Teradata Corp (TDC) 2022 Q3 法說會逐字稿

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

下午好。我叫丹妮爾，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 Teradata 2022 年第三季度財報電話會議。 （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。

Good afternoon, and welcome to Teradata's 2022 Third 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，歡迎來到 Teradata 的 2022 年第三季度財報電話會議。 Teradata 總裁兼首席執行官 Steve McMillan 將主持我們今天的電話會議；隨後是 Teradata 的首席財務官 Claire Bramley，他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 September 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預測和其他被視為前瞻性陳述的信息。雖然這些陳述反映了我們目前的展望，但它們受到許多風險和不確定因素的影響，這些風險和不確定因素可能導致實際結果存在重大差異。這些風險因素在今天的收益發布和我們提交給美國證券交易委員會的文件中有所描述，包括我們最近的 10-K 表格和截至 2022 年 9 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作出的，我們不承擔更新我們的前瞻性陳述的責任或義務。

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.

在今天的電話會議上，我們將討論某些非 GAAP 財務措施，這些措施不包括基於股票的補償費用和我們的收益發布中描述的其他特殊項目等項目。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，否則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 指標與 GAAP 指標的對賬包含在我們的收益發布中，可在我們網站 investor.teradata.com 的投資者關係頁面上訪問。

A replay of this conference call will be available later today on our website. And now I will turn the call over to Steve.

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。現在我將把電話轉給史蒂夫。

Thanks, Chris, and good afternoon, everyone. Thank you for joining us today. In Q3 2022, we accelerated our cloud momentum and delivered profitability at the top end of our outlook range. I am pleased with our ongoing progress as we delivered our second largest cloud quarter ever. Cloud ARR was $279 million, growing nearly 100% year-over-year in constant currency. We achieved cloud ARR growth in all geographic regions year-over-year driven by improving win rates. As we accelerate our cloud ARR, we are also increasing the volume of cloud transactions we are executing, nearly doubling the amount year-to-date.

謝謝，克里斯，大家下午好。感謝您今天加入我們。在 2022 年第三季度，我們加快了雲計算發展勢頭，並實現了我們預期範圍高端的盈利能力。我對我們不斷取得的進展感到滿意，因為我們交付了有史以來第二大雲計算季度。 Cloud ARR 為 2.79 億美元，按固定匯率計算同比增長近 100%。在贏率提高的推動下，我們在所有地理區域實現了雲 ARR 的同比增長。隨著我們加速我們的雲 ARR，我們也在增加我們正在執行的雲交易量，幾乎是今年迄今為止的兩倍。

We continue to build and maintain long-term relationships with our customers as they move to the cloud with us and realize the value that comes when unlocking insights from all of their data. In the quarter, we signed a number of large deals, including an 8-figure cloud migration as well as an 8-figure expansion with a cloud customer that has been with us for less than 12 months. These large transactions were in addition to a number of smaller migrations and expansions.

隨著客戶與我們一起遷移到雲端，我們將繼續與客戶建立並保持長期關係，並意識到從他們的所有數據中釋放洞察力所帶來的價值。在本季度，我們簽署了許多大型交易，包括 8 位數的雲遷移以及與我們合作不到 12 個月的雲客戶的 8 位數擴展。這些大型交易是對一些較小的遷移和擴展的補充。

It is encouraging that we continue to see a balanced portfolio of transaction sizes. As customers often start small, they discover that Teradata is the fastest path to the cloud with the least risk and lowest cost and can scale easily as they achieve breakthrough results from their data.

令人鼓舞的是，我們繼續看到交易規模的平衡組合。由於客戶通常從小處著手，他們發現 Teradata 是通往雲的最快路徑，風險最小，成本最低，並且在他們從數據中取得突破性成果時可以輕鬆擴展。

Our strong cloud growth demonstrates that our customers recognize the value in Teradata's mission-critical capabilities as we deliver the best cloud analytics and data platform in the market to navigate through the macroeconomic pressures and recessionary concerns that exist today. Our total ARR was flat in constant currency and declined by 4% as reported. As we have discussed before, this was primarily due to continued currency headwinds and the effects of ceasing our operations in Russia.

我們強勁的雲增長表明，我們的客戶認識到 Teradata 的關鍵任務功能的價值，因為我們提供市場上最好的雲分析和數據平台，以應對當今存在的宏觀經濟壓力和經濟衰退問題。我們的總 ARR 按固定匯率計算持平，如報告的那樣下降了 4%。正如我們之前所討論的，這主要是由於持續的貨幣逆風和停止在俄羅斯開展業務的影響。

To put these results into context, I'd like to take a moment and remind everyone where we are on our transformation journey. When I joined just 2 years ago, we advanced our strategy and pivoted our business to cloud first. Our third quarter's achievements reflect another step on that journey. Our strategy is designed for continued rapid cloud growth, balanced with delivering profits and return of capital to our shareholders. If our sellers are faced with the option to sell a small on-prem expansion or wait and subsequently help our customers migrate to the cloud with Teradata, they lead with the cloud.

為了將這些結果放在背景中，我想花點時間提醒大家我們在轉型之旅中所處的階段。當我 2 年前加入時，我們推進了我們的戰略並將我們的業務首先轉向雲。我們第三季度的成就反映了這一旅程的又一步。我們的戰略旨在實現持續快速的雲增長，同時為我們的股東帶來利潤和資本回報。如果我們的賣家面臨出售小型本地擴展或等待並隨後幫助我們的客戶使用 Teradata 遷移到雲的選擇，那麼他們將以雲為先。

As a result, we are helping our customers effectively achieve their ambitions in the cloud while securing Teradata's place in the customer's future architecture. We now have hundreds of our existing customer base realizing value from the Teradata cloud environment.

因此，我們正在幫助我們的客戶有效地實現他們在雲中的雄心壯志，同時確保 Teradata 在客戶未來架構中的地位。我們現在有數百個現有客戶群從 Teradata 雲環境中實現價值。

We've also built out a set of sales plays that drive sticky analytic workloads based on our recently announced ClearScape Analytics capabilities. We've invested in our long-term customer success team, ensuring we keep our lens on account health and driving outstanding cloud experiences that set us up for ongoing expansions and future migrations.

我們還構建了一組銷售策略，這些策略基於我們最近宣布的 ClearScape Analytics 功能來驅動粘性分析工作負載。我們投資於我們的長期客戶成功團隊，確保我們始終關注客戶健康狀況並推動出色的雲體驗，為持續擴展和未來遷移做好準備。

We've been relentlessly focused on executing against our cloud strategy and assertively moving forward in the market. Cloud growth is exactly the goal we set out to achieve, and our sales teams have embraced it and are performing strongly, with our top priority on selling cloud through a natural give and take with on-prem ARR expansion.

我們一直堅持不懈地專注於執行我們的雲戰略，並在市場上果斷前進。雲增長正是我們要實現的目標，我們的銷售團隊已經接受了它並且表現強勁，我們的首要任務是通過本地 ARR 擴展的自然給予和接受來銷售雲。

Q4 is seasonally our strongest quarter and gives us conviction to reaffirm our 2022 financial outlook. Claire will cover more details in her remarks, but I want to touch on our 2022 ARR guidance. While we did not accelerate total growth on a reported basis, we are committed to growing faster next year and beyond, especially as our cloud business becomes a greater portion of our mix, and we are pleased with the rapid and sustainable growth in the cloud that is leading to stickier and longer-lasting economics.

第 4 季度是我們最強勁的季節性季度，讓我們有信心重申 2022 年的財務前景。克萊爾將在她的發言中介紹更多細節，但我想談談我們的 2022 ARR 指南。雖然我們沒有在報告的基礎上加速總體增長，但我們致力於在明年及以後實現更快的增長，尤其是當我們的雲業務在我們的業務組合中所佔比例越來越大時，我們對雲業務的快速和可持續增長感到滿意正在導致更具粘性和更持久的經濟。

Our eyes remain firmly on the growth horizon as we look to the full year and beyond. We know that companies need the best insights possible, and that is what we deliver. We enable our customers to extract value from all of their data, empower users and drive smarter, faster innovation at scale at a highly competitive cost point. We remain committed to our strategy and are confident in our ability to deliver on it as a profitable multi-cloud analytics and data platform leader.

展望全年及以後，我們的目光仍堅定地放在增長的地平線上。我們知道公司需要盡可能最好的見解，而這正是我們提供的。我們使我們的客戶能夠從他們的所有數據中提取價值，賦予用戶權力，並以極具競爭力的成本推動更智能、更快速的大規模創新。我們仍然致力於我們的戰略，並相信我們有能力作為一個盈利的多雲分析和數據平台領導者來實現它。

In the third quarter, we took major steps forward in our technology innovations, announcing our most significant offerings in years. We proudly launched Teradata VantageCloud Lake, our first product built on an all-new, next-generation, cloud-native architecture. VantageCloud Lake is designed to be automatically elastic and leverage low-cost object story at its core, yet with the power that Teradata is known for, and it's easy to use and expand as needed. As a result, we expect Lake to provide faster access, better governance and more powerful analytics at massive scale, all at a lower total cost of ownership.

在第三季度，我們在技術創新方面邁出了重要一步，發布了多年來最重要的產品。我們自豪地推出了 Teradata VantageCloud Lake，這是我們的第一款基於全新的下一代云原生架構構建的產品。 VantageCloud Lake 旨在自動彈性化，並以低成本的對象故事為核心，同時擁有 Teradata 眾所周知的強大功能，並且易於使用和按需擴展。因此，我們希望 Lake 能夠以更低的總擁有成本提供更快的訪問、更好的治理和更強大的大規模分析。

VantageCloud Lake extends our technology beyond mission-critical enterprise needs and expands the reach of our differentiated capabilities to departmental, exploratory and ad hoc use cases without moving the data. We believe these advances open up entirely new markets and opportunities for our customers. More importantly, it empowers our customers to drive more innovation.

VantageCloud Lake 將我們的技術擴展到任務關鍵型企業需求之外，並將我們差異化功能的範圍擴展到部門、探索性和臨時用例，而無需移動數據。我們相信這些進步為我們的客戶開闢了全新的市場和機會。更重要的是，它使我們的客戶能夠推動更多創新。

We also introduced ClearScape Analytics, expanding the high-performing analytics that Teradata is known for. With ClearScape Analytics, customers can take advantage of the most in-database analytic functions anywhere in the market along with critical AI/ML model management tools to meet growing analytic demand and solve their organization's most complex problems. We took our analytics capabilities even further by introducing more than 50 new in-database, time series and ML functions and integrated ModelOps that are designed to rapidly operationalize AI and ML initiatives.

我們還引入了 ClearScape Analytics，擴展了 Teradata 著名的高性能分析。借助 ClearScape Analytics，客戶可以利用市場上任何地方最多的數據庫內分析功能以及關鍵的 AI/ML 模型管理工具來滿足不斷增長的分析需求並解決其組織最複雜的問題。通過引入 50 多個新的數據庫內、時間序列和 ML 函數以及旨在快速實施 AI 和 ML 計劃的集成 ModelOps，我們進一步提升了分析能力。

These game-changing announcements are the result of 2 years of great engineering with a laser focus on cloud. I believe we are fundamentally changing the ethos of our industry, moving the query engine to the data as we bring forth cloud-first in an entirely new model that enables powerful, open and connected analytics at scale, massive flexibility and faster access with governance and lower total cost of ownership.

這些改變遊戲規則的公告是 2 年專注於雲的偉大工程的結果。我相信我們正在從根本上改變我們行業的精神，將查詢引擎轉移到數據，因為我們在一個全新的模型中引入了雲優先，該模型支持強大、開放和連接的大規模分析、巨大的靈活性和更快的治理訪問和更低的總擁有成本。

We believe that we have the best cloud analytics and data platform. Period. With a fully cloud-native deployment and our expanded ClearScape Analytics capabilities, we're meeting the full spectrum of our customers' needs. With our best-in-class lake, lake house or data warehouse, I am incredibly proud that with VantageCloud, we enable all of these design patterns at enormous scale with better economics.

我們相信我們擁有最好的雲分析和數據平台。時期。通過完全雲原生部署和我們擴展的 ClearScape Analytics 功能，我們正在滿足客戶的全方位需求。憑藉我們一流的湖、湖屋或數據倉庫，我感到無比自豪的是，借助 VantageCloud，我們能夠以更經濟的方式大規模實現所有這些設計模式。

Immediately following our announcements, we took our message on the road, meeting with more than 1,000 customers, prospects and partners and helping them discover strategies to generate value and accelerate their business through analytics and data. It has been great meeting live with customers from around the world and seeing their enthusiastic response for generating increased interest that contributes towards ongoing pipeline growth.

發布消息後，我們立即帶著我們的信息上路，與 1,000 多名客戶、潛在客戶和合作夥伴會面，幫助他們發現創造價值的戰略，並通過分析和數據加速他們的業務發展。與來自世界各地的客戶進行現場會面，看到他們對產生更多興趣的熱情響應，這有助於持續的管道增長，這真是太棒了。

The game-changing capabilities of our newly announced Teradata VantageCloud Lake are opening the door to incremental market opportunities. Our Fortune 500 insurance customer is an early adopter of VantageCloud Lake, this customer runs actuarial analytics and closes its financials on its Teradata environment today. Our new lake product will enable it to easily spin up compute clusters for exploratory analytics without impacting any of their production workloads.

我們新發布的 Teradata VantageCloud Lake 的改變遊戲規則的功能正在打開通往增量市場機會的大門。我們的財富 500 強保險客戶是 VantageCloud Lake 的早期採用者，該客戶今天在其 Teradata 環境中運行精算分析並關閉其財務。我們的新 Lake 產品將使其能夠輕鬆啟動計算集群以進行探索性分析，而不會影響其任何生產工作負載。

I'd like to share a few more examples of our momentum in the cloud. A package and delivery industry leader and one of our long-standing customers chose to modernize in the cloud with VantageCloud on Azure. A successful initial migration gave the customer the confidence to commit further to Teradata and migrate its remaining workload to the cloud. It expanded its business continuity and disaster recovery workloads in the process. Teradata on Azure provides the flexibility, elasticity and industry-leading price performance this business demanded to continue to use data as a strategic asset and drive value.

我想再分享幾個關於我們在雲中發展勢頭的例子。包裹和交付行業的領導者和我們的長期客戶之一選擇使用 VantageCloud on Azure 在雲中實現現代化。成功的初始遷移讓客戶有信心進一步致力於 Teradata 並將其剩餘的工作負載遷移到雲中。它在此過程中擴展了業務連續性和災難恢復工作負載。 Azure 上的 Teradata 提供了該企業繼續將數據用作戰略資產和驅動價值所需的靈活性、彈性和行業領先的性價比。

One of the world's leading financial services institutions have selected Teradata VantageCloud on AWS as its cloud-based enterprise data and analytics platform. This customer will migrate existing on-prem Teradata workloads to the cloud while evaluating opportunities to expand the use of Vantage across additional business segments. VantageCloud on AWS will enable the bank to continue to innovate and lead in its industry.

世界領先的金融服務機構之一已選擇 AWS 上的 Teradata VantageCloud 作為其基於雲的企業數據和分析平台。該客戶將現有的本地 Teradata 工作負載遷移到雲端，同時評估將 Vantage 的使用擴展到其他業務部門的機會。 VantageCloud on AWS 將使該銀行能夠繼續創新並引領其行業。

One of Chile's largest retail and commercial bank migrated to VantageCloud on Microsoft Azure to achieve its digital transformation goals and enable richer customer experiences. With Teradata, this customer is arming its decision-makers with data-driven insights that will help them innovate faster and reduce time to market for new financial products and services.

智利最大的零售和商業銀行之一遷移到 Microsoft Azure 上的 VantageCloud 以實現其數字化轉型目標並提供更豐富的客戶體驗。借助 Teradata，該客戶為其決策者提供了數據驅動的洞察力，這將幫助他們更快地創新並縮短新金融產品和服務的上市時間。

In the quarter, we were honored to again be recognized as an industry leader in IDC's FinTech Top 100 rankings. Teradata was named a fast-track fintech, recognizing the role we play in helping financial institutions drive digital transformation by leveraging the full power of analytics and data. As we've been strengthening our reputation and prowess as a cloud market leader, we've also been strengthening our partner ecosystem to extend our reach and bring incremental value options for our customers. We now see SI involvement in a meaningful portion of our pipeline.

在本季度，我們很榮幸再次被公認為 IDC 金融科技百強排行榜的行業領導者。 Teradata 被評為快速金融科技公司，這是對我們在利用分析和數據的全部力量幫助金融機構推動數字化轉型方面發揮的作用的認可。隨著我們一直在加強我們作為雲市場領導者的聲譽和實力，我們也一直在加強我們的合作夥伴生態系統，以擴大我們的影響範圍並為我們的客戶帶來增值選擇。我們現在看到 SI 參與了我們管道中有意義的部分。

We also recently announced a new strategic global SI relationship with Kyndryl. By bringing together our unmatched analytic capabilities with Kyndryl's experienced consulting teams, we will enable our joint customers to leverage advanced analytics, AI and ML, accelerate business outcomes and speed time to value.

我們最近還宣布與 Kyndryl 建立新的全球 SI 戰略關係。通過將我們無與倫比的分析能力與 Kyndryl 經驗豐富的諮詢團隊相結合，我們將使我們的共同客戶能夠利用高級分析、人工智能和機器學習，加速業務成果並加快實現價值的時間。

As we move forward, we are also advancing our commitment to strong ESG practices. We were pleased to be recognized recently by EcoVadis for our commitment to sustainable and ethical business practices. We are proud of this designation as many of our enterprise customers rely on EcoVadis to assess their suppliers across a number of sustainability dimensions, including environmental, labor and human rights, ethics and sustainable procurement. Companies around the world are increasingly reviewing the sustainability of the cloud environment and challenging their supply chain partners to reduce emissions and improve their carbon footprint.

隨著我們的前進，我們也在推進我們對強有力的 ESG 實踐的承諾。我們很高興最近獲得 EcoVadis 的認可，以表彰我們對可持續和道德商業實踐的承諾。我們為這一稱號感到自豪，因為我們的許多企業客戶都依賴 EcoVadis 從多個可持續性維度評估他們的供應商，包括環境、勞工和人權、道德和可持續採購。世界各地的公司越來越多地審查雲環境的可持續性，並要求他們的供應鏈合作夥伴減少排放並改善他們的碳足跡。

We are committed to doing our part in addressing the devastating effects of climate change as we develop our platforms. We are pleased to note that in an analyst firm comparison of cloud data platforms, our VantageCloud had the lowest cost and generated the lowest carbon footprint for the enterprise workload use case, our sweet spot. You can be assured that we will keep sustainability at the front and center of our efforts.

我們致力於在開發平台時儘自己的一份力量來應對氣候變化的破壞性影響。我們很高興地註意到，在分析公司對雲數據平台的比較中，我們的 VantageCloud 在企業工作負載用例中成本最低，產生的碳足跡最低，這是我們的最佳選擇。您可以放心，我們將把可持續發展放在我們工作的首要位置和中心。

You've heard us say that we've built a resilient business model that provides stability during times of volatility. We cultivate strong customer relationships and consistently deliver mission-critical workloads for our customers' needs at scale. As our customers look to move to the cloud to take advantage of the innovation and the efficiencies of cloud solutions, we are at their side. These success factors position us well to execute on our cloud guidance for the remainder of the year.

您已經聽我們說過，我們已經建立了一個在動盪時期提供穩定性的彈性商業模式。我們培養牢固的客戶關係，並始終如一地為客戶的需求提供關鍵任務工作負載。當我們的客戶希望遷移到雲端以利用雲解決方案的創新和效率時，我們會站在他們一邊。這些成功因素使我們能夠在今年餘下的時間裡很好地執行我們的雲指南。

I am very excited about our new offerings and the new capabilities and value they bring to our customers, along with the incremental value they will bring to us.

我對我們的新產品以及它們為我們的客戶帶來的新功能和價值，以及它們將為我們帶來的增量價值感到非常興奮。

As we prepare to enter 2023, we know our strategy is right. Customers are moving to the cloud with Teradata, and the market is recognizing our differentiated positioning as a leader in cloud, analytics and data. We compete in a dynamic growth market and, like all great companies, committed to profitable revenue growth. We continuously evaluate and adjust to optimize our cost structure while focusing on our employees, customers and stakeholders.

當我們準備進入 2023 年時，我們知道我們的戰略是正確的。客戶正在通過 Teradata 遷移到雲，市場正在認可我們作為雲、分析和數據領域領導者的差異化定位。我們在充滿活力的增長市場中競爭，並且像所有偉大的公司一樣，致力於盈利性收入增長。我們不斷評估和調整以優化我們的成本結構，同時關注我們的員工、客戶和利益相關者。

We are operating with conviction to keep our momentum, remain customer-driven and be a profitable growth company. We will refine and adjust as needed to keep a sharp focus and align our investments with our priorities to continue to accelerate our growth. As I turn the call over to Claire, we remain convinced that our technology can continue to unlock even more of our total addressable market opportunity, reinforcing our confidence about achieving our goal of over $1 billion of cloud ARR in 2025.

我們的經營信念是保持我們的勢頭，保持以客戶為導向，並成為一家盈利增長的公司。我們將根據需要進行完善和調整，以保持高度專注，並使我們的投資與我們的優先事項保持一致，以繼續加速我們的增長。當我把電話轉給克萊爾時，我們仍然相信我們的技術可以繼續釋放更多的潛在市場機會，增強我們對在 2025 年實現超過 10 億美元的雲 ARR 目標的信心。

Thanks, everyone. I'll now turn the call to Claire.

感謝大家。我現在將電話轉給克萊爾。

Thank you, Steve, and good afternoon, everyone. I am pleased with Teradata's execution in the third quarter, especially considering the volatile macroeconomic environment.

謝謝史蒂夫，大家下午好。我對 Teradata 第三季度的執行情況感到滿意，尤其是考慮到動蕩的宏觀經濟環境。

Two key highlights in the quarter include: $45 million of reported sequential cloud ARR growth, or $50 million in constant currency that results in a growth rate nearly doubling year-over-year. We also delivered non-GAAP earnings per share of $0.31 at the high end of our outlook range and demonstrating the company's continued focus on profitability.

本季度的兩個主要亮點包括：報告的 4500 萬美元連續雲 ARR 增長，或 5000 萬美元的固定匯率導致增長率幾乎同比翻番。我們還公佈了 0.31 美元的非 GAAP 每股收益，處於我們展望範圍的高端，表明公司持續關注盈利能力。

We remain on plan to achieve all elements of our fiscal 2022 outlook. We are doing what we said we would do, and I continue to be excited about the opportunities ahead of us.

我們仍計劃實現 2022 財年展望的所有要素。我們正在做我們說過會做的事，我仍然對擺在我們面前的機會感到興奮。

We are making progress on our multiyear transformation as a differentiated cloud analytics and data leader. But we still have work to do, and we remain relentlessly focused on driving future ARR and revenue growth.

作為差異化的雲分析和數據領導者，我們在多年轉型中取得了進展。但我們仍有工作要做，我們仍然不懈地專注於推動未來的 ARR 和收入增長。

Let's get into the quarterly results, starting with ARR. Total ARR was $1.374 billion, which is flat year-over-year in constant currency and a decrease of 4% as reported. Persistent currency headwinds continue to obscure the underlying sequential growth in our business. On a reported basis, total ARR declined sequentially by approximately $16 million. Of that amount, there was an approximate $28 million currency headwind in the third quarter. The resulting positive $12 million represents sequential growth in constant currency, which was primarily driven by increases in cloud ARR dollars in all of our geographic regions as well as on-prem expansions in EMEA.

讓我們從 ARR 開始進入季度業績。總 ARR 為 13.74 億美元，按固定匯率計算同比持平，據報導下降 4%。持續的貨幣逆風繼續掩蓋我們業務的潛在連續增長。根據報告，總 ARR 環比下降約 1600 萬美元。其中，第三季度有大約 2800 萬美元的貨幣逆風。由此產生的 1200 萬美元的正數代表了固定貨幣的連續增長，這主要是由我們所有地理區域的雲 ARR 美元增加以及 EMEA 的內部部署擴展所推動的。

Year-over-year, currency had an approximate 4% negative impact in the reported growth rate, as shown in our quarterly earnings presentation on Page 6. This is in addition to the 4 percentage point negative impact that was associated with ceasing business operations in Russia that we shared with you earlier this year.

與去年同期相比，貨幣對報告的增長率產生了大約 4% 的負面影響，如我們在第 6 頁的季度收益報告中所示。這是在與停止業務運營相關的 4 個百分點的負面影響之外的。我們今年早些時候與您分享的俄羅斯。

In cloud, ARR grew 99% year-over-year in constant currency and 89% year-over-year as reported. This was a strong performance, demonstrating progress against our cloud-first strategy and keeping us on track to achieve our long-term goals in the cloud.

在雲中，按固定匯率計算，ARR 同比增長 99%，據報導同比增長 89%。這是一項出色的表現，展示了我們在雲優先戰略方面取得的進展，並使我們保持在實現雲中長期目標的正軌上。

Customers continue to make a meaningful commitment to us as they unlock new insights and achieve significant business outcomes from their Teradata environment. This ongoing customer success model results in more resilient and durable cloud subscriptions. Cloud ARR growth in the third quarter was driven primarily by migration. In addition to the 8-figure cloud deal that Steve mentioned, we also had a number of 7-figure cloud migration. These commitments came from an increasing number of existing on-premise customers that are new to the cloud with Teradata.

客戶繼續對我們做出有意義的承諾，因為他們從他們的 Teradata 環境中獲得了新的見解並取得了顯著的業務成果。這種持續的客戶成功模式帶來了更具彈性和持久性的雲訂閱。第三季度雲 ARR 的增長主要是由遷移推動的。除了史蒂夫提到的 8 位數的雲交易，我們還有一些 7 位數的雲遷移。這些承諾來自越來越多的現有本地客戶，他們是使用 Teradata 雲的新客戶。

Expansion activity in the quarter was also solid. Our net expansion rate was 117%, consistent with last quarter. The rate was supported by increasing number of existing cloud customers that are adding new incremental workloads to the cloud. Total new logos grew year-over-year, better than historical seasonality and with a weighting towards the cloud. We added new customers in the financial services, health care and government sectors to name a few.

本季度的擴張活動也很穩健。我們的淨擴張率為 117%，與上一季度一致。越來越多的現有云客戶正在向雲中添加新的增量工作負載，從而支持了這一比率。新徽標總數同比增長，好於歷史季節性，並且對雲計算具有權重。我們在金融服務、醫療保健和政府部門增加了新客戶，僅舉幾例。

Moving to revenue. Total revenue was $417 million, a 4% decrease in constant currency and a 9% decrease year-over-year as reported. Recurring revenue was $331 million, a 2% decrease in constant currency and a 6% decrease year-over-year as reported. As a percentage of total revenue, recurring revenue was 79% in the third quarter.

轉向收入。總收入為 4.17 億美元，按固定匯率計算下降 4%，同比下降 9%。經常性收入為 3.31 億美元，按固定匯率計算下降 2%，同比下降 6%。第三季度經常性收入佔總收入的百分比為 79%。

As shown in this quarter earnings presentation, there was a negative year-over-year impact in the reported growth rate of approximately 9% for total revenue and approximately 6% for recurring revenue. Both were affected by ceasing of operations in Russia and the continued strength of the U.S. dollar. For context, more than 40% of our total revenue is outside the United States.

如本季度收益報告所示，報告的總收入增長率約為 9%，經常性收入增長率約為 6%，這對同比產生了負面影響。兩者都受到俄羅斯業務停止和美元持續走強的影響。就背景而言，我們總收入的 40% 以上在美國以外。

Now to add additional color to this quarter's revenue. There was an approximate $16 million of total revenue removed from our results due to exiting Russia. As it relates to upfront revenue, there was a net negative $11 million in line with our assumptions for the quarter. For reference, this compares to a net negative $10 million impact in the third quarter of 2021, but no impact year-over-year.

現在為本季度的收入添加額外的顏色。由於退出俄羅斯，我們的業績減少了大約 1600 萬美元的總收入。由於與前期收入相關，淨負 1100 萬美元符合我們對本季度的假設。作為參考，這與 2021 年第三季度的淨負 1000 萬美元影響相比，但同比沒有影響。

Regarding the decline in perpetual and consulting revenues, we continue to execute against our strategy, moving to a higher-margin subscription revenue model and collaborating more with partners to drive higher adoption and greater consumption of Teradata.

關於永久和諮詢收入的下降，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，並與合作夥伴進行更多合作，以推動 Teradata 的更高采用率和更多消費。

Moving to profitability. Teradata's reported third quarter gross margin rate was 62.6% and gross margin dollars were $261 million. The year-over-year decrease of $21 million in gross margin dollars was primarily due to currency headwinds and ceasing our business operations in Russia. Cloud gross margin dollars are higher both year-over-year and sequentially as we continue to scale our cloud revenue. Operating profit margin as reported was 12.9% in the quarter, and the year-over-year decline in operating profit margin was primarily due to lower revenue. We continue to invest in cloud, sales and marketing and R&D, while also demonstrating cost discipline. This resulted in non-GAAP earnings per diluted share of $0.31, which was at the high end of the outlook range previously provided.

轉向盈利。 Teradata 報告的第三季度毛利率為 62.6%，毛利率為 2.61 億美元。毛利率同比下降 2100 萬美元，這主要是由於貨幣逆風和我們停止在俄羅斯的業務運營。隨著我們繼續擴大雲收入，雲毛利率同比和環比都更高。本季度報告的營業利潤率為 12.9%，營業利潤率同比下降的主要原因是收入下降。我們繼續投資於雲計算、銷售和營銷以及研發，同時展示成本紀律。這導致非 GAAP 每股攤薄收益為 0.31 美元，處於先前提供的展望範圍的高端。

Turning to free cash flow and capital allocation. Free cash flow generated in the quarter was $31 million, increasing year-over-year driven by efficient cash conversion. We continue to sustain a positive operational trend of cash collections over the last 6 quarters. We also saw the benefit of efficient inventory management with our continued transformation of being a cloud-first company.

轉向自由現金流和資本配置。本季度產生的自由現金流為 3100 萬美元，在高效現金轉換的推動下同比增長。在過去 6 個季度中，我們繼續保持現金收款的積極運營趨勢。我們還看到了高效庫存管理的好處以及我們作為雲優先公司的持續轉型。

In the third quarter, we repurchased approximately 1 million shares or $31 million in total as we believe our shares are significantly undervalued. Under the current market conditions, we will continue to be opportunistic in the fourth quarter. Year-to-date through September 2022, we have returned 123% of our year-to-date free cash flow to shareholders, significantly ahead of our 50% annual target. We remain committed to capital allocation that drives shareholder returns.

在第三季度，我們回購了大約 100 萬股股票或總計 3100 萬美元，因為我們認為我們的股票被嚴重低估了。在目前的市場情況下，我們將在四季度繼續投機。從年初至今到 2022 年 9 月，我們已將年初至今自由現金流的 123% 返還給股東，大大超過了我們 50% 的年度目標。我們仍然致力於推動股東回報的資本配置。

Moving to our outlook. We reaffirmed all of our 2022 outlook element. This includes approximately 80% growth year-over-year in cloud ARR as reported and in constant currency, and free cash flow of approximately $400 million. We narrowed our range for non-GAAP earnings per diluted share to be $1.58 to $1.62, maintaining the midpoint at $1.60. Our complete 2022 outlook can be found in our third quarter earnings press release and presentation.

轉向我們的前景。我們重申了我們所有的 2022 年展望要素。這包括按固定匯率計算的雲 ARR 同比增長約 80%，以及約 4 億美元的自由現金流。我們將非 GAAP 每股攤薄收益範圍縮小至 1.58 美元至 1.62 美元，將中點維持在 1.60 美元。我們完整的 2022 年展望可以在我們的第三季度收益新聞稿和演示文稿中找到。

I'd like to make a couple of comments to help frame our 2022 full year outlook. We know that our fourth quarter is seasonally our highest quarter from a sales perspective. Based on our current sales pipeline, gives us confidence that total ARR and cloud ARR dollar growth will accelerate sequentially. We have absorbed the incremental quarter-over-quarter currency headwinds of approximately 50 basis points in our full year outlook.

我想發表一些評論，以幫助制定我們的 2022 年全年展望。我們知道，從銷售角度來看，我們的第四季度是季節性最高的季度。根據我們目前的銷售渠道，我們有信心總 ARR 和雲 ARR 美元增長將依次加速。在我們的全年展望中，我們已經吸收了大約 50 個基點的環比增量貨幣逆風。

If currency headwinds persist or increase, then our results may be towards the lower end of our outlook ranges. We are planning various actions to continue optimizing our cost structure. We do not anticipate any impact from restructuring to 2022 non-GAAP EPS, and only an immaterial impact to 2022 free cash flow. We will provide details of the 2023 impact from the next quarter's earnings call in conjunction with our 2023 financial outlook.

如果貨幣逆風持續或增加，那麼我們的結果可能接近我們展望範圍的低端。我們正在計劃各種行動，以繼續優化我們的成本結構。我們預計重組不會對 2022 年非 GAAP 每股收益產生任何影響，對 2022 年自由現金流的影響也不大。我們將結合我們的 2023 年財務展望，提供下一季度財報電話會議對 2023 年影響的詳細信息。

Before we move to questions, here are some modeling considerations for the rest of the year. For the fourth quarter of 2022, we anticipate non-GAAP earnings per diluted share to be in the range of $0.28 to $0.32. We project the non-GAAP tax rate to be approximately 27% in the fourth quarter and approximately 25% for the full year. We forecast the weighted average diluted shares outstanding to be approximately 104 million shares in the fourth quarter and approximately 106 million shares for the full year.

在我們開始提問之前，這裡有一些關於今年剩餘時間的建模注意事項。對於 2022 年第四季度，我們預計非 GAAP 每股攤薄收益將在 0.28 美元至 0.32 美元之間。我們預計第四季度的非美國通用會計準則稅率約為 27%，全年約為 25%。我們預測第四季度的加權平均攤薄流通股約為 1.04 億股，全年約為 1.06 億股。

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

非常感謝你今天的時間。讓我們打開問題電話。

(Operator Instructions) Your first question comes from the line of Erik Woodring of Morgan Stanley.

（操作員說明）你的第一個問題來自摩根士丹利的埃里克伍德林。

Congrats on the results. Steve, I'd like to direct my first question to you and then it's a fairly simple one. And that is in your prepared remarks, you didn't make a number or that many comments on the macro environment. So I'd love to just get your kind of download on how you see the macro evolving.

祝賀結果。史蒂夫，我想向你提出我的第一個問題，這是一個相當簡單的問題。那就是在你準備好的發言中，你沒有對宏觀環境做出數字或那麼多評論。所以我很想下載你如何看待宏觀演變的內容。

Meaning, how have your conversations with customers evolved? Did anything change in 3Q relative to 2Q? Is macro starting to have an impact on your customers' businesses? Any color in terms of lengthening of sales cycles or downsizing of deals? Any commentary that you could share there would be super helpful. And then I have a follow-up.

意思是，您與客戶的對話是如何演變的？相對於第二季度，第三季度有什麼變化嗎？宏觀是否開始對您客戶的業務產生影響？在延長銷售週期或縮減交易規模方面有任何影響嗎？您可以在那里分享的任何評論都會非常有幫助。然後我有一個後續行動。

Yes. Thanks, Erik. Yes, we are continuously assessing the impact to our customers and their spend patterns. We've got a very rigorous operational discipline around that. We're not seeing any significant changes to our customer behavior patterns at this time. We also don't see any significant deal delays that are out of the ordinary.

是的。謝謝，埃里克。是的，我們一直在評估對客戶及其消費模式的影響。我們對此有非常嚴格的操作紀律。目前我們的客戶行為模式沒有任何重大變化。我們也沒有看到任何異常的重大交易延遲。

What I would say is, I think we've talked about the strength of the Teradata business model, the types of workloads that we execute and say our customer environments tend to be absolutely mission-critical. The commitments that they have with us tend to be longer term.

我想說的是，我認為我們已經討論了 Teradata 業務模型的優勢、我們執行的工作負載類型以及我們的客戶環境往往絕對是關鍵任務。他們與我們的承諾往往是長期的。

And we're really proud of the buying patterns in terms of the continued interest in the cloud capabilities that we have. Our new product launch with VantageCloud Lake, I think, cements us into advanced technology architectures inside our customers. And so we see them taking advantage of the capabilities to take Teradata to the cloud. And I think that's what enabled us to have that second highest-ever cloud quarter from a Q3 perspective.

就對我們擁有的雲功能的持續興趣而言，我們對購買模式感到非常自豪。我認為，我們與 VantageCloud Lake 一起推出的新產品鞏固了我們在客戶內部的先進技術架構。因此，我們看到他們利用這些功能將 Teradata 帶到雲端。我認為這就是使我們能夠從第三季度的角度來看有史以來第二高的雲計算季度的原因。

But we are -- we do take it very seriously in terms of looking at the macroeconomic environment and making sure that we've got the right responses throughout the organization.

但我們 - 我們確實非常認真地看待宏觀經濟環境並確保我們在整個組織中得到正確的回應。

Okay. That's really helpful. And then, Claire, maybe I'll direct one for you. Obviously, you've held on to your annual cloud ARR growth target since first introducing it earlier this year. Despite some of these emerging headwinds we've been seeing exiting Russia, a stronger U.S. dollar, I believe, your -- at least your expectations for FX headwinds for the full year and for 4Q uptick this quarter. So can you just help us kind of, one, understand what's giving you the confidence in reaching your year-end growth target for cloud ARR; and then two, how you're able to offset what is now a larger FX headwind than you thought 90 days ago?

好的。這真的很有幫助。然後，克萊爾，也許我會為你指導一個。顯然，自今年早些時候首次推出以來，您一直堅持年度雲 ARR 增長目標。儘管出現了一些新的不利因素，但我們已經看到俄羅斯退出，我相信美元走強，你 - 至少你對全年外匯逆風和本季度第四季度上漲的預期。那麼，您能否幫助我們了解是什麼讓您有信心實現雲 ARR 的年終增長目標？第二，你如何能夠抵消現在比你 90 天前想像的更大的外匯逆風？

Thanks, Erik. Yes, great question. And yes, we're very happy, obviously, to be able to maintain all elements of our outlook for the full year, especially our cloud ARR growth target of approximately 80%. We are seeing our currency headwinds. We are expecting there to be a delta between our reported and our constant currency numbers for the full year. But we think that, that gap will narrow specifically for cloud ARR because the mix of -- the deal mix in the U.S. will slightly increase in Q4.

謝謝，埃里克。是的，很好的問題。是的，很明顯，我們很高興能夠維持我們全年展望的所有要素，尤其是我們大約 80% 的雲 ARR 增長目標。我們看到我們的貨幣逆風。我們預計我們報告的全年貨幣數字與我們的固定貨幣數字之間存在差異。但我們認為，這一差距將特別針對雲 ARR 縮小，因為美國的交易組合將在第四季度略有增加。

But even factoring that into account, given the good pipeline coverage that we see, as Steve mentioned, not seeing any significantly different behavior on our -- from our customer behavior. We are very confident to be able to reinforce that number of approximately 80%, both on a reported basis and in constant currency.

但即使考慮到這一點，鑑於我們看到的良好管道覆蓋率，正如史蒂夫提到的那樣，我們的行為與我們的客戶行為沒有任何顯著差異。我們非常有信心能夠加強大約 80% 的數字，無論是在報告的基礎上還是在固定匯率的基礎上。

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

你的下一個問題來自 Cowen and Company 的 Derrick Wood。

And I'll echo my congratulations on a really strong cloud quarter. You got -- I don't know if this is for Steve or Claire, maybe Claire. But you guys talked about kind of seeing bigger whips and shifts when companies decide to make the cloud migration move. Is that still a pattern you're seeing in Q3? Or has that changed at all? And I mean, if this is a trend you expect to continue, where do you think the kind of cloud net revenue retention rate should level off at?

我將對一個非常強大的雲計算季度表示祝賀。你有——我不知道這是給史蒂夫還是給克萊爾的，也許是克萊爾。但是你們談到了當公司決定進行雲遷移時會看到更大的鞭打和轉變。這仍然是您在第三季度看到的模式嗎？還是根本改變了？我的意思是，如果您希望這種趨勢持續下去，您認為雲淨收入保留率應該穩定在什麼水平？

So I'll take the first part of that question, Derrick. So just from a pattern, yes, our sales team -- I think I mentioned this in my prepared remarks as well. Our sales teams are certainly focusing on those large-scale migrations moving the customer to the cloud. We still obviously have a lot of hybrid deployments where our customers are in the cloud and on-prem. But the focus for the sales teams are those larger deals.

所以我會回答這個問題的第一部分，Derrick。所以只是從一個模式來看，是的，我們的銷售團隊——我想我在準備好的發言中也提到了這一點。我們的銷售團隊當然專注於將客戶轉移到雲端的那些大規模遷移。顯然，我們仍然有很多混合部署，其中我們的客戶在雲端和本地。但銷售團隊的重點是那些更大的交易。

We do have a good portfolio of deal sizes across the sales team, so we're not overly dependent on those mega deals. We certainly have lots of opportunity to move some of these huge customers and major workloads into the cloud, and the sales teams are definitely focused on that.

我們的銷售團隊確實擁有良好的交易規模組合，因此我們並不過分依賴那些大型交易。我們當然有很多機會將這些龐大的客戶和主要工作負載中的一些轉移到雲端，而銷售團隊肯定會專注於此。

I think if that did anything, it probably -- if they have the choice of doing an on-prem expansion or pushing that deal out to focus on the cloud migration, they are incented to really go for the cloud migration. And I think that's what we're seeing in terms of the behavior of our sales teams. But I'll hand to Claire to talk a lot about the net expansion rate.

我認為，如果這有任何作用，那可能是——如果他們可以選擇進行本地擴展或將該交易推出以專注於雲遷移，他們就會被激勵真正進行雲遷移。我認為這就是我們在銷售團隊行為方面所看到的。但我會請克萊爾談談淨擴張率。

Yes, certainly. Thanks, Steve. And thanks, Derrick, for the question. So as I mentioned, we saw 117% in the Q3 results, and that was actually consistent quarter-over-quarter. But I think that's a good, stable rate at this point. And as Steve mentioned, we're seeing great strength in our migrations. We're seeing that expansion at the time of conversion, and we're very confident in our full year cloud ARR growth at that level of expansion rate.

是的，當然了。謝謝，史蒂夫。謝謝 Derrick 提出的問題。所以正如我提到的，我們在第三季度的結果中看到了 117%，這實際上與上一季度保持一致。但我認為目前這是一個很好的、穩定的利率。正如史蒂夫提到的，我們在遷移中看到了巨大的力量。我們在轉換時看到了這種擴張，我們對我們全年的雲 ARR 增長以這種擴張速度非常有信心。

Got it. That's helpful. One follow-up here. I guess, Steve, you mentioned that you'll continue to refine and adjust operations as needed. In light of FX headwinds, in light of tougher macro, any -- a lot of companies having to kind of pause headcount growth, maybe even prune headcount. Just when you're looking at the kind of growth versus profitability trade-off and maybe having to adjust to the environment, how are you thinking about headcount growth or changing discretionary spend or things that you have in control that can kind of manage operational costs?

知道了。這很有幫助。這裡有一個後續行動。我想，史蒂夫，你提到過你將根據需要繼續完善和調整運營。鑑於外匯逆風，鑑於宏觀形勢更加嚴峻，許多公司不得不暫停員工人數增長，甚至可能裁員。就在您考慮增長與盈利能力之間的權衡並且可能不得不適應環境時，您如何考慮員工人數增長或改變可自由支配的支出或您可以控制的可以管理運營成本的事情？

Yes. And Derrick, my commitment has always been that Teradata will be a profitable revenue growth company. And so we continuously assess our overall cost and expense structure to make sure that it's optimized in the right way. Clearly, we're taking advantage of -- as a lot of organizations are optimizing our real estate footprint as an example, so we've taken some great actions from that perspective.

是的。還有 Derrick，我一直承諾 Teradata 將成為一家盈利性收入增長公司。因此，我們不斷評估我們的整體成本和費用結構，以確保以正確的方式對其進行優化。顯然，我們正在利用——因為許多組織正在優化我們的房地產足跡作為一個例子，所以我們從這個角度採取了一些偉大的行動。

We continuously assess where we're spending money to make sure that we're investing in the right areas of the business, to make sure that we're investing in cloud growth, especially our new product engineering launch. Our new product launch from our engineering team really demonstrates how we optimize our investments to deliver something in the marketplace. And we'll continue to do that, and we'll continue to have that operational rigor as we move forward to deliver on the commitments that we've made.

我們不斷評估我們花錢的地方，以確保我們投資於正確的業務領域，確保我們投資於雲增長，尤其是我們的新產品工程發布。我們的工程團隊推出的新產品真正展示了我們如何優化投資以在市場上交付產品。我們將繼續這樣做，並且在我們向前邁進以兌現我們做出的承諾時，我們將繼續保持運營的嚴謹性。

Got it. Congrats on a solid quarter.

知道了。祝賀一個穩定的季度。

Thanks, Derrick.

謝謝，德里克。

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

你的下一個問題來自花旗銀行的 Tyler Radke。

I wanted to ask you about the comments you made around next year for 2023. Just wanted to confirm that you referenced improving ARR growth. So I would assume that means accelerating ARR growth. Maybe just unpack that a little bit. Is that a constant currency ex Russia numbers?

我想問一下您對 2023 年明年左右發表的評論。只是想確認您提到了提高 ARR 增長。所以我認為這意味著加速 ARR 增長。也許只是打開一點點。這是俄羅斯數字以外的固定貨幣嗎？

If we think about kind of 4% ARR growth this quarter ex those issues, is it an acceleration from that? And then just give us a sense on what drives that confidence. Is it kind of the expansions in cloud? Just help us understand what gives you that confidence.

如果我們考慮本季度 4% 的 ARR 增長（排除這些問題），是否會加速增長？然後讓我們了解是什麼推動了這種信心。是雲中的擴展嗎？請幫助我們了解是什麼讓您充滿信心。

Thanks, Tyler. I'll start and then maybe hand over to Claire for some of the more technical financials. Our sales teams are executing on our strategy, and we are going to get back to total growth as well as cloud growth. We are getting those long-term commitments from our customers as they move to the cloud, running sticky meshing critical workloads. I think that is an advantage for us in this challenging macroeconomic environment.

謝謝，泰勒。我將開始，然後可能會移交給克萊爾以獲取一些更具技術性的財務信息。我們的銷售團隊正在執行我們的戰略，我們將恢復總體增長和雲增長。我們正在從客戶那裡獲得這些長期承諾，因為他們遷移到雲端，運行粘性網格關鍵工作負載。我認為，在這個充滿挑戰的宏觀經濟環境中，這對我們來說是一個優勢。

But I think you'll see us continue to accelerate total ARR as more of our ARR mixes in the cloud and the elastic environment of the cloud that -- where growth is much easier. We've also got plans for lots of sales plays in motion to drive expansion with more sticky workloads and analytic use cases. We've invested in our customer success team. But also, I'm very excited about the work that we're doing with the SI partners to help customers transform their environments. And that transformation and the times of turbulent macroeconomic, our customers still have that desire whether it's to optimize the supply chain, utilizing data and analytics to do that, optimizing their operations.

但我認為你會看到我們繼續加速總 ARR，因為我們更多的 ARR 混合在雲和雲的彈性環境中——增長更容易。我們還計劃開展大量銷售活動，以通過更具粘性的工作負載和分析用例來推動擴展。我們投資了我們的客戶成功團隊。而且，我對我們與 SI 合作夥伴所做的幫助客戶轉變環境的工作感到非常興奮。在那個轉型和動蕩的宏觀經濟時代，我們的客戶仍然希望優化供應鏈，利用數據和分析來做到這一點，優化他們的運營。

So I think we are seeing, in the cloud and data analytics market space, continuing good opportunity as we move forward. But Claire, I'll let you answer maybe on the FX points and so forth.

因此，我認為我們在雲和數據分析市場空間中看到，在我們前進的過程中繼續存在良好的機會。但是克萊爾，我會讓你回答關於 FX 點等等的問題。

Yes, absolutely. So first of all, just to confirm, Tyler, we're not giving any guidance or update for 2023 at this time. So we will provide an update on that at our next quarterly earnings call. Clearly, we've had significant headwinds in 2022, both from the ceasing of operations in Russia and currency. So we'll be factoring that in as we give final guidance at our next earnings.

是的，一點沒錯。所以首先，Tyler 確認一下，我們目前不提供 2023 年的任何指導或更新。因此，我們將在下一個季度財報電話會議上提供最新情況。顯然，我們在 2022 年遇到了巨大的阻力，既有俄羅斯業務的停止，也有貨幣問題。因此，我們將在下一次收益給出最終指導時考慮到這一點。

I don't want to pretend I can predict what currency is going to happen next. But as always, we monitor this on an ongoing basis. We always include the very latest rates and situation into our outlook. So we were pleased with the fact that despite, for example, there are additional headwinds between Q3 and Q4, for example, we were able to build that in our full year outlook.

我不想假裝我可以預測接下來會發生什麼貨幣。但一如既往，我們會持續監控這一點。我們總是將最新的利率和情況納入我們的展望。因此，我們感到高興的是，儘管例如第三季度和第四季度之間存在額外的逆風，但我們能夠在全年展望中建立它。

Great. And just going back to some of those large deals you referenced in the quarter, I think a number of 8-figure deals, which is very impressive to see in this environment. I guess help us understand a couple of things. First, was -- did any of those close early, maybe stuff that got pulled in from Q4? I know typically Q4 is when you tend to close those 8-plus figure transactions.

偉大的。回到你在本季度提到的一些大型交易，我認為是一些 8 位數的交易，在這種環境下，這令人印象深刻。我想可以幫助我們理解一些事情。首先，是 - 是否有任何提前關閉的東西，也許是從第四季度推出的東西？我知道通常第四季度是您傾向於關閉那些 8 位數以上的交易的時候。

And then secondly, for those deals that were cloud deals, it sounded like cloud conversions, give us a sense on how much those contracts expanded relative to what they were spending on premise?

其次，對於那些雲交易，這聽起來像是雲轉換，讓我們了解這些合同相對於他們在內部支出的支出擴大了多少？

So yes, both of those deals had expansion in terms of from what they were spending on-premise to what they're spending in the cloud. We're really excited clearly about doing those very large deals for their customers. It certainly represents a great commitment in terms of forward execution.

所以是的，這兩筆交易都從他們在內部部署的支出擴展到他們在雲中的支出。我們真的很高興能為他們的客戶做這些非常大的交易。就前瞻性執行而言，這無疑代表了一項偉大的承諾。

I think we didn't see a significant level of pull forward from Q4 to Q3. I would also say our Q4 pipeline, as Claire mentioned in the prepared remarks, is looking healthy. So everything is pointing to the fact that we maintain our outlook on approximately 80% year-over-year for cloud ARR growth by the end of 2022. So great execution by those sales teams. They are clearly out there selling the advantages of Teradata in the cloud.

我認為我們沒有看到從第四季度到第三季度有顯著的拉動。我還要說，正如克萊爾在準備好的發言中提到的那樣，我們的第四季度管道看起來很健康。因此，一切都指向一個事實，即我們維持到 2022 年底雲 ARR 同比增長約 80% 的預期。這些銷售團隊的執行力非常好。他們顯然是在兜售 Teradata 在雲端的優勢。

The next question comes from Raimo Lenschow of Barclays.

下一個問題來自巴克萊銀行的 Raimo Lenschow。

Congrats from me as well. Stephen, the one thing that surprised me at the launch of your lake was like the positive news from some of the existing customers that kind of really like the separation of compute and storage, but also like kind of like how Vantage gives them a really nice clear path into the cloud.

我也祝賀你。斯蒂芬，在你的湖推出時讓我感到驚訝的一件事就像來自一些現有客戶的積極消息，他們真的很喜歡計算和存儲的分離，但也有點像 Vantage 如何給他們一個非常好的進入雲的清晰路徑。

Can you speak to what you've seen since the launch in terms of like customer feedback that you have received so far and how that's helping the pipeline?

您能否談談自推出以來所看到的情況，例如您迄今為止收到的客戶反饋以及這對管道有何幫助？

Yes. No, absolutely, Raimo. We took that message on the road, as you know, after that initial launch and met with thousands of customers around the world. And it's great getting out and meeting those customers in person and getting the real feedback from them in terms of their evaluation of the technology and how we're taking the cloud-first strategy and making it real for them.

是的。不，絕對，雷莫。如您所知，在首次發布並會見了全球數千名客戶之後，我們在路上傳達了這一信息。很高興親自與這些客戶會面，並從他們那裡獲得關於他們對技術的評估以及我們如何採取雲優先戰略並為他們實現這一戰略的真實反饋。

We're getting lots and lots of interest. I think we've already got customers up and running and using Cloud Lake, which is great. But I think as well, our launch and announcement around ClearScape Analytics and pointing to the in-database analytic capabilities that are now available as part of the platform that drives immensely complex and sticky workload, gives our customers the opportunity to deploy some really interesting use cases on the Teradata platform.

我們得到了很多很多的興趣。我認為我們已經讓客戶啟動並運行並使用 Cloud Lake，這很棒。但我也認為，我們圍繞 ClearScape Analytics 的發布和公告，並指出現在作為驅動極其複雜和粘性工作負載的平台的一部分提供的數據庫內分析功能，讓我們的客戶有機會部署一些非常有趣的用途Teradata 平台上的案例。

The cloud lake announcement, to your point, it enables us to have an offering where we can provide, as we always have done, the very best enterprise data warehouse, but now we can provide a data lake, a data lake house. We can do it on-prem and in the cloud in terms of those deployment options which a lot of our competition isn't able to do.

雲湖公告，就您的觀點而言，它使我們能夠像往常一樣提供最好的企業數據倉庫，但現在我們可以提供數據湖，數據湖屋。就我們的許多競爭對手無法做到的那些部署選項而言，我們可以在本地和雲端完成。

We utilized native object storage right in the core of the technology so that we can get an optimized cost for our customers as they deploy our technology. So it's an exciting time. We're getting some great feedback.

我們在技術的核心中使用了原生對象存儲，這樣我們就可以在客戶部署我們的技術時為他們優化成本。所以這是一個激動人心的時刻。我們得到了一些很好的反饋。

Yes. Perfect. And then I don't know if you kind of -- I'm sure you looked at the Azure numbers and the AWS numbers, and you can see like a little bit of a deceleration there and people are optimizing cloud spend. It seems different with you, and you touched on mission-critical and getting value out of that and being kind of also early in the life cycle going to cloud there. Like what do you see in terms of customer willingness to engage with you in this kind of uncertain times? Like are you kind of following the cloud guys? Is it slightly different? Like how should we think about that?

是的。完美的。然後我不知道你是否有點 - 我確定你看過 Azure 數字和 AWS 數字，你可以看到那裡有點減速，人們正在優化雲支出。這對你來說似乎有所不同，你談到了關鍵任務並從中獲得價值，並且在生命週期的早期也有點云云。在這種不確定的時期，您如何看待客戶與您互動的意願？就像你在追隨雲的傢伙一樣嗎？是不是有點不同？比如我們應該如何考慮？

Well, I think we've mentioned about the strength of our business model before in terms of how we construct our long-term agreements and contracts with our customers, utilizing blended pricing models that have a fixed capacity built in. And our customers actually utilize that fixed capacity to have the best in the industry financial governance of their data and analytics environment. And our customers see that as a real strength. Because we have the patents around workload management and query optimization, our customers can run more workload and play that fixed capacity in an optimized way compared to how our competition does it.

好吧，我想我們之前已經提到過我們的商業模式的優勢，即我們如何與客戶建立長期協議和合同，利用內置固定容量的混合定價模型。我們的客戶實際上利用這種固定能力可以在其數據和分析環境的行業財務治理中發揮最佳作用。我們的客戶將其視為真正的優勢。由於我們擁有工作負載管理和查詢優化方面的專利，與我們的競爭對手相比，我們的客戶可以運行更多的工作負載並以優化的方式使用固定容量。

Our analytics capabilities enable customers optimize tech stack so that they can reduce dependency on maybe one-off analytic providers inside their environment and utilize the capabilities in, say, Teradata. So I think our sales teams are using the macroeconomic environment as some good reasons why Teradata is better in the cloud than some of the cloud-native solutions that don't have those patented capabilities, Raimo.

我們的分析功能使客戶能夠優化技術堆棧，以便他們可以減少對環境中一次性分析提供商的依賴，並利用 Teradata 等中的功能。所以我認為我們的銷售團隊正在使用宏觀經濟環境作為 Teradata 在雲中比一些沒有這些專利功能的雲原生解決方案更好的一些很好的理由，Raimo。

Your next question comes from the line of Chad Bennett of Craig-Hallum.

你的下一個問題來自 Craig-Hallum 的 Chad Bennett。

Great. So just Claire or Steve, just a question on the on-prem subscription business. And just in terms of -- it seems like a lifetime since anybody's Analyst Day and targets, if they did them late last year or mid last year. But just in terms of how you're thinking about that business over the next 12 to 24 months or over your target time frame. From a growth standpoint, I think you were talking about even net of migrations, being able to grow your on-prem subscription business. Is that still the case? And then maybe any insight into gross churn around that on-prem subscription business this year? That would be great.

偉大的。所以只有克萊爾或史蒂夫，只是一個關於本地訂閱業務的問題。就-從任何人的分析師日和目標開始，這似乎是一生，如果他們在去年年底或去年年中做到了。但就您在未來 12 到 24 個月或您的目標時間範圍內如何考慮該業務而言。從增長的角度來看，我認為您甚至在談論遷移淨額，能夠發展您的本地訂閱業務。現在還是這樣嗎？然後也許對今年本地訂閱業務的總流失有任何見解？那很好啊。

Yes. So from an on-prem perspective, I think I look at it as kind of flat in terms of our overall economics. And certainly, the macroeconomic environment would say that it's not going to be a growth engine for us. Yes. So from a churn perspective, we experienced churn levels, but the best way to prevent that churn is actually to move them to the cloud.

是的。因此，從內部部署的角度來看，我認為就我們的整體經濟而言，我認為它有點平坦。當然，宏觀經濟環境會說它不會成為我們的增長引擎。是的。所以從流失的角度來看，我們經歷了流失水平，但防止這種流失的最好方法實際上是將它們轉移到雲端。

Yes. And so we -- when we look at the overall business, we're not seeing any surprises there. And certainly, when we move that customer to the cloud, we get a long-term commitment so that they're locked in with us. So that's really the growth vector that we're looking at.

是的。所以我們——當我們審視整體業務時，我們沒有看到任何意外。當然，當我們將該客戶轉移到雲中時，我們會獲得長期承諾，以便他們與我們鎖定。所以這真的是我們正在研究的增長向量。

Okay. And then maybe one follow-up. Just if you look at kind of where you are year-to-date in cloud ARR growth which has been great, obviously, you guys are an outlier in terms of hitting your target and growing at the rate you are at some decent scale now also. But if you look at kind of the components of where we are today or at the end of the third quarter, Steve, whether it's migrations or net expansion or new logos, has it played out the way you thought it would? Or have there been any variations in terms of -- nobody has a crystal ball, but in terms of kind of how you got to where you are today?

好的。然後也許是一個後續行動。如果你看看今年迄今在雲 ARR 增長方面的進展情況，這已經很好了，很明顯，你們在達到目標和以你們現在相當規模的速度增長方面是一個異常值.但是，如果你看看我們今天或第三季度末的組成部分，史蒂夫，無論是遷移、淨擴張還是新標誌，它是否按照你想像的方式發揮作用？或者是否有任何變化——沒有人有水晶球，但就你如何到達今天的位置而言？

Yes, I think what we're seeing is more increased ARR on migration. Whereas the pattern that we had seen was we might -- sales teams migrated some of the customers' environment and then expanded that out subsequently. I think the sales teams are now going to the big deal right out the box, right? So if I think about it, that's certainly a difference to our initial planning.

是的，我認為我們看到的是移民的 ARR 增加了更多。而我們看到的模式是我們可能——銷售團隊遷移了一些客戶的環境，然後隨後將其擴展。我認為銷售團隊現在開箱即用，對吧？所以如果我考慮一下，這肯定與我們最初的計劃有所不同。

But as we model that through and look at the expansion rate that we're currently seeing, it still gives us the number of getting to the approximately 80% year-on-year for cloud ARR growth. So I think broadly, we're in line with what we said at Investor Day to make that slight change in mix.

但是，當我們通過模型對其進行建模並查看我們目前看到的擴張速度時，它仍然為我們提供了雲 ARR 增長達到約 80% 的同比數字。所以我認為，從廣義上講，我們與我們在投資者日所說的一致，對組合進行了微小的改變。

New logos, we did new logos in Q3. We are pleased with the momentum that we've got from that perspective. It is more challenging. To be absolutely clear with you, it's more challenging to win new logos in the macroeconomic environment. But the criticality of the workloads that we deliver, the value propositions that we've got for our customers continue to say that we've got great growth potential. And the data and analytics marketplace is a great marketplace to be.

新標識，我們在第三季度做了新標識。我們對從這個角度獲得的勢頭感到滿意。這更具挑戰性。明確地說，在宏觀經濟環境中贏得新標誌更具挑戰性。但是我們交付的工作負載的重要性，我們為客戶提供的價值主張繼續表明我們具有巨大的增長潛力。數據和分析市場是一個偉大的市場。

Got it. Nice job on the quarter.

知道了。本季度幹得好。

Thanks, Chad.

謝謝，乍得。

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

你的下一個問題來自 RBC Capital Markets 的 Matthew Hedberg。

This is Simran on for Matt Hedberg. Congrats on the quarter. My question is that the customer feedback you spoke about with the VantageCloud platform seems great. Can you dig in a little bit more on a traditional customer journey? And then any insights you can provide on how this platform could pave the way to hire new logo adds in 2023, 2024 versus this year as well as any new market opportunities that you're particularly excited about?

這是 Simran 為 Matt Hedberg 做的。祝賀這個季度。我的問題是，您談到的 VantageCloud 平台的客戶反饋似乎不錯。您能否更深入地了解傳統的客戶旅程？然後，您可以提供任何關於該平台如何為在 2023 年、2024 年與今年僱傭新徽標鋪平道路的見解，以及您特別感興趣的任何新市場機會？

Yes, sure. Thank you for the question. So enterprise addition is the bulk of the business that we did in Q3. What we're seeing is that our customers are taking their Vantage platform on-prem, straight to the cloud and landing that on VantageCloud Enterprise today. That's where we're getting the bulk of the business, and those big deals have a good component of VantageCloud Enterprise.

是的，當然。感謝你的提問。所以企業增加是我們在第三季度所做的大部分業務。我們看到的是，我們的客戶正在將他們的本地 Vantage 平台直接帶到雲端，並在今天登陸 VantageCloud Enterprise。這就是我們獲得大部分業務的地方，而那些大交易有一個很好的 VantageCloud Enterprise 組件。

VantageCloud Lake gives us the opportunity to start small with customers, see the value and then grow. And the price point -- the initial price point of VantageCloud Lake we've put in, that's attractive for those customers to start using it because we believe that the elasticity that's enabled by that technology will drive good growth into the future.

VantageCloud Lake 讓我們有機會從客戶的小處著手，看到價值，然後成長。價格點——我們提出的 VantageCloud Lake 的初始價格點，這對那些開始使用它的客戶很有吸引力，因為我們相信該技術帶來的彈性將推動未來的良好增長。

As we look at our guidance for FY '22, we didn't have a large assumption around cloud lake or that fundamentally changing the trajectory of our business. Most of the business that we will do in Q4, like Q3, will be on VantageCloud Enterprise. So we look at cloud lake as an opportunity to get into different workloads, experimental, ad hoc, workload inside our customers, and it's going to be a future catalyst driving growth as we move forward.

當我們審視我們對 22 財年的指導時，我們沒有對雲湖做出很大的假設，也沒有從根本上改變我們業務的軌跡。與第三季度一樣，我們將在第四季度開展的大部分業務都將在 VantageCloud Enterprise 上進行。因此，我們將雲湖視為一個機會，可以進入我們客戶內部的不同工作負載、實驗性、臨時性工作負載，隨著我們的前進，它將成為推動增長的未來催化劑。

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

你的下一個問題來自美國銀行的 Wamsi Mohan。

Steve, just going back to the on-prem side of the business. One of the hyperscalers seems to have created a displacement of a long-time on-prem customer. Are you seeing anything change in that pipeline? Do you view that as sort of a one-off? Or are you seeing that the on-prem pipeline is changing in some competitive way with the hyperscalers at all? And I have a follow-up.

史蒂夫，回到業務的本地部署方面。其中一個超大規模用戶似乎已經取代了一位長期的本地客戶。你看到管道有什麼變化嗎？你認為這是一次性的嗎？或者您是否看到本地管道正在以某種競爭方式與超大規模應用程序發生變化？我有一個後續行動。

Yes. I think what we're seeing there, Wamsi, is if we have major customers move into alternative technology, that tends to be a decision and an activity that they started and planned and executed on based on a decision that was made years back, before we had the cloud capabilities that we've got to today.

是的。 Wamsi，我認為我們在那裡看到的是，如果我們有主要客戶轉向替代技術，這往往是他們根據多年前做出的決定開始、計劃和執行的決定和活動我們擁有今天所擁有的雲功能。

I think now what we're seeing, with the progress that we've made over the last 2 years, is customers recommitting to is based on the technology architecture, the product announcements that we've made recently, the fact that we can take them to the cloud in a very effective way, is of great interest to them. We work in partnership with the hyperscalers clearly because we are available on all 3 of the hyperscalers, but we're not frightened to compete either.

我認為現在我們所看到的，隨著我們在過去 2 年取得的進展，客戶重新承諾是基於技術架構，我們最近發布的產品公告，我們可以採取的事實他們以一種非常有效的方式遷移到雲端，這讓他們很感興趣。我們與超大規模公司合作顯然是因為我們在所有 3 個超大規模公司上都可用，但我們也不害怕競爭。

We do have the best data and analytics platform. When our customers experience it and get to use it in the cloud, they realize that they can take workloads from on-prem and take them to the cloud in the most effective, least cost way. And so we're seeing a lot of execution from that. And once they're in the cloud, is we become part of their future technology architecture.

我們確實擁有最好的數據和分析平台。當我們的客戶體驗它並開始在雲中使用它時，他們意識到他們可以從本地獲取工作負載，並以最有效、成本最低的方式將它們帶到雲中。因此，我們從中看到了很多執行。一旦他們進入雲端，我們就會成為他們未來技術架構的一部分。

The best way that we will continue to engage with all of these customers in the future is to give them the best possible data and analytics capabilities where they need it, be it on-prem or in the cloud. And a lot of these really large organizations are realizing that they can optimize their environment by having both an on-prem component and the cloud component, and we can execute on both of those deployment models.

我們在未來繼續與所有這些客戶接觸的最佳方式是在他們需要的地方為他們提供盡可能最好的數據和分析功能，無論是在本地還是在雲端。許多這些真正的大型組織都意識到他們可以通過同時擁有本地組件和雲組件來優化他們的環境，我們可以在這兩種部署模型上執行。

Okay, Steve. That's very helpful. And Claire, maybe as we think about the trajectory from this $400 million to your longer-term target on free cash flow, how should we think about how linear the progression should be? And I know you're not guiding 2023, but any large puts and takes that we should be thinking about in terms of free cash flow looking into 2023?

好的，史蒂夫。這很有幫助。克萊爾，也許當我們考慮從這 4 億美元到您的自由現金流的長期目標的軌跡時，我們應該如何考慮進展的線性程度？而且我知道你不是在指導 2023 年，而是在展望 2023 年的自由現金流方面我們應該考慮的任何大的投入和投入？

Yes, Wamsi, thanks for the question. And as you mentioned, not planning to guide at this earnings call for 2023. But we are really happy with the efficient cash conversion cycle that we've seen on a continuous basis throughout fiscal 2022. So that is a continuous opportunity moving forward in 2023 and, obviously, as we talked about looking for that momentum in terms of growth as we come out of the headwinds that we've seen in 2022 from Russia and currency.

是的，Wamsi，謝謝你的提問。正如您所提到的，不打算在 2023 年的財報電話會議上提供指導。但我們對我們在整個 2022 財年持續看到的高效現金轉換週期感到非常滿意。因此，這是一個在 2023 年持續向前發展的機會而且，很明顯，當我們談到在我們擺脫 2022 年俄羅斯和貨幣的逆風時尋找增長勢頭時。

So nothing out of the ordinary that I would say, but just the fact that we've seen consistent cash conversion cycles for multiple quarters now in a row. And we think that, that's very easy to extend and continue to perform from an efficiency standpoint on cash flow into fiscal 2023.

因此，我想說的沒什麼不尋常的，只是我們已經連續多個季度看到一致的現金轉換週期這一事實。我們認為，從現金流的效率角度來看，這很容易擴展並繼續執行到 2023 財年。

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，聽取他的最後評論。

Yes. Thank you, operator. Thanks, everyone, for joining us today. We are really pleased with our ongoing momentum and our accelerated cloud growth. We are absolutely committed to our strategy and are confident in driving differentiated value for our customers and returns for our shareholders as we reaffirm our 2022 financial outlook. We hope you all have a happy and healthy year-end. Thank you very much.

是的。謝謝你，運營商。謝謝大家今天加入我們。我們對我們持續的勢頭和加速的雲增長感到非常滿意。我們絕對致力於我們的戰略，並有信心在我們重申 2022 年財務前景的同時，為我們的客戶帶來差異化的價值並為我們的股東帶來回報。我們希望大家有一個快樂和健康的年終。非常感謝。

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。