Teradata Corp (TDC) 2022 Q2 法說會逐字稿

Good afternoon. My name is Lisa, and I will be your conference operator today. At this time, I would like to welcome everyone to the Teradata Second Quarter 2022 Earnings Call. (Operator Instructions)

下午好。我的名字是麗莎，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Teradata 2022 年第二季度財報電話會議。 （操作員說明）

I would now like to hand the conference over to your host today, Christopher Lee, Senior Vice President of Investor Relations and Corporate Development. You may begin your conference.

我現在想把會議交給今天的主持人，投資者關係和企業發展高級副總裁克里斯托弗·李。你可以開始你的會議了。

Good afternoon, and welcome to Teradata's 2022 Second Quarter Earnings Call. Steve McMillan, Teradata's President and Chief Executive Officer, will lead our call today followed by Claire Bramley, Teradata's Chief Financial Officer, who will discuss our financial results and our outlook.

下午好，歡迎參加 Teradata 的 2022 年第二季度財報電話會議。 Teradata 總裁兼首席執行官 Steve McMillan 將主持我們今天的電話會議，隨後 Teradata 首席財務官 Claire Bramley 將討論我們的財務業績和展望。

Our discussion today includes forecasts and other information that are considered forward-looking statements. While these statements reflect our current outlook, they are subject to a number of risks and uncertainties that could cause actual results to differ materially. These risk factors are described in today's earnings release and in our SEC filings, including our most recent Form 10-K and in the Form 10-Q for the quarter ended June 30, 2022, that is expected to be filed with the SEC within the next few days. These forward-looking statements are made as of today, and we undertake no duty or obligation to update our forward-looking statements.

我們今天的討論包括被視為前瞻性陳述的預測和其他信息。雖然這些陳述反映了我們當前的前景，但它們受到許多風險和不確定性的影響，可能導致實際結果出現重大差異。這些風險因素在今天的財報和我們提交給美國證券交易委員會的文件中進行了描述，包括我們最近的 10-K 表格和截至 2022 年 6 月 30 日的季度的 10-Q 表格，預計將在接下來的幾天。這些前瞻性陳述是在今天做出的，我們不承擔更新我們的前瞻性陳述的義務或義務。

On today's call, we will be discussing certain non-GAAP financial measures, which exclude such items as stock-based compensation expense and other special items described in our earnings release. We will also discuss other non-GAAP items, such as free cash flow and constant currency revenue comparisons. Unless stated otherwise, all numbers and results discussed on today's call are on a non-GAAP basis. A reconciliation of non-GAAP to GAAP measures is included in our earnings release, which is accessible on the Investor Relations page of our website at investor.teradata.com. A replay of this conference call will be available later today on our website.

在今天的電話會議上，我們將討論某些非 GAAP 財務指標，其中不包括基於股票的薪酬費用和我們收益發布中描述的其他特殊項目。我們還將討論其他非 GAAP 項目，例如自由現金流和固定貨幣收入比較。除非另有說明，今天電話會議上討論的所有數字和結果均基於非公認會計原則。非 GAAP 與 GAAP 措施的對賬包含在我們的收益發布中，可在我們網站的投資者關係頁面上訪問，網址為investor.teradata.com。本次電話會議的重播將於今天晚些時候在我們的網站上提供。

And now I will turn the call over to Steve.

現在我將把電話轉給史蒂夫。

Thank you, Chris, and good afternoon, everyone. Thank you for joining us today.

謝謝你，克里斯，大家下午好。感謝您今天加入我們。

Teradata's momentum continued during the second quarter of 2022. Our results demonstrate our business resilience during volatile economic times, and these results are driven by our solid business model, the critically important work we do for customers and our cloud momentum. Our strategy is right, and our business fundamentals are solid. In the second quarter, we delivered public cloud ARR of $234 million, growing 75% year-over-year in constant currency. Our cloud ARR dollar growth accelerated as more customers committed to Teradata in the cloud, both year-over-year and sequentially, and they committed more substantially as well.

Teradata 的勢頭在 2022 年第二季度繼續保持。我們的業績證明了我們在經濟動盪時期的業務彈性，這些業績是由我們堅實的商業模式、我們為客戶所做的至關重要的工作以及我們的雲發展勢頭推動的。我們的戰略是正確的，我們的業務基礎是堅實的。第二季度，我們實現了 2.34 億美元的公有云 ARR，按固定匯率計算，同比增長 75%。隨著越來越多的客戶在雲中使用 Teradata，我們的雲 ARR 美元增長加速，無論是同比還是環比，而且他們的承諾也更多。

Recurring revenue is now 80% of our total revenue, which not only demonstrates the mission-critical value we provide to our enterprise customer base, but also underpins the healthy generation of durable free cash flows. We also generated more than $100 million of free cash flow in the quarter, and we exceeded the high end of our quarterly outlook for non-GAAP earnings per share. On both metrics, we have passed 60% of our annual outlook.

經常性收入現在占我們總收入的 80%，這不僅證明了我們為企業客戶群提供的關鍵任務價值，而且還支持健康地產生持久的自由現金流。我們在本季度還產生了超過 1 億美元的自由現金流，並且超出了我們對非公認會計準則每股收益的季度展望的高端。在這兩個指標上，我們都超過了我們年度展望的 60%。

Our ongoing execution reflects our clear focus on our strategy as a profitable multi-cloud data and analytics platform leader and gives us conviction that we are reaffirming our annual outlook, including an expanded outlook range for total ARR. Claire will share more in her remarks. We are intent on keeping our momentum doing what we said we would do, even in the current challenging macro environment.

我們持續的執行反映了我們對作為盈利性多雲數據和分析平台領導者戰略的明確關注，並使我們確信我們正在重申我們的年度展望，包括擴大總 ARR 的展望範圍。克萊爾將在她的評論中分享更多信息。即使在當前充滿挑戰的宏觀環境中，我們也打算保持我們所說的我們會做的事情的勢頭。

Our strategic customer focus is in leading global enterprises diversified across many industries. Our customers are strong, stable businesses that require the best data and analytics to succeed. And when they place their trust in Teradata, they make multiyear commitments. As a result, our business model is resilient with predictable revenue. We all know that every day, the amount of data grows and right along with it grows the need to capitalize on that data, extract the greatest value from it and make the best business decisions faster.

我們的戰略客戶重點是在多個行業多元化的領先全球企業。我們的客戶是強大、穩定的企業，需要最好的數據和分析才能取得成功。當他們信任 Teradata 時，他們會做出多年承諾。因此，我們的業務模式具有可預測收入的彈性。我們都知道，數據量每天都在增長，隨之而來的是利用這些數據、從中提取最大價值並更快地做出最佳業務決策的需求。

Our platform is designed to deliver a unique advantage that enables cost-effective growth. With Teradata, companies can access and use the data without duplication or data movement. We take the query and analytics engine to the data. There is no need to copy and move it to get value. As a result, the Teradata platform provides efficiencies over others. Competitor's costs increased disproportionately higher and faster than the growth in analytics. Use it, don't move it is a differentiator for us and a real benefit for our customers. Using data where it resides allows businesses to create advanced analytics with the entire universe of available data and not waste money moving and duplicating it.

我們的平台旨在提供獨特的優勢，實現經濟高效的增長。借助 Teradata，公司可以訪問和使用數據而無需複製或數據移動。我們將查詢和分析引擎帶到數據中。無需複制和移動即可獲得價值。因此，Teradata 平台提供了優於其他平台的效率。與分析增長相比，競爭對手的成本增長得不成比例地高和快。使用它，不要移動它對我們來說是一個差異化因素，對我們的客戶來說是一個真正的好處。使用其所在位置的數據，企業可以利用整個可用數據創建高級分析，而不會浪費資金移動和復制數據。

With Vantage, the foundation for game-changing analytics is already in place. It is a simple and very efficient effort to add data elements to bring better insights and greater value. Just one example, if a company is doing a forecast model for inventory needs during the holidays, it might need a subset of weather data to build a more accurate model and make more informed decisions. With competitors' platforms, the company would have to copy all of that data and move it into their system. Doing the time-series forecasting would require additional data movement, which always leaves more time and more cost to the customer. But with Teradata, all of that can be done without moving the data. A much smarter and more efficient solution that only we deliver and one that drives more consumption for Teradata.

借助 Vantage，改變遊戲規則的分析的基礎已經到位。添加數據元素以帶來更好的洞察力和更大的價值是一項簡單且非常有效的工作。舉個例子，如果一家公司正在為假期期間的庫存需求進行預測模型，它可能需要一部分天氣數據來構建更準確的模型並做出更明智的決策。使用競爭對手的平台，該公司將不得不復制所有這些數據並將其轉移到他們的系統中。進行時間序列預測需要額外的數據移動，這總是會給客戶留下更多的時間和更多的成本。但使用 Teradata，所有這些都可以在不移動數據的情況下完成。一種更智能、更高效的解決方案，只有我們才能提供，並且可以推動 Teradata 的更多消費。

Particularly now, companies need insights provided by the powerful data and analytics Teradata provides. Studies are pointing out the C-suite leaders, and notably, CIOs are planning for technology-enabled growth and efficiency during unpredictable times of challenge and uncertainty. Companies need data at enterprise scale to review, rethink and rapidly adjust to changing market conditions. We have seen these secular drivers play out during the uncertainties of the pandemic and the need for data and analytics is, and is likely to remain a C-suite imperative. High priority areas are directly in our sweet spot, including cloud, data and analytics.

尤其是現在，公司需要 Teradata 提供的強大數據和分析提供的洞察力。研究指出了 C-Suite 的領導者，值得注意的是，CIO 正在為充滿挑戰和不確定性的不可預測時期制定技術支持的增長和效率計劃。公司需要企業級數據來審查、重新思考并快速適應不斷變化的市場條件。我們已經看到這些長期驅動因素在大流行的不確定性期間發揮作用，對數據和分析的需求現在並且很可能仍然是最高管理層的當務之急。高優先級領域直接處於我們的最佳位置，包括雲、數據和分析。

Each quarter, we provide updates on our technology, demonstrating our continued growth as a cloud leader. I'm very excited about our announcement that it's just around the corner as we take the next big step with our cloud data and analytics platform. Later this month, we will make our most significant cloud capabilities announcement yet, bringing our industry-leading enterprise data and analytics platform, best-in-class workload management and patented analytics capabilities into the next generation so that companies can scale smarter, innovate faster and grow stronger in the cloud.

每個季度，我們都會更新我們的技術，展示我們作為雲領導者的持續增長。我對我們宣布即將到來的消息感到非常興奮，因為我們正在利用我們的雲數據和分析平台邁出下一步。本月晚些時候，我們將發布迄今為止最重要的雲功能公告，將我們行業領先的企業數據和分析平台、一流的工作負載管理和專利分析功能帶入下一代，以便公司能夠更智能地擴展，更快地創新並在雲端變得更強大。

Organizations support their largest and most complex workloads with outstanding cost efficiencies and enterprise price performance with Teradata today, and we are taking our capabilities even further. They will be enabled to accelerate their highest value opportunities, unlock data through our flexible and scalable platform, and activate their analytics through more data-driven decision-making. Ultimately, to solve mission-critical challenges and generate returns. We will share more at the time of our launch; but rest assured, we’ll do it better than anyone else.

當今，組織通過 Teradata 以卓越的成本效率和企業性價比來支持他們最大和最複雜的工作負載，我們正在進一步提升我們的能力。他們將能夠加速獲得最高價值的機會，通過我們靈活且可擴展的平台解鎖數據，並通過更多數據驅動的決策激活他們的分析。最終，解決關鍵任務挑戰並產生回報。我們將在發佈時分享更多內容；但請放心，我們會比其他人做得更好。

Following our announcement, we will be taking our message on the road, coming to all of our regions around the globe with our events series, entitled Possible. Our marketing team is accelerating to drive greater awareness of Teradata’s differentiated capabilities. Throughout this global series, we will showcase proven approaches to create value from data and analytics, and accelerate results, even in dynamic business environments. Exactly what our customers need now.

在我們宣布之後，我們將帶著我們的信息在路上，帶著我們的活動系列來到全球所有地區，題為“可能”。我們的營銷團隊正在加速提高對 Teradata 差異化能力的認識。在這個全球系列中，我們將展示經過驗證的方法來從數據和分析中創造價值，並加速取得成果，即使在動態的商業環境中也是如此。正是我們的客戶現在所需要的。

To help customers address their analytics needs, we are ensuring they know of our capabilities. We have driven ongoing expansion in our pipeline of opportunities in the cloud through the first half of 2022. We have actively worked on expanding the pipeline with a number of drivers, including greater awareness of the differentiated capabilities of our platform and brand as the connected multi-cloud data platform for enterprise analytics, greater experience in selling cloud-first, and in selling with partners.

為了幫助客戶滿足他們的分析需求，我們確保他們了解我們的能力。到 2022 年上半年，我們一直在推動我們在雲中的機會管道的持續擴張。我們積極致力於通過許多驅動因素來擴展管道，包括提高對我們平台和品牌作為互聯多方面的差異化能力的認識- 用於企業分析的雲數據平台，在雲優先銷售和與合作夥伴一起銷售方面擁有更豐富的經驗。

Our results are clearly showing the strength of our efforts to grow through migrations to the cloud, by continuing to expand hybrid environments, as customers maintain their on-prem environment while adding new, incremental workloads in the cloud with Teradata, and winning new logos, both in the cloud and on-prem.

我們的結果清楚地表明了我們通過遷移到雲來實現增長的努力，通過繼續擴展混合環境，因為客戶維護他們的本地環境，同時使用 Teradata 在雲中添加新的增量工作負載，並贏得新徽標，在雲端和本地。

We expect customer successes to continue as we look ahead to the second half of the year. Let’s walk through a few examples. A Fortune 500 insurance company is migrating its entire Vantage on-prem environment, development, production, and disaster recovery systems to Vantage on AWS. The customer chose Teradata because of the ease of migration we offer, our proven scalability to manage increasing analytical workloads, and our roadmap that aligns perfectly with their long-term strategy for data and analytics. PetroRio, the largest independent oil and gas company in Brazil, has chosen Vantage on AWS as its enterprise data and analytics platform. As a new Teradata customer, PetroRio is relying on Teradata to build a logical and flexible environment it can leverage for business analytics.

展望下半年，我們預計客戶的成功將繼續。讓我們看幾個例子。一家財富 500 強保險公司正在將其整個 Vantage 本地環境、開發、生產和災難恢復系統遷移到 Vantage on AWS。客戶之所以選擇 Teradata，是因為我們提供的遷移方便、我們經過驗證的可擴展性來管理不斷增加的分析工作負載，以及我們的路線圖與他們的數據和分析長期戰略完美契合。巴西最大的獨立石油和天然氣公司 PetroRio 選擇 Vantage on AWS 作為其企業數據和分析平台。作為 Teradata 的新客戶，PetroRio 依靠 Teradata 構建可用於業務分析的邏輯且靈活的環境。

One of the largest boutique healthcare labs in the US has chosen Vantage as the foundation for its data and analytics strategy. This new Teradata customer is integrating disparate data from several legacy databases and homegrown systems into a hybrid Vantage environment. Workloads will primarily be deployed on-prem to start, then ultimately migrate to Vantage on AWS. This customer will leverage Vantage to improve its personalized services and develop unique therapies to treat cancer. American Airlines, one of our long-standing customers, migrated to the cloud with Vantage and Microsoft. Vantage on Azure provides the flexibility, elasticity, and industry-leading price performance this airline titan needs for its business-critical operations. I encourage you to watch the videos on our website that outline this successful migration and the results achieved from data and analytics running on Vantage.

美國最大的精品醫療保健實驗室之一選擇 Vantage 作為其數據和分析戰略的基礎。這個新的 Teradata 客戶正在將來自多個舊數據庫和本土系統的不同數據集成到混合 Vantage 環境中。工作負載將主要部署在本地開始，然後最終遷移到 AWS 上的 Vantage。該客戶將利用 Vantage 改進其個性化服務並開發獨特的癌症治療方法。美國航空公司是我們的長期客戶之一，它與 Vantage 和 Microsoft 一起遷移到了雲端。 Vantage on Azure 提供了這家航空公司巨頭為其關鍵業務運營所需的靈活性、彈性和行業領先的性價比。我鼓勵您觀看我們網站上的視頻，這些視頻概述了這次成功的遷移以及在 Vantage 上運行的數據和分析所取得的成果。

I am very proud of how our team performed and drove wins in the quarter. We did not see anything unexpected, as we executed our strategy in a competitive market and challenging macro environment. There were no surprises or deal delays in the quarter.

我為我們的團隊在本季度的表現和取得勝利感到非常自豪。我們沒有看到任何意外，因為我們在競爭激烈的市場和充滿挑戰的宏觀環境中執行了我們的戰略。本季度沒有意外或交易延遲。

I am really enthusiastic about the strength of our pipeline as we enter the second half of the year. I mentioned wins and pipeline growth with partners. As a data platform leader, we are steadily enabling partners to extend our reach and drive adoption and consumption of Teradata. We have recently made some great partnership announcements that address important and emerging needs.

當我們進入下半年時，我對我們管道的實力非常感興趣。我提到了與合作夥伴的勝利和管道增長。作為數據平台的領導者，我們正在穩步幫助合作夥伴擴大我們的覆蓋範圍並推動 Teradata 的採用和消費。我們最近發布了一些重要的合作夥伴公告，以解決重要的和新興的需求。

We recently announced the integration of our Vantage platform with Amazon SageMaker. With the enterprise scale of Vantage, we empower even the largest organizations to execute complex analytics on massive datasets while using their favorite data science tools and languages – like SageMaker. With Vantage and the machine learning capabilities of SageMaker, AI and ML projects are able to move into wide-scale production in weeks instead of months, so that our joint customers can rapidly accelerate their AI/ML projects and get to value faster.

我們最近宣布將我們的 Vantage 平台與 Amazon SageMaker 集成。借助 Vantage 的企業級規模，我們甚至可以讓最大的組織在使用他們最喜歡的數據科學工具和語言（如 SageMaker）的同時對海量數據集執行複雜的分析。借助 Vantage 和 SageMaker 的機器學習功能，人工智能和機器學習項目能夠在數周而不是數月內進入大規模生產，因此我們的共同客戶可以快速加速他們的人工智能/機器學習項目並更快地實現價值。

Also, just announced was a new collaboration between GE Digital, Microsoft and Teradata. We are working together to support the imperative of addressing the devastating effects of climate change. Together, we will develop an offering designed to help provide aircraft operators tackle and reduce carbon emissions, and Teradata Vantage will be the underlying data and analytics platform to support this environmental sustainability initiative.

此外，剛剛宣布的還有 GE Digital、微軟和 Teradata 之間的新合作。我們正在共同努力，支持解決氣候變化的破壞性影響的必要性。我們將共同開發旨在幫助飛機運營商解決和減少碳排放的產品，而 Teradata Vantage 將成為支持這一環境可持續性倡議的基礎數據和分析平台。

Operating sustainably is a core element of ESG, and ESG is a core element of all aspects of our business. Our annual ESG report has just been released, and it outlines the depth of our increased attention and focus as well as the actions we have taken and the progress we have made as a responsible corporate citizen. I invite you to read through it on our website.

可持續經營是 ESG 的核心要素，ESG 是我們業務各個方面的核心要素。我們剛剛發布了年度 ESG 報告，其中概述了我們日益關注和關注的深度，以及我們已採取的行動以及我們作為負責任的企業公民所取得的進展。我邀請您在我們的網站上閱讀它。

Another significant element of ESG is governance, and we’ve just added new strength to our Board of Directors. I’m incredibly pleased that Todd McElhatton joined our board in the second quarter, and I’m excited that Teradata will be able to benefit from his deep financial experience and proven track record in successful transformations to the cloud. Teradata continues to be recognized as an ESG leader and has been named in the 50/50 Women on Boards Gender Diversity Directory. Diversity, Equity and Inclusion are cornerstones of our company, and I am proud that we are walking the walk.

ESG 的另一個重要元素是治理，我們剛剛為我們的董事會增添了新的力量。我非常高興 Todd McElhatton 在第二季度加入我們的董事會，我很高興 Teradata 將能夠從他豐富的財務經驗和成功向雲轉型的良好記錄中受益。 Teradata 繼續被公認為 ESG 領導者，並被列入 50/50 女性董事會性別多樣性目錄。多元化、公平性和包容性是我們公司的基石，我為我們正在走這條路而感到自豪。

As I turn the call over to Claire, I remain very confident in our future. We are growing in cloud. We have powerful technology that keeps on getting better. All this increases our total addressable market. A market that is large and organically growing from the never-ending need for data and analytics. I am enthusiastic about accelerating in the second half of the year, driving profitability, generating free cash flows and returning shareholder value.

當我把電話轉給克萊爾時，我對我們的未來仍然充滿信心。我們在雲中成長。我們擁有不斷改進的強大技術。所有這些都增加了我們的總目標市場。從對數據和分析的永無止境的需求中，一個龐大且有機增長的市場。我對下半年加速發展、提高盈利能力、產生自由現金流和回報股東價值充滿熱情。

Now, I’ll turn the call to Claire.

現在，我將把電話轉給克萊爾。

Thank you, Steve, and good afternoon, everyone.

謝謝史蒂夫，大家下午好。

In the second quarter, we reported $25 million of sequential cloud ARR growth or $30 million in constant currency. We also delivered earnings per share, $0.03 above the high end of the previously provided range and generated another quarter of very healthy free cash flow. This quarter was in line and consistent with the forecast that underpins our fiscal 2022 outlook. Our forecast is driven by our cloud-first, profitable growth strategy and by our solid financial fundamentals. Despite the current challenging economic environment and persistent currency headwinds, we are doing what we said we would do, and we remain on track to achieve our fiscal 2022 outlook.

在第二季度，我們報告了 2500 萬美元的連續雲 ARR 增長或 3000 萬美元的固定匯率。我們還實現了每股收益，比先前提供的範圍的高端高 0.03 美元，並產生了另外四分之一的非常健康的自由現金流。本季度與支撐我們 2022 財年展望的預測一致。我們的預測是由我們的雲優先、盈利增長戰略和穩健的財務基本面推動的。儘管當前具有挑戰性的經濟環境和持續的貨幣逆風，但我們正在按照我們所說的去做，我們仍有望實現我們的 2022 財年展望。

Let's get into the quarterly results, starting with ARR. Total ARR decreased by approximately 3% year-over-year as reported and grew 1% year-over-year in constant currency. On a year-over-year basis, there was approximately 4% of negative impact in the reported growth rates associated with exiting Russia as shared with you last quarter. On a sequential basis, total ARR declined by approximately $37 million, with approximately $32 million related to currency headwinds. Cloud ARR grew 68% year-over-year as reported and 75% year-over-year in constant currency.

讓我們從 ARR 開始了解季度業績。據報導，總 ARR 同比下降約 3%，按固定匯率計算同比增長 1%。與去年同期相比，上季度與您分享的與退出俄羅斯相關的報告增長率大約有 4% 的負面影響。在連續的基礎上，總 ARR 下降了約 3700 萬美元，其中約 3200 萬美元與貨幣逆風有關。據報導，雲 ARR 同比增長 68%，按固定匯率計算同比增長 75%。

Cloud ARR grew in all 3 geographic regions, both year-over-year and sequentially, continuing the momentum we have seen throughout the year. Cloud ARR growth in the second quarter was driven primarily by migrations, including a number of 7-figure deals. This migration activity came from a healthy number of existing on-prem customers new to the cloud with Teradata. Total new logos for the quarter were in the low double digits. This amount grew sequentially and year-over-year, better than historical seasonality. Total new logos included both on-prem and cloud customers, representing the financial services, government and transportation industries to name a few. This new logo momentum is a proof point of executing our strategy.

Cloud ARR 在所有 3 個地理區域均實現同比和環比增長，延續了我們全年看到的勢頭。第二季度雲 ARR 的增長主要是由遷移推動的，包括一些 7 位數的交易。此遷移活動來自大量使用 Teradata 剛接觸雲的現有本地客戶。本季度的新標識總數處於兩位數的低位。這一數量環比和同比增長，好於歷史季節性。全部新標識包括本地和雲客戶，代表金融服務、政府和運輸行業等等。這個新標誌的勢頭是執行我們戰略的證明點。

Regarding cloud expansions, our net expansion rate was approximately 120%. This is below our planned rate, but we are still on track to deliver our outlook of approximately 80% growth year-over-year in cloud ARR as reported and in constant currency. In the quarter, we had more customers expanding versus the same period last year. These enterprises are starting their expansion on the Vantage cloud platform with smaller test and development workloads with the potential for even greater growth ahead.

關於雲擴展，我們的淨擴展率約為 120%。這低於我們的計劃利率，但我們仍有望實現我們所報告的雲 ARR 同比增長約 80% 的預期，以不變貨幣計算。在本季度，與去年同期相比，我們有更多的客戶在擴張。這些企業開始在 Vantage 雲平台上進行擴展，測試和開發工作量更小，未來可能實現更大的增長。

In addition, we see 2 other trends that are not in the net expansion rate calculation that point to future growth. First, customers are expanding more than one-for-one at the point of migration that we originally modeled. Second, we are seeing new incremental cloud workloads from existing on-premise customers who are expanding their hybrid environment. These trends, along with our seasonally stronger second half and excellent cloud pipeline give us confidence in our ability to achieve this year's cloud ARR growth target.

此外，我們還看到了另外兩個未包含在淨擴張率計算中的趨勢，它們指向未來的增長。首先，在我們最初建模的遷移點上，客戶的擴展不止一對一。其次，我們看到來自現有本地客戶的新增量雲工作負載正在擴展他們的混合環境。這些趨勢，加上我們季節性強勁的下半年和出色的雲管道，使我們對實現今年雲 ARR 增長目標的能力充滿信心。

With regards to non-cloud components of total ARR, subscription ARR decreased 3% year-over-year as reported and maintenance and software upgrade rights ARR decreased 24% year-over-year as reported. Both were driven primarily by customers shifting their Teradata spend to term or cloud subscriptions and were also impacted by currency headwinds and the ceasing of Russia operations, which was in last year's numbers.

至於總 ARR 的非雲組件，據報導，訂閱 ARR 同比下降 3%，維護和軟件升級權利 ARR 同比下降 24%。兩者主要是由客戶將其 Teradata 支出轉移到定期或云訂閱驅動，並且還受到貨幣逆風和俄羅斯業務停止的影響，這是去年的數字。

Moving to revenue. Total revenue was $430 million, a 12% decrease year-over-year as reported and an 8% decrease in constant currency. Recurring revenue was $345 million, an 8% decrease year-over-year as reported and a 5% decrease in constant currency. As a percentage of total revenue, recurring revenue was 80% in the second quarter, a new high for Teradata. There was a negative year-over-year impact in the reported growth rate of approximately 15% of total revenue and approximately 14% for recurring revenue. Both were affected by the ceasing of operations in Russia, the impact of upfront recurring revenue and currency headwinds. We have provided a slide in this quarter's earnings presentation that shows the impact by quarter to ARR and revenue. It also clearly demonstrates the underlying business is growing as expected.

轉向收入。總收入為 4.3 億美元，同比下降 12%，按固定匯率計算下降 8%。經常性收入為 3.45 億美元，同比下降 8%，按固定匯率計算下降 5%。第二季度經常性收入佔總收入的比例為 80%，創 Teradata 的新高。報告的總收入增長率約為 15%，經常性收入的增長率約為 14%，這對同比產生了負面影響。兩者都受到俄羅斯業務停止、前期經常性收入和貨幣逆風的影響。我們在本季度的收益演示中提供了一張幻燈片，顯示了按季度對 ARR 和收入的影響。它還清楚地表明基礎業務正在按預期增長。

To add additional color on this quarter's recurring revenue, there was approximately $12 million of recurring revenue that was removed from our results due to exiting Russia. There was also less year-over-year benefit from upfront recurring revenue arrangements. The impact was a negative $6 million versus a small net positive amount we had expected in the quarter. For reference, this compares to a positive $22 million impact in the second quarter of 2021.

為了給本季度的經常性收入增添更多色彩，由於退出俄羅斯，我們從業績中刪除了大約 1200 萬美元的經常性收入。前期經常性收入安排的同比收益也較少。影響為負 600 萬美元，而我們本季度預期的淨正數很小。作為參考，相比之下，2021 年第二季度產生了 2200 萬美元的積極影響。

Looking ahead, we see a change in the quarterly shape for net upfront recurring revenue in the second half of 2022. We continue to expect a net negative amount in the third quarter, but now anticipate a net positive amount in the fourth quarter. As a result, we now anticipate a net $0.20 benefit to earnings per share related to upfront recurring revenue, similar to last year. Regarding perpetual and consulting revenue, we continue to execute against our strategy, moving to a higher-margin subscription revenue model and collaborating more with partners that drive higher adoption and greater consumption of Teradata.

展望未來，我們看到 2022 年下半年淨前期經常性收入的季度形態發生變化。我們繼續預計第三季度為淨負數，但現在預計第四季度為淨正數。因此，我們現在預計與前期經常性收入相關的每股收益淨收益為 0.20 美元，與去年相似。關於永久和諮詢收入，我們繼續執行我們的戰略，轉向利潤率更高的訂閱收入模式，並與推動 Teradata 更高采用率和更多消費的合作夥伴開展更多合作。

Moving to profitability. Teradata's second quarter gross margin rate was 61.2% and gross margin dollars were $263 million. The year-over-year decline in gross margin dollars is primarily due to negative currency impacts, ceasing our business operations in Russia, and the negative impact from upfront revenue arrangements in the quarter. Cloud gross margin dollars are improving as we continue to scale our cloud revenue.

轉向盈利。 Teradata 第二季度毛利率為 61.2%，毛利率為 2.63 億美元。毛利率同比下降主要是由於負面貨幣影響、停止我們在俄羅斯的業務運營以及本季度前期收入安排的負面影響。隨著我們繼續擴大雲收入，雲毛利率正在提高。

Operating profit margin was 12.8% in the quarter and the year-over-year decline in operating profit margin was primarily attributable to lower revenue. We continue to invest in cloud, go-to-market and R&D to drive greater adoption and consumption of our platform while also continuing solid cost discipline.

本季度營業利潤率為12.8%，營業利潤率同比下降主要是由於收入下降。我們將繼續投資於雲、上市和研發，以推動我們平台的更多采用和消費，同時繼續保持穩健的成本紀律。

Second quarter earnings per diluted share of $0.33 exceeded the high end of the previously provided outlook range of $0.30 even after accounting for a $0.02 benefit from the more favorable tax rate.

第二季度每股攤薄收益 0.33 美元超過了先前提供的 0.30 美元前景範圍的高端，即使考慮到更優惠的稅率帶來 0.02 美元的收益。

Turning to free cash flow and capital allocation. Free cash flow generated in the quarter was $102 million, driven primarily by efficient cash conversion sustaining our positive operational trends of cash collections over the last 5 quarters. In the second quarter, we repurchased approximately 2.1 million shares or $67 million in total. Of this dollar amount, $50 million related to the completion of the ASR transaction we entered into in February, and $17 million related to incremental shares repurchase during the quarter as we believe our shares are undervalued. We will continue to be opportunistic during the second half of the year.

轉向自由現金流和資本配置。本季度產生的自由現金流為 1.02 億美元，主要是由於有效的現金轉換維持了我們過去 5 個季度現金收集的積極運營趨勢。在第二季度，我們回購了大約 210 萬股股票或總計 6700 萬美元。在這一美元金額中，5000 萬美元與我們在 2 月份達成的 ASR 交易的完成有關，1700 萬美元與本季度的增量股票回購有關，因為我們認為我們的股票被低估了。下半年我們將繼續投機取巧。

For the first half of 2022, we have returned 126% of our year-to-date free cash flow to shareholders. As a reminder from our Investor Day, we committed to an annual 50% return target. We remain committed to capital allocation that drives shareholder returns. That includes share repurchases but also continued investment in the company that supports our strategy, the cloud acceleration and profitable growth.

2022 年上半年，我們已將年初至今自由現金流的 126% 返還給股東。作為投資者日的提醒，我們承諾實現 50% 的年度回報目標。我們仍然致力於推動股東回報的資本配置。這包括股票回購，還包括對支持我們戰略、雲加速和盈利增長的公司的持續投資。

On our capital structure, we upsized and extended the maturities of our debt facilities this past June, securing better pricing and increased flexibility for the company. In conjunction, we also entered into new interest rate and cross-currency swaps to reduce interest expense and minimize risk.

在我們的資本結構方面，我們在去年 6 月擴大並延長了債務融資的期限，確保了更好的定價並為公司增加了靈活性。同時，我們還簽訂了新的利率和交叉貨幣掉期合約，以減少利息費用並最大限度地降低風險。

With regards to 2022 outlook, I would like to provide some context on the third quarter and the rest of the year. We continue to have confidence that cloud ARR dollar growth will accelerate sequentially throughout the year. We know that our fourth quarter is seasonally our highest quarter from a sales perspective, and we expect a similar pattern from total ARR and cloud ARR growth in 2022. The strength of our weighted pipeline continues to improve. As Steve mentioned, customers continue to commit more substantially to Teradata in the cloud. We see that in our increasing win rates. Despite the current economic environment, we still have strong conviction in our cloud ARR outlook. We are building in conservatism and widening the outlook range for total ARR to account for on-prem deal timing given the macroeconomic environment.

關於 2022 年的展望，我想提供一些關於第三季度和今年剩餘時間的背景信息。我們仍然相信雲 ARR 美元的增長將在全年連續加速。我們知道，從銷售的角度來看，我們的第四季度是季節性最高的季度，我們預計 2022 年的總 ARR 和雲 ARR 增長會出現類似的模式。我們加權管道的實力繼續提高。正如史蒂夫所提到的，客戶繼續對雲中的 Teradata 做出更多承諾。我們在不斷提高的勝率中看到了這一點。儘管當前的經濟環境，我們仍然對我們的雲 ARR 前景充滿信心。鑑於宏觀經濟環境，我們正在建立保守主義並擴大總 ARR 的前景範圍，以考慮本地交易時機。

We have reviewed our 2022 financial forecast against the end of July currency exchange rates. Despite the continued strengthening of the U.S. dollar since April 2022, we are pleased to reaffirm our outlook for all other elements in constant currency and on a reported basis, though we could be towards the lower end of our ranges if currency headwinds continue to worsen. We will continue to focus on the fundamentals that drive healthy profitability and durable free cash flow generation.

我們已經根據 7 月底的貨幣匯率審查了 2022 年的財務預測。儘管美元自 2022 年 4 月以來持續走強，但我們很高興在報告的基礎上重申我們對所有其他不變貨幣因素的展望，儘管如果貨幣逆風繼續惡化，我們可能會接近我們區間的低端。我們將繼續關注推動健康盈利能力和持久自由現金流產生的基本面。

With that, we reaffirm our 2022 financial outlook. This includes approximately 80% growth year-over-year in cloud ARR as reported and in constant currency. Free cash flow of approximately $400 million and non-GAAP earnings per diluted share to be in the range of $1.55 to $1.65. For total ARR, we are widening the outlook range to decline in the low single-digit to mid-single-digit percentage range year-over-year as reported and grow in the low-single-digit to decline in the low-single-digit percentage range year-over-year in constant currency. Our complete 2022 outlook can be found in our second quarter earnings press release and presentation.

因此，我們重申了我們 2022 年的財務展望。這包括按報告和固定匯率計算的雲 ARR 同比增長約 80%。自由現金流約為 4 億美元，非公認會計準則每股攤薄收益在 1.55 美元至 1.65 美元之間。對於總 ARR，我們正在擴大前景範圍，使報告的同比下降幅度在低個位數到中個位數百分比範圍內，並從低個位數增長到低個位數下降以固定貨幣計算的同比數字百分比範圍。我們完整的 2022 年展望可以在我們的第二季度收益新聞稿和演示文稿中找到。

For the third quarter of 2022, we anticipate non-GAAP earnings per diluted share to be in the range of $0.27 to $0.31. We project the non-GAAP tax rate to be approximately 21% in the third quarter and approximately 25% for the full year. We also forecast the weighted average diluted shares outstanding to be approximately 106 million shares in the third quarter and approximately 107 million shares for the full year.

對於 2022 年第三季度，我們預計非公認會計準則每股攤薄收益將在 0.27 美元至 0.31 美元之間。我們預計第三季度的非公認會計原則稅率約為 21%，全年約為 25%。我們還預測第三季度的加權平均稀釋流通股約為 1.06 億股，全年約為 1.07 億股。

Thank you very much for your time today. Let's please open the call for questions.

非常感謝您今天的時間。讓我們打開問題的電話。

(Operator Instructions) Your first question comes from the line of Chad Bennett with Craig-Hallum.

（操作員說明）您的第一個問題來自 Chad Bennett 與 Craig-Hallum 的對話。

So just on the cloud -- public cloud ARR in the quarter. Last quarter, we really, despite the FX impacts on the rest of the business, revenues and ARR, we didn't get a call out for FX impact on public cloud ARR. What kind of change this quarter? And I guess I was under the impression that the majority of our public cloud business was being priced in U.S. dollars?

所以只是在雲上——本季度的公共雲 ARR。上個季度，儘管外匯對其他業務、收入和 ARR 產生了影響，但我們確實沒有得到關於公共雲 ARR 的外匯影響的呼籲。本季度有何變化？而且我想我的印像是我們的大部分公共雲業務都是以美元定價的？

Yes, this is Claire. Thanks for your question. So yes, we did see an impact, as you say, between the 68% year-over-year and 75% year-over-year between reported and constant currency. You may have noticed we did keep our full year guide of approximately 80% in reported and constant currency. So it's just a mix that we're seeing in the current quarter for Q2 that has a bigger impact on the currency impact. But for the full year, the mix is unchanged and in line with what we laid out to you previously.

是的，這是克萊爾。謝謝你的問題。所以是的，正如你所說，我們確實看到了報告貨幣和固定貨幣之間同比 68% 和同比 75% 之間的影響。您可能已經註意到，我們確實將全年指南的 80% 保持在報告和固定貨幣中。因此，這只是我們在本季度第二季度看到的一種組合，對貨幣影響有更大的影響。但是對於全年來說，組合沒有變化，並且與我們之前向您展示的內容一致。

So do we expect a headwind in the second half of the year from FX to public cloud? I know you reiterated reported in constant currency, but is the delta we've seen in the quarter something we should expect?

那麼我們是否預計下半年從外匯到公共雲會遇到逆風？我知道您重申了以固定貨幣報告，但我們在本季度看到的增量是我們應該期待的嗎？

No, I think as you move towards, there may be a small impact in Q3, but as you look to how we're going to finish in Q4, that mix is more weighted to your [point] in contracts in U.S. dollars. So the second half will not see a significant headwind with regards to currency.

不，我認為隨著您的前進，第三季度可能會產生很小的影響，但是當您查看我們將如何在第四季度完成時，這種組合在美元合同中的權重更大。因此，下半年在貨幣方面不會出現重大逆風。

Okay. And maybe one quick follow-up for me, if I could. Just on net expansion, Claire or Steve, for that matter, just the 120-plus, and I understand kind of the development and test use cases initially and kind of the language around that. But just -- it's a trailing 12-month metric. So how do we think about from a cohort standpoint? And I know we don't have years and years and years of cohorts necessarily, but maybe 24 months back or 12-month cohort in kind of aging those cohorts and how they've kind of -- how expansion has played out, if you can provide any detail there.

好的。如果可以的話，也許可以為我做一個快速的跟進。就網絡擴展而言，克萊爾或史蒂夫，就這件事而言，只是 120 多個，我最初了解開發和測試用例的種類以及圍繞它的語言種類。但只是 - 這是一個過去 12 個月的指標。那麼我們如何從隊列的角度思考呢？而且我知道我們不一定有多年、多年和多年的隊列，但可能是 24 個月前或 12 個月的隊列，這些隊列會老化，以及它們是如何發生的——擴張是如何發揮作用的，如果你可以在那裡提供任何細節。

Yes, Chad, I'll start off. Thanks very much for the question. It's really interesting when we look at the cohorts. I think what's actually playing out with our migration of our customer base to the cloud as the sales team are executing exactly on strategy and are [incented] to maximize their cloud ARR and that start of the migration. So we are seeing incremental cloud ARR compared to on-prem ARR at that first point of migration. And so they're actually capturing more expansion on that first point of migration, and for those cohorts, it's then impacting the subsequent net expansion rate. But overall, it actually means that we are still very solid in terms of the models that we have to achieve our cloud ARR, both and for the guidance for this fiscal year, and also for the goals that we've set out for 2025. So simply said, we're seeing more expansion on migration, and that is subsequently reducing the expansion through the life of that cohort, we expect to see that continue to improve as we move through time.

是的，乍得，我要開始了。非常感謝這個問題。當我們查看隊列時，這真的很有趣。我認為我們將客戶群遷移到雲端實際上正在發生什麼，因為銷售團隊正在嚴格執行戰略並且[激勵]最大化他們的雲 ARR 和遷移的開始。因此，在遷移的第一個點，與本地 ARR 相比，我們看到了增量雲 ARR。因此，他們實際上在第一個遷移點上獲得了更多的擴張，對於這些群體，它會影響隨後的淨擴張率。但總的來說，這實際上意味著我們在實現雲 ARR 所需的模型方面仍然非常穩固，無論是對於本財年的指導，還是對於我們為 2025 年設定的目標。簡單地說，我們看到更多的移民擴張，這隨後在該群體的整個生命週期中減少了擴張，我們希望隨著時間的推移看到這種情況繼續改善。

Your next question comes from the line of Tyler Radke with Citi.

您的下一個問題來自於花旗的 Tyler Radke。

Claire, could you just help us understand some of the assumptions that are going into the wider range on total ARR. I guess first on the macro side, are you embedding any more conservatism in terms of close rate, deal timing? And then secondly, just because you are seeing more cloud expansions, and it does feel like you feel pretty good about the cloud ARR number. I guess if you see more cloud conversions, does that help or hurt total ARR just in terms of the economics between on-prem and cloud? Just help us understand those moving pieces as we think about the wider range.

克萊爾，你能不能幫助我們理解一些關於總 ARR 範圍更廣的假設。我想首先在宏觀方面，您是否在收盤率、交易時機方面更加保守？其次，僅僅因為您看到了更多的雲擴展，並且確實感覺您對雲 ARR 數字感覺很好。我想如果您看到更多的雲轉換，僅就本地和雲之間的經濟性而言，這是否有助於或損害總 ARR？當我們考慮更廣泛的範圍時，只需幫助我們理解那些動人的部分。

Yes, thanks for your 2 questions. So first of all, with regard to the extended range on total ARR. Absolutely, we are adding in some conservatism there as we look towards the end of the year. That expansion is really to take into account potential on-prem deal timing impact that we may see in Q4 given the current macro volatility and also knowing that Q4 you see is really our highest quarter of total ARR growth.

是的，感謝您的 2 個問題。首先，關於總 ARR 的擴展範圍。當然，在我們展望年底時，我們正在增加一些保守主義。鑑於當前的宏觀波動，這種擴張實際上是要考慮到我們可能在第四季度看到的潛在本地交易時間影響，並且還知道您看到的第四季度確實是我們總 ARR 增長的最高季度。

With regard to your second question in the terms of -- it actually is good economics for us. What we see is as they are converting more as of the point of migration. We may then see a little bit less expansion, but the expansion over time is very strong and continues to be strong. So that's what gives us that confidence, not just in the full year 2022 guide of approximately 80%. But we are, thanks to what we're doing today, we're on track also for the long-term estimate of approximately $1 billion in 2025. So very happy with where we are today based on what we see and also the coverage and the wins -- the customer wins that we're seeing today and the benefit that we will continue to see in the second half of this year and as we get to over $1 billion to 2025.

關於你的第二個問題——這對我們來說實際上是一個很好的經濟學。我們看到的是，他們在遷移時轉換得更多。然後我們可能會看到稍微少一點的擴張，但隨著時間的推移，擴張非常強勁，並且會繼續保持強勁勢頭。所以這就是給我們信心的原因，而不僅僅是在 2022 年全年指南中的大約 80%。但是，由於我們今天所做的工作，我們也有望在 2025 年實現約 10 億美元的長期估計。根據我們所看到的以及覆蓋範圍和勝利——我們今天看到的客戶勝利以及我們將在今年下半年繼續看到的好處，到 2025 年我們將超過 10 億美元。

And Claire, just on free cash flow. So obviously, maintaining the guide for the full year despite some currency headwinds is impressive. It does look like if we look at the second half implied free cash flow, the seasonality or mix of free cash flow is a bit higher than you saw last year. Maybe just help us understand kind of the levers at your disposal, how you're able to offset those currency headwinds and why seasonality might be a little bit different than last year?

還有克萊爾，就自由現金流而言。很明顯，儘管存在一些貨幣逆風，但全年保持該指南是令人印象深刻的。如果我們看下半年隱含的自由現金流，看起來自由現金流的季節性或混合比你去年看到的要高一些。也許只是幫助我們了解您可以使用的槓桿類型，您如何能夠抵消這些貨幣逆風以及為什麼季節性可能與去年略有不同？

Yes, absolutely. So as you said, very happy with the guide of approximately $400 million of free cash flow. And the fact, actually, that in the current macroeconomic environment, we are maintaining this quarter our full year guide on EPS compared to our guide last quarter. So very happy with that. With regards to the cash flow generation, our biggest opportunity is in working capital. We've seen some great trends in our cash collections, for example, and a generation of working capital. And we've done that again in Q2, as you've seen with $100 million of free cash flow generation. So we're confident that we can keep that healthy balance sheet and strong working capital and cash conversion cycle as we continue through the year.

是的，一點沒錯。正如你所說，對大約 4 億美元的自由現金流的指導非常滿意。事實上，在當前的宏觀經濟環境下，與上一季度的指引相比，我們在本季度維持全年每股收益指引。對此非常滿意。關於現金流的產生，我們最大的機會是營運資金。例如，我們在現金收集方面看到了一些重大趨勢，以及一代營運資金。我們在第二季度再次做到了這一點，正如你所看到的，產生了 1 億美元的自由現金流。因此，我們有信心在全年繼續保持健康的資產負債表以及強勁的營運資本和現金轉換週期。

Your next question comes from the line of Wamsi Mohan with Bank of America.

您的下一個問題來自美國銀行的 Wamsi Mohan。

If we look at your total ARR at constant currency, your initial outlook at the beginning of the year was high single-digit growth. And today, at the midpoint, it's flat. And I know 4 points of that is Russia, which you couldn't have anticipated. But given your more mission-critical enterprise workloads, it would seem that you should be relatively more resilient to a macro downturn. And Steve, you noted some of that resiliency in your prepared comments, you also noted us a strong pipeline. So can you just help square the change in your constant currency total ARR from sort of the beginning of the year through now -- through that lens, if possible? And I have a follow up.

如果我們以固定匯率看您的總 ARR，您在年初的初步展望是高個位數增長。而今天，在中點，它是平坦的。我知道其中有 4 點是俄羅斯，這是你無法預料的。但考慮到您的任務關鍵型企業工作負載，您似乎應該對宏觀經濟衰退更具彈性。史蒂夫，你在準備好的評論中提到了一些彈性，你還注意到我們有一個強大的管道。那麼，如果可能的話，您能否幫助調整從年初到現在的固定貨幣總 ARR 的變化？我有一個跟進。

So the -- we -- as you said, Wamsi, the biggest (inaudible) to total ARR are clearly Russia and currency, yes. What we see in the business, and you had it right on the head, our workloads that we run inside our customers are absolutely mission critical. Unlike many of our competitors, we don't run discretionary workloads around marketing campaigns or sales campaigns. We are helping these organizations, operate, close their books, run their supply chains, run the critical operations of the business. And that means that our ARR is very sticky and solid in our customer base. Our pipeline -- our cloud pipeline for the second half of the year continues to strengthen in both quantity and quality as we progress those opportunities. So I guess, the biggest delta is from a Russia and FX perspective.

所以 - 我們 - 正如你所說，Wamsi，總 ARR 中最大的（聽不清）顯然是俄羅斯和貨幣，是的。我們在業務中所看到的，並且您已經清楚地知道了，我們在客戶內部運行的工作負載絕對是關鍵任務。與我們的許多競爭對手不同，我們不會圍繞營銷活動或銷售活動運行可自由支配的工作負載。我們正在幫助這些組織運營、結賬、運營供應鏈、運營關鍵業務。這意味著我們的 ARR 在我們的客戶群中非常具有粘性和穩固性。我們的管道——我們下半年的雲管道隨著我們推進這些機會而在數量和質量上繼續加強。所以我想，最大的增量來自俄羅斯和外彙的角度。

Okay. And Claire, your gross margins on recurring revenues were at the lowest level in a while. And can you just talk about the moving pieces here? How much of that is relative to changing upfront payments? How much of that is maybe FX? And on upfront side, I think you called out sort of a delta versus expectations in the second quarter and now maybe more upfront in the fourth quarter. Can you talk about what is the underlying cause that's actually driving that change?

好的。還有克萊爾，你的經常性收入毛利率處於一段時間以來的最低水平。你能在這裡談談移動的部分嗎？其中有多少與更改預付款有關？其中有多少可能是外匯？在前期，我認為您在第二季度與預期相比存在某種差異，現在可能在第四季度更加前期。你能談談真正推動這種變化的根本原因是什麼嗎？

Absolutely. So yes, to your point with regards to recurring revenue margin, 2 factors that we see both quarter-over-quarter and year-over-year. So first of all, we have a full quarter in recurring revenue of the impact of Russia. So an impact there. We also, obviously, see the currency impact and the upfront impact. And just in case people haven't seen it on Page 8 of our earnings presentation, we have actually laid out the impact across ARR, total revenue and recurring revenue by quarter of those 3 headwinds that we're seeing. So upfront revenue, FX in Russia. And as I believe everyone will remember from last earnings, Russia was an accretive business for us. So we did have a drop to the bottom line out of FX and the upfront revenue year-over-year decline that we're seeing in Q2. So just as a reminder, I said in my prepared remarks, we saw a negative impact of $6 million in the current quarter compared to a positive of 22.

絕對地。所以，是的，就經常性收入利潤率而言，這是我們看到的兩個季度環比和同比因素。所以首先，我們有一個完整的季度經常性收入受到俄羅斯的影響。所以那裡有影響。顯然，我們還看到了貨幣影響和前期影響。萬一人們沒有在我們的收益報告的第 8 頁看到它，我們實際上已經按我們看到的這 3 個逆風中的四分之一列出了對 ARR、總收入和經常性收入的影響。所以前期收入，俄羅斯的外匯。而且我相信每個人都會從上次的收益中記住，俄羅斯對我們來說是一個增值業務。因此，我們確實看到了外彙的底線以及我們在第二季度看到的前期收入同比下降。因此，作為提醒，我在準備好的講話中說，我們看到本季度的負面影響為 600 萬美元，而正面影響為 22 美元。

To your point, Wamsi, on timing, so just as a reminder, that is purely driven by the kind of renewal and expansion of our on-premise customers. It has always been difficult to predict, which is why we tend to give high-level estimates. So there was a slight difference with what we were expecting in Q2, as you said, slight negative versus a small net positive. And it's just the deal timing. And that's the same as well as we look out to H2.

就你的觀點而言，Wamsi 在時間上，所以提醒一下，這純粹是由我們的本地客戶的更新和擴展驅動的。它一直很難預測，這就是為什麼我們傾向於給出高水平的估計。因此，正如您所說，與我們在第二季度的預期略有不同，輕微的負面與少量的淨正面。這只是交易時機。這和我們期待 H2 一樣。

Your next question comes from the line of Erik Woodring with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Erik Woodring。

This is [Sabrina] on for Erik Woodring. I guess our first is you beat 2Q EPS out your outlook by $0.05 the midpoint, but kept the full year EPS guide unchanged, which implies the second half is coming down slightly. Can you talk about why that is, given your revenue outlook hasn't changed? And then I have a follow-up.

這是 Erik Woodring 的 [Sabrina]。我想我們的第一個是您將第二季度的每股收益超出預期中點 0.05 美元，但保持全年每股收益指引不變，這意味著下半年略有下降。鑑於您的收入前景沒有改變，您能談談為什麼會這樣嗎？然後我有一個跟進。

Yes, absolutely. So actually, the $0.02 of the $0.03 above the top end of the range was actually from the favorable taxes. So that's not a knock-on benefit. Our overall tax rate for the year is unchanged. It's just a seasonality of our tax rate, [Sabrina]. And so actually -- and also with the additional currency headwinds, we have seen a slight -- if we look forward to the second half of the year, we have seen a slight deterioration in the currency rate by approximately 25 basis points. So we're absorbing that into our full year EPS as well. So they are the kind of big drivers from an EPS standpoint. I missed your follow-up question, sorry.

是的，一點沒錯。因此，實際上，超出範圍上限的 0.03 美元中的 0.02 美元實際上來自優惠稅收。所以這不是一個連鎖反應。我們今年的整體稅率保持不變。這只是我們稅率的季節性，[Sabrina]。所以實際上 - 並且在額外的貨幣逆風下，我們已經看到了輕微的 - 如果我們期待今年下半年，我們看到貨幣匯率略有下降約 25 個基點。因此，我們也將其納入全年每股收益中。因此，從 EPS 的角度來看，它們是那種大驅動力。我錯過了你的後續問題，對不起。

Yes. And just a follow-up is, can you talk about how your customer conversations have evolved since the end of the quarter? Have there been any changes by geography, deal size or the pace of customer decision-making given the macro environment?

是的。後續跟進的是，您能否談談自本季度末以來您的客戶對話是如何演變的？在宏觀環境下，地域、交易規模或客戶決策速度是否有任何變化？

[Sabrina] no -- this is Steve. Thanks for the question. We're not seeing deltas from that perspective. Again, we -- we're very solid in our existing customer base. We understand what those customers are doing. We've got long-term relationships with our existing customer organizations. We haven't seen any demand signal weakness for our offers or for what the customers are buying either in this past quarter or for the rest of the year. And as I mentioned earlier, we're actually seeing our cloud pipeline continue to increase. So that gives us some good demand signal from a cloud perspective. That point that we're mission-critical and (inaudible) our customer base means that committed ARR and those multiyear agreements that they've signed with us gets us some stability around our business model and financial results.

[薩布麗娜] 不——這是史蒂夫。謝謝你的問題。從這個角度來看，我們沒有看到增量。同樣，我們 - 我們在現有客戶群中非常穩固。我們了解這些客戶在做什麼。我們與現有的客戶組織建立了長期合作關係。我們沒有看到我們的報價或客戶在過去一個季度或今年剩餘時間購買的產品的任何需求信號疲軟。正如我之前提到的，我們實際上看到我們的雲管道繼續增加。因此，從雲的角度來看，這給了我們一些良好的需求信號。我們是關鍵任務和（聽不清）我們的客戶群，這意味著承諾的 ARR 和他們與我們簽署的那些多年協議使我們在業務模式和財務業績方面保持一定的穩定性。

Your next question comes from the line of Matt Hedberg with RBC Capital Markets.

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

This is Anushtha for Matt Hedberg. Maybe to start with, could you talk about how you're thinking about the pace of hiring in the remainder of 2022, given the inflationary environment? And what will be the key areas of investment?

這是馬特·赫德伯格的 Anushtha。也許首先，考慮到通貨膨脹的環境，您能否談談您如何看待 2022 年剩餘時間的招聘步伐？投資的重點領域是什麼？

Thank you for the question. Yes, we we're going to continue hiring critical talent, especially cloud talent. Even in the past quarter or so, we've recruited a new head of our EMEA organization. We are looking very prudently across all of our investments. Our focus is to make sure that we maintain profitable growth. We will continue to invest in the business in key areas where we think that growth will be driven from, especially from a cloud perspective, cloud skills capabilities and continuing to advance our strategy. We haven't seen any challenges from a recruitment perspective. I think that one of the real strengths of Teradata is actually the culture of the company. People love coming to work for Teradata. They can bring their genuine and authentic selves. And I think that culture and the environment that we create, creates a really positive place for people who want to stay with us, they want to demonstrate great results, but also enables us to attract in the right kind of talent. But again, from an investment perspective, we are going to be prudent on our investments to ensure that we have that profitable growth.

感謝你的提問。是的，我們將繼續招聘關鍵人才，尤其是雲人才。即使在過去一個季度左右，我們也招聘了一位新的歐洲、中東和非洲組織負責人。我們對所有投資都非常謹慎。我們的重點是確保我們保持盈利增長。我們將繼續投資於我們認為將推動增長的關鍵領域的業務，特別是從雲的角度、雲技能能力和繼續推進我們的戰略。從招聘的角度來看，我們沒有看到任何挑戰。我認為 Teradata 的真正優勢之一實際上是公司的文化。人們喜歡來 Teradata 工作。他們可以帶來真實而真實的自我。我認為我們創造的文化和環境，為那些想要和我們在一起的人創造了一個非常積極的地方，他們想要展示偉大的成果，同時也使我們能夠吸引合適的人才。但同樣，從投資的角度來看，我們將對我們的投資保持謹慎，以確保我們有盈利的增長。

Got it. And then in the current environment, as enterprises increasingly prioritize ROI investments, could you talk about the durability of Teradata's platform in a recessionary scenario? And in addition to the functionality, how does -- does better price performance than competitors serve as a benefit in landing new logos?

知道了。然後在當前環境下，隨著企業越來越重視 ROI 投資，您能否談談 Teradata 平台在衰退情景中的耐用性？除了功能之外，比競爭對手更好的價格性能如何成為登陸新徽標的好處？

Yes. Absolutely. Price performance is a key way, one that we win new logos, it also increases the stickiness of our platform. The workloads that we run for our customers are absolutely mission critical. So the durability of the platform is incredibly strong. I actually look at it from an AI and ML and analytics perspective. Our customers tend to only use about 20% of the capabilities of the platform. So we see that as a key opportunity for us and for our customers to utilize those capabilities, perhaps reduce spend on other platforms that they have inside their technology stack and use Teradata capabilities that they're already paying for and they are already in the Teradata platform. So that as well gives us opportunity and also enables us to, again, be very stable and [favor] customer environment.

是的。絕對地。價格性能是我們贏得新徽標的關鍵方式，它也增加了我們平台的粘性。我們為客戶運行的工作負載絕對是關鍵任務。所以平台的耐用性非常強。我實際上是從 AI、ML 和分析的角度來看待它。我們的客戶往往只使用該平台大約 20% 的功能。因此，我們認為這是我們和我們的客戶利用這些功能的關鍵機會，可能會減少他們在其技術堆棧中擁有的其他平台上的支出，並使用他們已經支付費用並且已經在 Teradata 中的 Teradata 功能平台。因此，這也為我們提供了機會，也使我們能夠再次變得非常穩定並[青睞]客戶環境。

Your next question comes from the line of Raimo Lenschow with Barclays.

您的下一個問題來自巴克萊銀行的 Raimo Lenschow。

This is [Sheldon] on for Raimo. We are certainly hearing different perspectives on the challenging macro environment by region. And in the quarter, it looks like the Americas segment for revenue declined 8% in constant currency versus a strong double-digit growth last quarter. This is a little surprising given the [inflation] from Russia and FX and the mission-critical nature. Was -- is that a surprise to you? And is there any moving parts there to consider? Would it be the less upfront recognition in the quarter?

這是 Raimo 的 [Sheldon]。我們當然聽到了不同地區對充滿挑戰的宏觀環境的不同看法。在本季度，按固定匯率計算，美洲部分的收入似乎下降了 8%，而上一季度則實現了兩位數的強勁增長。考慮到俄羅斯和外彙的 [通貨膨脹] 以及任務關鍵性質，這有點令人驚訝。是——這對你來說是一個驚喜嗎？是否有任何活動部件需要考慮？會不會是本季度的前期認可度較低？

Yes. So absolutely, towards the end here, you hit them on the head. As you saw, we're actually growing in constant currency Americas for the first half, but specifically in Q2, as you said, we are declining and the big impact there in constant currency is from the upfront revenue recognition. So it's a seasonality impact between Q2 of this year versus Q2 of last year. But for overall for the half, we are seeing constant currency growth in the Americas.

是的。所以絕對是，到這裡結束時，你擊中了他們的頭部。正如你所看到的，我們實際上在上半年以不變貨幣美洲增長，但特別是在第二季度，正如你所說，我們正在下降，而不變貨幣的重大影響來自前期收入確認。因此，這是今年第二季度與去年第二季度之間的季節性影響。但總體而言，我們看到美洲的貨幣持續增長。

Very clear. And then a quick follow-up, if I may. How has the reception been from customers on the blended pricing with both the capacity-based piece and the consumption element, and how did that consumption element specifically perform versus your expectations in the quarter?

非常清楚。如果可以的話，然後快速跟進。客戶對基於容量的單件和消費元素的混合定價的接受情況如何，以及該消費元素在本季度的具體表現與您的預期相比如何？

Yes. So we are seeing some of our customers take advantage of that blended pricing model, but by far and away, the bulk of our revenue is actually in fixed capacity agreements, which gives us that, again, financial surety around our business model and results for the year. We are starting to see our customers utilize those consumption agreements for (inaudible) in the workload. We think as well it's a great way to win new logos, so that customers can start small with us and then grow. But even in those agreements, what we see is customers really want to get the best of a blended model because they can contract with us at a reduced rate for fixed capacity. And then just (inaudible) for what you need, that gives us a real insight into the financials of our cloud business as we move forward. So it's an attractive model that our customers are taking advantage of. But by far and away, it's a small part of our existing recurring revenue streams.

是的。因此，我們看到我們的一些客戶利用了這種混合定價模式，但到目前為止，我們的大部分收入實際上是在固定容量協議中，這再次為我們提供了圍繞我們的業務模式和結果的財務保證那一年。我們開始看到我們的客戶在工作負載中使用這些消費協議（聽不清）。我們也認為這是贏得新徽標的好方法，這樣客戶就可以從我們的小事做起，然後發展壯大。但即使在這些協議中，我們看到客戶確實希望獲得混合模型的最佳效果，因為他們可以以較低的價格與我們簽訂固定容量合同。然後只是（聽不清）你需要什麼，這讓我們在我們前進的過程中真正了解我們的雲業務的財務狀況。因此，這是我們的客戶正在利用的一種有吸引力的模式。但到目前為止，它只是我們現有經常性收入流的一小部分。

Your next question comes from the line of Derrick Wood with Cowen.

你的下一個問題來自 Derrick Wood 和 Cowen 的對話。

I jumped on late. But from what I've heard so far, it sounds like you're not seeing a material impact from the macro. You remain confident in the demand and pipeline around cloud. But perhaps there was some delay in on-prem renewals, and I wanted to touch on that. If I look at the on-prem ARR, I come up with about 6% decline in constant currency, which was down versus a 3% decline last quarter, or maybe flat in Q4. Was that an area that was a little weaker? And with respect to your guidance for total ARR, are you expecting that to make that up in terms of stronger renewal of that business in the second half? Or do you assume perhaps that some of those renewals slip?

我遲到了。但從我目前聽到的情況來看，聽起來你沒有看到宏觀的實質性影響。您對圍繞雲的需求和管道仍然充滿信心。但也許本地續訂有一些延遲，我想談一談。如果我查看本地 ARR，我得出的固定匯率下降了約 6%，與上一季度的 3% 下降相比有所下降，或者第四季度可能持平。那是一個弱一點的區域嗎？關於您對總 ARR 的指導，您是否期望在下半年對該業務進行更強勁的更新來彌補這一點？或者您是否認為其中一些續約會滑倒？

Yes, let me just start on the the impacts that we're seeing on total ARR. So you may have missed it that we have added a new disclosure on Page 8 of our earnings presentation, which breaks down the impacts that we're seeing across total ARR revenue, total revenue and recurring revenue. And what you'll see there is that across currency and Russia year-over-year, we're actually seeing 8% impact year-over-year. So a combination of currency and Russia being a significant headwind. And actually, that increases to, if you include upfront revenue and the timing and seasonality we were talking about, that's 15% impact from total revenue and 14% impact on recurring revenue year-over-year. So once you look at that and have a look at that additional disclosure, hopefully, that clarifies that actually the underlying business is growing as expected. And I'll just pass to Steve to talk about the macro.

是的，讓我先談談我們看到的對總 ARR 的影響。因此，您可能錯過了我們在收益報告的第 8 頁添加了新的披露，該披露分解了我們在 ARR 總收入、總收入和經常性收入方面看到的影響。你會看到，在貨幣和俄羅斯的年復一年中，我們實際上看到了 8% 的年比影響。因此，貨幣和俄羅斯的結合是一個重大的逆風。實際上，如果您包括前期收入以及我們正在談論的時間和季節性，這將增加至總收入的 15% 和對經常性收入的同比影響 14%。因此，一旦您查看了該信息並查看了該額外披露，希望能夠澄清基礎業務實際上正在按預期增長。我將請史蒂夫談談宏。

Yes. From a macro perspective, Derrick, as you know, we are rock-solid in our customers, executing mission-critical workloads that gives us a lot of stability of the revenue platform. And in addition to that, our business model being now 80% recurring revenue gets great revenue stability as we move through the rest of the year. The commitment -- the multiyear commitments around fixed capacity that we have for our customers also gets this confidence in our second half financial performance. So from a macro perspective, clearly, there are impacts, but we have a very, very strong financial model.

是的。從宏觀角度來看，Derrick，如您所知，我們在客戶中堅如磐石，執行關鍵任務工作負載，為我們提供了很大的收入平台穩定性。除此之外，我們的業務模式現在是 80% 的經常性收入，隨著我們在今年剩下的時間裡獲得很好的收入穩定性。承諾——我們為客戶提供的圍繞固定產能的多年承諾也讓我們對下半年的財務業績充滿信心。因此，從宏觀角度來看，顯然會有影響，但我們有一個非常非常強大的財務模型。

Okay. That's helpful. And then back on the question, clarity around free cash flow. I mean you guys have done a great job in light of the FX headwinds, Russia and really kept that -- the health of the free cash flow this year. Are there -- I know you don't guide beyond this, but are there -- were there onetime impacts this year that you were able to pull levers on that could be tough to be repeatable going into next year? Or is that just like cash conversion focus, something that can be durable?

好的。這很有幫助。然後回到問題上，明確自由現金流。我的意思是，鑑於俄羅斯的外匯逆風，你們做得很好，並且確實保持了這一點——今年自由現金流的健康狀況。有沒有——我知道你沒有超越這一點，但是有沒有——今年有一次性的影響，你能夠拉動槓桿，這可能很難在明年重複？或者這就像現金轉換焦點一樣，可以持久嗎？

So I believe the cash conversion focus is durable, Derrick, absolutely (inaudible) great, consistent performance. So absolutely, cash conversion cycle is durable. We did have a tax refund benefit, which I talked about in Q1, which is a benefit in the quarter, but I do have absolutely confidence in our long-term generation of durable free cash flows. And as we laid out at Investor Day last year, we still have good line of sight of approximately $550 million by 2025.

因此，我相信現金轉換的重點是持久的，Derrick，絕對（聽不清）出色、一致的表現。所以絕對地，現金轉換週期是持久的。我們確實有退稅優惠，我在第一季度談到了這一點，這是本季度的一項優惠，但我對我們長期產生的持久自由現金流絕對有信心。正如我們去年在投資者日上所闡述的那樣，到 2025 年，我們仍有約 5.5 億美元的良好前景。

There are no further questions at this time. I will now turn the call back over to Steve McMillan for his final remarks.

目前沒有其他問題。我現在將把電話轉回給史蒂夫麥克米蘭，讓他發表最後的講話。

Thank you, Lisa.

謝謝你，麗莎。

As we sign off, I've got great confidence in our future. Our strategy in the company is absolutely right. We are growing in the cloud, and we're driving a strong pipeline for the second half of the year to accelerate that momentum. Our Vantage data and analytics platform remains mission-critical for enterprises all over the world, and I'm incredibly excited about our upcoming announcement that takes our industry-leading capabilities into the next-generation so that companies can scale smarter, innovate faster and grow stronger in the cloud. We remain really focused on delivering shareholder value. Thanks for joining us today.

當我們簽約時，我對我們的未來充滿信心。我們在公司的戰略是絕對正確的。我們正在雲中成長，我們正在推動下半年的強大管道以加速這一勢頭。我們的 Vantage 數據和分析平台對於世界各地的企業來說仍然是關鍵任務，我對我們即將發布的公告感到非常興奮，該公告將我們行業領先的能力帶入下一代，以便公司能夠更智能地擴展、更快地創新和成長雲中更強。我們仍然真正專注於為股東創造價值。感謝您今天加入我們。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。