，在某個季度，如果我們回過頭來說“我回到了舊世界”，那將是愚蠢的。所以這並不是我們所想的。我認為這就是我們的謹慎和內部執行方式。這就是我的回答：為什麼不在更改後三個月內恢復到舊版本。我認為，當我們進入下半年時，這就是為什麼我們也拿出了中期指導並說，看，我們回來了，我們會在指導中給你一個修訂後的會議。

And for that also, we need to close our first half of the year, see many trends, feel good about many things, and we can come back and be thoughtful about what we want to do. So that's number one. Answer number two, data platforms. I think they are mixing two things with all due respect, Snowflake, I think there are 2 things I'll remind everybody. And I think, first of all, data platforms are not data management reforms.

為此，我們需要結束上半年，看到許多趨勢，對許多事情感覺良好，然後我們可以回頭仔細考慮我們想要做什麼。這是第一點。答案二，數據平台。我認為他們混淆了兩件事，恕我直言，Snowflake，我想有兩件事我要提醒大家。我認為，首先，數據平台不是數據管理改革。

A Snowflake and Databricks and a data cloud are not data managed just because the word data is there. We can very well put databases in that to MongoDB, and we can go into -- I can go on and on and on. So I think customers choose data platforms and data management platforms and analytical BI tool platforms (technical difficulty) just do the database and say everything goes into that. And Kash, you like the world live of the world that existed when Oracle databases. Teradata had a data warehouse, and [TZ] existed and that argument -- since then, since time immemorial has always come back to us.

Snowflake、Databricks 和資料雲並不是因為有資料這個字就被管理的資料。我們可以很好地將資料庫放入 MongoDB，我們可以進入 - 我可以繼續下去。所以我認為客戶選擇資料平台、資料管理平台和分析 BI 工具平台（技術難度）只需要做資料庫，並將一切納入其中。而 Kash，您喜歡 Oracle 資料庫存在時的世界。Teradata 有一個資料倉儲，並且 [TZ] 存在，從那時起，自古以來，那個論點就一直縈繞在我們腦海中。

(technical difficulty) came in, it was the same, but that's not how (technical difficulty) data manager platform are two very different things. I would further enhance that the fragmentation of the data platform is exactly coming to what our strength is. the more the data platforms, the more the application platforms, the more the fragmentation is the more the complexity is the more we solve that problem for our customers. So that's how customers look at doing things.

（技術難度）進來的時候，是一樣的，但那不是（技術難度）資料管理平台是兩個非常不同的東西。我想進一步強調的是，數據平台的碎片化正是我們的優勢。數據平台越多，應用平台越多，碎片化程度越高，複雜性越高，我們就越能為客戶解決這個問題。這就是顧客看待事物的方式。

Thirdly, I'll also remind everybody, and I think we keep forgetting it on our Investor Day. So not that (technical difficulty) our cloud ARR, 50% of it is master data management and data governance.

第三，我還要提醒大家，我認為我們在投資人日總是忘記這一點。所以不是那個（技術難度）我們的雲端 ARR，其中 50％ 是主資料管理和資料治理。

50% of its integration, which is app integration and data integration. And we always think of the data platform, which, by the way, don't compete with us. And even if there is a overlap in some areas, sure that somehow ATL makes up Informatica. So 100% of cloud is that. So if somehow there's a native tool somewhere, ADF has it, that it, Informatica is over.

其整合度有50%，即應用程式整合和資料整合。我們始終考慮數據平台，順便說一句，它並不與我們競爭。即使在某些領域存在重疊，但可以肯定的是，ATL 在某種程度上構成了 Informatica。所以 100% 的雲都是這樣的。因此，如果某個地方有本機工具，ADF 有它，那麼 Informatica 就結束了。

There's nothing wrong with MDM, nothing with data governance, et catalog across an enterprise. Nothing app integration, nothing to do with modernization. So that's the real world. Coming back, we're going to finish the first half. We absolutely want to accelerate the growth.

MDM 沒有任何問題，整個企業的資料治理和目錄也沒有任何問題。沒有應用程式集成，與現代化無關。這就是現實世界。回來，我們要完成上半場。我們絕對希望加速成長。

And lastly, let's not forget, (technical difficulty) is growing. Because we have this double (technical difficulty) this year that is on-prem self-managed that Koji asked and Mike explained, but going through the last mile of this big decline that we are taking that naturally slows out the growth curve as we think of '26 and '27. You asked a great question, sorry for the long answer, but I just had to reply with at least a three-part algebraic equation.

最後，我們不要忘記，（技術難度）正在增加。因為今年我們面臨雙重（技術難題），即 Koji 詢問和 Mike 解釋的內部自我管理，但我們正在經歷這場巨大衰退的最後一英里，這自然會減緩我們想到 26 年和 27 年時的增長曲線。你問了一個很好的問題，抱歉回答這麼長，但我必須用至少一個由三部分組成的代數方程式來回答。

Miller Jump, Truist.

米勒跳躍，Truist。

Hey, thank you for taking the question. Just to stay on the AI topic maybe, look, like the commentary you gave up top sounds like customers were leaning harder into the Informatica for GenAI initiatives in the quarter rather than pumping the brakes on new projects. Is that the correct interpretation?

嘿，謝謝你回答這個問題。也許只是為了繼續討論人工智慧主題，看起來，就像您放棄的評論一樣，聽起來客戶在本季度更加傾向於 Informatica 的 GenAI 計劃，而不是對新項目踩剎車。這是正確的解釋嗎？

And then -- and Mike, just a follow-up to that. I just want to make sure I understand part of the comment you made in response to Alex's question is an increase in the Informatica GenAI business baked into your assumption in the second half of the year?

然後——麥克，這只是一個後續問題。我只是想確保我了解您對 Alex 的問題所做的評論的一部分，即 Informatica GenAI 業務的增長是否包含在您下半年的假設中？

Yeah, I think two ways to think about it. First of all, remember that the beauty of IDMC and the beauty of IPO consumption pricing model is that customers can without having to think A, B or C can start their GenAI whatever you want to call it, pre broad projects right away. And that's what they are doing. We see that of the 175 customers that are Informatica for GenAI or the 500 plus for Clear GPT, that's what they're doing.

是的，我認為可以從兩個角度來思考這個問題。首先，請記住，IDMC 和 IPO 消費定價模型的美妙之處在於，客戶無需思考 A、B 或 C 就可以立即啟動他們的 GenAI（無論你想怎麼稱呼它），預先進行廣泛的項目。這正是他們正在做的事情。我們看到，Informatica 的 GenAI 客戶有 175 家，Clear GPT 客戶有 500 多家，他們正在這樣做。

They can immediately consume their IPOs given what they have and go have at it. And we are seeing that we can track that data. And that's what we see customers do. Now -- so I don't see customers slow down their AI initiatives. Not at all.

他們可以利用現有的 IPO 資源立即投入使用。我們發現我們可以追蹤這些數據。我們看到顧客確實這麼做了。現在——所以我沒有看到客戶放慢他們的人工智慧計畫。一點也不。

I think AI is not like, oh, I will do it at some point. I think what is happening is that every enterprise is making a decision of different order because there are different places they use (technical difficulty) GenAI. And in the world of where we live, for example, customers using GenAI in a chat bot to basically take customers at cost. Those are all things happening at the app layer.

我認為人工智慧並不是像，哦，我某個時候會做這件事。我認為正在發生的情況是，每個企業都在做出不同順序的決策，因為他們使用（技術難度）GenAI 的地方不同。例如，在我們生活的世界中，客戶使用聊天機器人中的 GenAI 基本上以成本價吸引客戶。這些都是在應用層發生的事情。

So here, the customers are going about doing the word and they are working around the organization to then figure out, okay, now they have to take it to (technical difficulty) what are the guardrails, how do I get it approved and what is it that the business has to do those kind of things.

因此，在這裡，客戶正在執行這個詞，他們正在圍繞組織進行工作，然後弄清楚，好吧，現在他們必須把它帶到（技術難題）什麼是護欄，我如何獲得批准以及企業必須做哪些事情。

I see them happening because why? Because the GSIs are doing that work for them. And then Informatica practice comes and talks to us the same practice is working with Azure and Snowflake. So we are seeing the gradual increase of that adoption on our platform, on our usage and I expect to see them going into fraud as we think about the latter half of this year and next year, for sure.

我看到它們發生，因為為什麼？因為 GSI 正在為他們做這項工作。然後，Informatica 實踐來與我們討論同樣的實踐與 Azure 和 Snowflake 合作。因此，我們看到在我們的平台上採用這種技術的情況正在逐漸增加，使用率也逐漸增加，我預計在今年下半年和明年，他們肯定會陷入詐欺行為。

And with respect to your question about what's in the model, we don't have a specific line item for AI bookings in 2025. What we have is a numerous preproduction workloads that are using our capabilities for AI. And we have an ever-growing pipeline of customers that are interested in using Informatica for that purpose.

關於您關於模型內容的問題，我們沒有針對 2025 年 AI 預訂的具體項目。我們有大量預生產工作負載正在利用我們的 AI 能力。並且，我們擁有越來越多有興趣使用 Informatica 來實現這一目的的客戶。

And it all contributes to our view that we're going to meet the cloud guide for the year. So no, there's not a specific number in there, but directionally, it all ladders up to what we think is a good foundation for the amount of software we expect to sell in 2025.

這一切都讓我們相信我們將達到今年的雲端指南。所以，不，這裡面沒有一個具體的數字，但從方向上看，這一切都達到了我們認為的良好基礎，為我們預計在 2025 年銷售的軟體數量奠定了基礎。

Matt Hedberg, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Matt Hedberg。

Great, thanks for taking my questions, guys. I wanted to go back to hear you guys in the last mile of the cloud transition is certainly exciting. And I know you guys want to sort of like not force change with your maintenance customers.

太好了，謝謝大家回答我的問題。我想回去聽聽你們在雲端轉型的最後一哩所做的發言，這肯定令人興奮。我知道你們不想強迫維護客戶做出改變。

But as you enter this last mile, are there things that you're thinking about potentially doing whether it's additional sales compensation or maybe end-of-lifing maintenance at some point to kind of truly get that the last 10 feet once we're close to that last mile?

但是，當您進入最後一英里時，您是否考慮過採取一些可能的做法，無論是額外的銷售補償，還是在某個時候進行報廢維護，以便在我們接近最後一英里時真正獲得最後 10 英尺的收益？

Terrific question, Matt. I think -- I'll answer it this way. And then you'll -- if you're there next week, you'll only hear us talk a lot more about these things with our customers. Look, -- we've not leaned in to do end of life, but there are natural things that are headed towards there. For example, power center is now end of normal support, a regular support.

非常好的問題，馬特。我想——我會這樣回答。然後你——如果你下週在那裡，你只會聽到我們與我們的客戶談論更多關於這些事情。瞧，我們還沒有傾向於結束生命，但有些自然的事情正在朝著這個方向發展。例如，電力中心現在已結束正常支持，轉而進行定期支持。

And we've already told our customers they are already aware of it and starting early next year in March, it will get to extended. And in the old days, customers would move from 1 version of on-prem to the next version of on-prem, and this is the last version of on-prem after this either is still on extended support, which costs more or they move to cloud.

我們已經告知客戶，他們已經意識到了這一點，並且從明年三月初開始，這一期限將會延長。在過去，客戶會從 1 個版本的本地部署遷移到下一個版本的本地部署，這是最後一個版本的本地部署，之後要么仍然享受擴展支援（成本更高），要么遷移到雲端。

And the reason -- and you know like that, we are seeing lot of extra attendance to our modernization webinar, customers reaching out because they take time to prepare. So in a way, because we run operational workloads, we don't want to basically put a hammer on our customer's head and say we're going to end up like tomorrow. But the end of support is leading customers to basically make that decision in 1 way where there's a compelling win.

原因在於——你知道，我們看到很多額外的人參加我們的現代化網路研討會，客戶之所以伸出援手是因為他們花了時間準備。因此，從某種意義上說，因為我們運行營運工作負載，所以我們不想把錘子放在客戶的頭上，然後說我們最終會像明天一樣結束。但支援的結束基本上會引導客戶以一種令人信服的方式做出決定。

Secondly, tied to that is we are seeing such a high rise in both our AI webinars also, customers are connected the [dot], which we've been educating them in the last 12 months, even more so that, hey, you want AI, you only can really have when you get to the cloud. And they basically now give a two for that, okay, I have a compelling eminent and I can get all the AI benefit get to cloud.

其次，與此相關的是，我們看到我們的人工智慧網路研討會也出現瞭如此高的增長，客戶已經連接到[點]，我們在過去 12 個月中一直在教育他們，更重要的是，嘿，你想要人工智慧，只有當你進入雲端時你才能真正擁有它。現在他們基本上給了兩個答案，好吧，我有一個令人信服的傑出成就，我可以將所有的人工智慧優勢帶到雲端。

So we're seeing the increase involvement of customers with us coming to webinars and talking to our app. So again, customers plan with our product. So I think we see that, and I think that should be the natural flow of things.

因此，我們看到越來越多的客戶參與我們的網路研討會並使用我們的應用程式。所以，客戶再次使用我們的產品來規劃。所以我認為我們看到了這一點，我認為這應該是事物的自然發展。

Thanks, Amit, that's super helpful. And then I just had one for Mike. Just a clarification on Howard's question. And maybe I just want to make sure that I understand the full year guide. It looked like last quarter, you guided revenue from a constant currency basis, 4.6%, but now it's 3.5% constant currency.

謝謝，阿米特，這非常有幫助。然後我就幫麥克準備了一個。只是對霍華德的問題進行澄清。也許我只是想確保我了解全年指南。看起來上個季度，您以固定匯率計算的收入預計為 4.6%，但現在是 3.5% 的固定匯率。

So I mean, to me, that seems like a little bit of a lower, but maybe it's something to do with the way you calculate constant currency. Just a point of clarification on that.

所以我的意思是，對我來說，這似乎有點低，但也許這與你計算恆定貨幣的方式有關。只是想澄清一下這一點。

Look, we guide in dollars, and we are reaffirming the numbers that we're going to deliver for the full year. And we're not obsessed after one quarter into the year in particularly in a context of or where exchange rates have been moving 3% to 8% in the course of a quarter of micro adjusting our full year guide for FX. It's not a lower, it's not a lower of anything. -- yes, mathematically, we didn't roll into the guide potential future FX rates for the reasons I just described. We're focused on delivering the dollars that we got to deliver in February.

你看，我們以美元為指導，我們正在重申我們將在全年實現的數字。我們並不會在一個季度之後就過度關注，特別是在匯率在一個季度內波動 3% 到 8% 的情況下，我們會對全年外匯指南進行微調。這不是更低，這不是任何東西的更低。 ——是的，從數學上講，由於我剛才描述的原因，我們沒有將潛在的未來外匯匯率納入指導範圍。我們專注於交付二月必須交付的資金。

Tom Blakey, Cantor Fitzgerald.

湯姆布萊基、康托費茲傑拉。

I think my questions might be a little simpler here. But the could you just walk us through again what dynamics you're kind of seeing here. Remind us, I guess, on the 1.5 to 1.7 average uplift was kind of holding things back and what you saw in the quarter that maybe allowed you to exceed this in 1Q '25, if I heard you correctly?

我認為我的問題在這裡可能會簡單一些。但是您能否再次向我們介紹您在這裡看到的動態。提醒我們一下，1.5 到 1.7 的平均提升有點阻礙了事情的發展，而您在本季度看到的情況可能讓您在 2025 年第一季超過這個數字，如果我沒聽錯的話？

Just trying to get a better understanding of what could degrade into 2Q or the second half here? And what could be better maybe as a follow-up, I'll just ask the 1 million-plus cohort seemed a little stronger than at least what I was looking for in 1Q.

只是想更了解第二季或下半年的情況可能如何？作為後續行動，也許還有更好的辦法，我只想問一下，100 多萬的群體似乎比我在第一季所期待的要強大一些。

Was there anything there aside from just timing (technical difficulty) from 2Q to 1Q? Or is there something else from a -- and any other dynamics would be helpful there that could possibly also continue into the second half of (technical difficulty).

除了從 2Q 到 1Q 的時間安排（技術難度）之外，還有什麼嗎？或者還有其他什麼——任何其他動力都會有所幫助，並且可能持續到下半年（技術難度）。

Yes, sure. So let me start with the uplift multiple. The uplift multiple is coming down, as I described last quarter because we're allowing it to come down because we're letting our sales force address a larger portion of our installed base that will naturally generate our on-prem installed base. That will naturally generate a lower uplift multiple because of how they're using their on-prem products needs fewer IPUs to modernize than some others or what they're paying for their historical on-prem subscription or maintenance versus what a fair price for IPUs is going forward.

是的，當然。那麼就讓我先從提升倍數開始。正如我上個季度所描述的，提升倍數正在下降，因為我們允許它下降，因為我們讓我們的銷售人員解決更大一部分安裝基礎，這自然會產生我們的內部安裝基礎。這自然會產生較低的提升倍數，因為他們使用其內部部署產品的方式比其他一些產品需要更少的 IPU 來現代化，或者他們為歷史內部部署訂閱或維護支付的費用與未來 IPU 的公平價格相比。

And we are allowing that uplift multiple to degrade because we have enough experience with cloud modernizations to know that the lifetime value of that customer once they modernize is really, really attractive.

我們允許提升倍數降低，因為我們在雲端現代化方面有足夠的經驗，知道客戶一旦現代化，其終身價值就真的非常有吸引力。

We know that when they sign up for the modernization upfront, they drag additional expansion sales in addition to the IPUs, they need to do the modernization, and that's not included in our uplift multiple calculation, by the way.

我們知道，當他們預先簽署現代化協議時，除了 IPU 之外，他們還會拖累額外的擴展銷售，他們需要進行現代化，順便說一句，這不包括在我們的提升倍數計算中。

Once they get in production and the modernization, their utilization of IPUs is very good, which tends to lead to interim expansion and they renew at a very high rate, higher than our average once they get to the maturity of their initial deal.

一旦他們投入生產並實現現代化，他們對 IPU 的利用率就會非常好，這往往會導致暫時的擴張，而且他們的續約率非常高，一旦他們的初始交易到期，續約率就會高於我們的平均水平。

So the reduction of the uplift multiple, while it does have near-term implications mathematically on the amount of cloud we get in day one from a modernization is an intentional reduction. In Q1, it was a little bit above that 1.5% to 1.7% range. But I wouldn't read anything into that.

因此，雖然提升倍數的減少在數學上對我們在現代化第一天獲得的雲量有短期影響，但它是故意減少的。第一季度，這一數字略高於 1.5% 至 1.7% 的範圍。但我不會對此做出任何解讀。

We expect for the full year that it's going to be in that range that we guided to. I'm happy that it's where it is. But I'll be equally happy if it lands at 1.6% for the full year. And then was there a second part of that question?

我們預計全年銷售額將維持在我們預期的範圍內。我很高興它還在原處。但如果全年成長率達到 1.6%，我也會同樣高興。那麼這個問題還有第二部分嗎？

Yeah, just asking about the strength in the (technical difficulty) plus cohort.

是的，只是詢問（技術難度）加上隊列的實力。

The $1 million-plus. Yes, the $1 million plus. Look, our customers are generally large and they're getting larger. You can see it in the increased ACV of our cloud customers, up 20% year-over-year. And when that's happening, you're going to have more people -- wherever you draw the line in the sand, whether it's $100,000 customers, $1 million customers, $500,000 customers, that's going to go up to.

100多萬美元。是的，100多萬美元。你看，我們的客戶通常規模都很大，而且規模還在不斷擴大。您可以從我們雲端客戶的 ACV 成長率中看到這一點，年增了 20%。當這種情況發生時，你將擁有更多的人——無論你在哪裡劃定界限，無論是 10 萬美元的客戶、100 萬美元的客戶還是 50 萬美元的客戶，這個數字都會上升。

It's just reflective of the fact that large enterprises trust Informatica for their cloud data management, and that's continues to accelerate.

這只是反映了大型企業信任 Informatica 進行雲端資料管理，而這種信任仍在不斷加速。

William Power, Baird.

威廉鮑爾，貝爾德。

Great, thank you. This is Yanni Samoilis for Willam Power. I just wanted to double click on the cloud NRR. It looks like you ticked down a little bit further in Q1. So I'm wondering if you could discuss what might have driven that under the surface. It sounds like gross retention was in line with your expectations.

太好了，謝謝。我是威廉·鮑爾 (Willam Power) 的 Yanni Samoilis。我只是想雙擊雲 NRR。看起來您在第一季的表現又有所下降。所以我想知道您是否可以討論一下導致這一現象發生的原因。聽起來總留存率符合您的預期。

It sounds like you haven't seen much in terms of macro. So is it more that you're encountering difficulty with the cross-sell of products into your customer base? Or is it more a function of the slowdown and the expansion of workloads that customers are bringing on to your platform?

聽起來你在宏觀方面還沒有見識過多少。那麼，您在向客戶群交叉銷售產品時是否遇到了困難？或者這更多的是由於客戶為您的平台帶來的速度減慢和工作負載的擴大？

It would be great if you could just discuss the specific drivers of the net new business in more detail. And also if there are any particular actions you're taking on the cross-sell motion aside from the organizational improvements that I've mentioned at the top.

如果您能更詳細地討論一下淨新業務的具體驅動因素，那就太好了。此外，除了我上面提到的組織改進之外，您是否還對交叉銷售行動採取了任何具體行動。

Yeah, sure. So the net retention rate has variability to it, and we've always warn people that, that would be the case. And it exhibited that variability in Q1, which, as you know, is our smallest quarter of the year, and therefore, is most subject to that. One of the things -- and so there's nothing that we believe is negative about that. It's still 120%.

是的，當然。因此，淨留存率具有可變性，我們一直警告人們，情況確實如此。它在第一季表現出了這種變化，正如你所知，這是我們一年中最小的一個季度，因此最容易受到這種變化的影響。其中一件事——因此我們認為這並沒有什麼不好。仍是120%。

And if you deliver your overall growth, but your net retention rate is a little bit lower, it means your net new is higher. And so we're happy about that bit of it. There is one thing that does affect that, though, that is structural, and that is modernizations.

如果你實現了整體成長，但淨留存率略低，這意味著你的淨新額更高。所以我們對此感到高興。但有一件事確實會影響這一點，那是結構性的，那就是現代化。

So your average modernization customer, so a customer who is choosing to move their data workload from Informatica on-prem to informatica on-cloud, is more likely than a net new workload customer to be a new cloud logo and therefore, more likely to be not accretive to your net retention rate because they weren't in our cloud base or cloud-base, they were in our on-prem based, but our net retention rate is cloud only. They're more likely to have not been in the cloud base a year ago than someone who is standing up a new workload or an expansion of existing workload.

因此，您的平均現代化客戶，即選擇將其資料工作負載從 Informatica 本地遷移到 Informatica 雲端的客戶，比淨新工作負載客戶更有可能成為新的雲端標識，因此更有可能不會增加您的淨保留率，因為他們不在我們的雲端基礎或雲端基礎上，他們在我們的本地基礎上，但我們的淨保留率僅限於我們的淨保留率僅限於雲端。與承擔新工作量或擴展現有工作量的人相比，他們更有可能在一年前沒有進入雲端基礎。

And as we see, therefore, modernization contribute a greater proportion of our cloud growth. Directionally, that has negative impact on the net retention rate, but it has a positive impact on the net new. So there are going to be things that are going to move that number around. But the range that it's in, we feel comfortable with.

因此，正如我們所見，現代化對我們的雲端運算成長貢獻了更大的比例。從方向來看，這對淨留存率有負面影響，但對淨新增量有正面影響。所以有些事情會讓這個數字改變。但我們對它所處的範圍感到滿意。

Thank you. That will conclude the Q&A session. I will now turn the call back over to the management team for closing remarks.

謝謝。問答環節到此結束。現在我將把電話轉回給管理團隊，請他們作最後發言。

Thank you. Well, look, I think as we said, Q1, we feel very good about a solid start to the year. And I'll address that. Look, it's a landmark of moment. were almost 50% of our total ARR is cloud now.

謝謝。嗯，看，我想正如我們所說的那樣，Q1，我們對今年的良好開端感到非常滿意。我會解決這個問題。瞧，這是一個具有里程碑意義的時刻。現在我們的總 ARR 中幾乎有 50% 是雲。

49.8% some decimal points to be precise. And that's a very big milestone for us. And lastly, I think I will just remind everyone that our Cloud business is growing very handsomely. This is a year where it's the last mile of our transformation, where we have the double bubble that Mike explained, where we are basically churning -- reducing a lot of those self-managed motization, whole lots that are coming from PC 1.0. So overall, this is the last mile of that happening.

準確地說是 49.8% 一些小數。這對我們來說是一個非常重要的里程碑。最後，我想我只想提醒大家，我們的雲端業務正在非常強勁地成長。今年是我們轉型的最後一英里，我們面臨著 Mike 解釋的雙重泡沫，我們基本上不斷減少——減少了許多來自 PC 1.0 的自我管理動力。總的來說，這是該事件的最後一英里。

We obviously came back in February and gave you guys a revised guide for the year, and we are executing against that guide, and we feel very good about that. Obviously, we are going to come back at the end first half of the year. As we look towards the latter of the year, we'll come back and give you a revised guide medium (technical difficulty) guide.

我們顯然在二月回來並向你們提供了今年的修訂指南，我們正在按照該指南執行，我們對此感到非常滿意。顯然，我們將在今年上半年末回歸。展望今年年底，我們將回來為您提供修訂後的中等（技術難度）指南。

But we feel very good about where the cloud business stands, the intrinsics of what we are doing, how customers are modernizing our AI workloads are getting adopted. Our place in the market, obviously, our innovation, which we unveiled more of it next week at Informatica World.

但是，我們對雲端業務的現狀、我們所做工作的本質以及客戶如何採用我們的 AI 工作負載進行現代化改造感到非常滿意。顯然，我們在市場上的地位、我們的創新，我們將在下週的 Informatica World 上公佈更多內容。

So we all, I feel very good about the start of the year and how our teams are executing. Thank you.

所以，我們對今年的開始以及我們團隊的執行感到非常滿意。謝謝。

That will conclude the Informatica Inc. fiscal first-quarter 2025 call. Thank you for your participation. I hope you have a wonderful rest of your day.

Informatica Inc. 2025 財年第一季電話會議就此結束。感謝您的參與。祝您今天剩餘的時間過得愉快。