(TDC) 2022 Q4 法說會逐字稿

Hello, everyone. My name is Drew, and I will be your conference operator today. At this time, I would like to welcome everyone to the Teradata Fourth Quarter and Full Year 2022 Earnings Call.

大家好。我叫德魯，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 第四季度和 2022 年全年收益電話會議。

(Operator Instructions) I'd 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.

（操作員說明）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 morning, and welcome to Teradata's Fourth Quarter and Full Year 2022 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.

早上好，歡迎來到 Teradata 的第四季度和 2022 年全年收益電話會議。 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. Please note that Teradata intends to file the Form 10-K for the year ended December 31, 2022 later this month. 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。請注意，Teradata 打算在本月晚些時候提交截至 2022 年 12 月 31 日止年度的 10-K 表格。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. 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。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。

Good morning, everyone. Thanks for joining us, and thanks, Chris, for the introduction. Teradata delivered a robust fourth quarter, capping off a strong year. We are very pleased that we had all of our key metrics for the full year, especially considering the macroeconomic challenges from ceasing our operations in Russia.

大家，早安。感謝您加入我們，也感謝 Chris 的介紹。 Teradata 第四季度表現強勁，為強勁的一年畫上了句號。我們很高興我們擁有全年的所有關鍵指標，特別是考慮到我們停止在俄羅斯的業務所帶來的宏觀經濟挑戰。

Demonstrating our momentum as a cloud leader, the fourth quarter was our largest cloud quarter ever as the team delivered public cloud ARR of $357 million, a year-on-year increase of 81% in constant currency, nearly 45% larger than Q4 of last year. This incredible growth was propelled by customer demand for our differentiated platform, resulting in new incremental workloads that drove healthy migrations and expansions.

第四季度展示了我們作為雲領導者的勢頭，是我們有史以來最大的雲季度，因為該團隊交付了 3.57 億美元的公共雲 ARR，按固定匯率計算同比增長 81%，比去年第四季度增長近 45%年。這種令人難以置信的增長是由客戶對我們差異化平台的需求推動的，從而產生了新的增量工作負載，從而推動了健康的遷移和擴展。

Our total ARR also finished the year very strong, up 2% year-over-year in constant currency. We generated $108 million of sequential growth in the fourth quarter, driven by outstanding cloud activity. In addition, our on-prem subscription business remained steady even in light of healthy migrations to the cloud. It's great to see that the team's performance in cloud is fueling overall total ARR growth.

我們的總 ARR 在今年結束時也非常強勁，按固定匯率計算同比增長 2%。在出色的雲活動的推動下，我們在第四季度實現了 1.08 億美元的環比增長。此外，即使在健康地遷移到雲的情況下，我們的本地訂閱業務也保持穩定。很高興看到團隊在雲中的表現正在推動總體 ARR 增長。

Looking at our tremendous progress across the board, our results showcased the positive impact of our strategic transformation. Just over 2 short years ago, we declared that Teradata would be cloud-first, and the entire team stepped up and executed with determination and consistency. Once we set our sights on our cloud-first future, we have delivered more than a sixfold growth in cloud, just remarkable results with growth well ahead of the market. Our strategic pivot is right, and I am very proud that these results illustrate our successful transition to a market-recognized leader in cloud data and analytics.

縱觀我們在各方面取得的巨大進步，我們的成果展示了我們戰略轉型的積極影響。就在短短 2 年多以前，我們宣布 Teradata 將以雲為先，整個團隊堅定不移地堅定不移地執行。一旦我們將目光投向了雲優先的未來，我們就實現了超過六倍的雲增長，取得了顯著成果，增長速度遠遠領先於市場。我們的戰略支點是正確的，我很自豪這些結果說明我們成功轉型為市場公認的雲數據和分析領導者。

The customers we serve are among the world's most demanding and complex enterprises, and we regularly hear from them that they need the best data and analytics capabilities possible, capabilities that Teradata absolutely provides to help them extend their edge and their markets. We meet customers where they are now with the technology that they need now with their best-in-class lake house or data warehouse, whether in the cloud, on-prem or a hybrid model. Our dedication to customer success and the strength of our technology gives customers full confidence that Teradata will keep bringing their analytics and data capabilities they will need in the future.

我們服務的客戶屬於世界上要求最苛刻、最複雜的企業，我們經常從他們那裡聽到他們需要最好的數據和分析能力，而 Teradata 絕對可以提供這些能力來幫助他們擴大優勢和市場。我們通過一流的 Lake House 或數據倉庫，無論是在雲端、本地還是混合模型中，為客戶提供他們現在所需的技術。我們對客戶成功的奉獻和我們技術的實力讓客戶充滿信心，相信 Teradata 將繼續提供他們未來需要的分析和數據功能。

We are seeing migrations remain high as customers transition workloads to the cloud, and we are also pleased to see that when customers start with Teradata in the cloud, they expand with Teradata. Our net expansion rate in cloud remained solid at 117% in the quarter. Our momentum accelerated in the fourth quarter as our sellers added new customers in the cloud and new logos. We brought in nearly 20% more new logos last year than in 2021. Our new accounts come from across all geographies and multiple industries. I'd like to share just a few examples.

我們看到，隨著客戶將工作負載轉移到雲端，遷移率仍然很高，我們也很高興看到，當客戶開始在雲端使用 Teradata 時，他們會通過 Teradata 進行擴展。本季度我們在雲領域的淨擴張率保持穩定在 117%。我們的勢頭在第四季度加速，因為我們的賣家在雲中增加了新客戶和新標識。去年我們引入的新標識比 2021 年多了近 20%。我們的新客戶來自所有地區和多個行業。我想分享幾個例子。

Kyndryl is modernizing its data platform and building out capabilities in the cloud to acquire and [curate] data, while delivering key insights of this business. They selected Teradata on Azure as a key component of that strategy, leveraging our company's go-to-market alliance and with its internal Chief Data Office team being [client 0]. Leveraging Teradata for its internal use positions Kyndryl in an excellent position to address the challenges businesses face.

Kyndryl 正在對其數據平台進行現代化改造，並在雲中構建功能以獲取和[整理] 數據，同時提供對該業務的關鍵見解。他們選擇 Azure 上的 Teradata 作為該戰略的關鍵組成部分，利用我們公司的上市聯盟及其內部首席數據辦公室團隊 [客戶 0]。利用 Teradata 進行內部使用，使 Kyndryl 處於應對企業面臨的挑戰的絕佳位置。

A major Japanese consumer electronics manufacturer chose Teradata on AWS to help it provide analytics on IoT data derived from the products. A large Australian government agency has procured Teradata on Azure as the basis of a strategic data platform, underpinning the department's enterprise information initiative. This program will uplift its entire enterprise data management and analytics practices to better enable information sharing and collaboration within the department across the government and with Australia's strategic international partners. This new customer was [won] with KPMG and with a competitive [win] against a number of other vendors.

日本一家主要的消費電子產品製造商選擇了 AWS 上的 Teradata 來幫助它提供對源自產品的 IoT 數據的分析。澳大利亞一家大型政府機構採購了 Teradata on Azure 作為戰略數據平台的基礎，支持該部門的企業信息計劃。該計劃將提升其整個企業數據管理和分析實踐，以更好地實現跨政府部門內部以及與澳大利亞戰略國際合作夥伴的信息共享和協作。這個新客戶是通過畢馬威 [won] 和與許多其他供應商的競爭 [win] 獲得的。

These wins are a testament to the people of Teradata, our culture of being market-driven, agile and execution and accountable to each other truly helps us win as we have transformed the company, and it has been amazing to see everyone lean and embrace the future. You've heard us say that we do what we say we will do. This has been our mantra throughout our transformation as all facets of the company acted with urgency and commitment in our successful pivot to the cloud. Our fantastic engineering organization completely rearchitected our analytics and data platform to cloud native, and we launched Teradata Vantage Cloud Lake and ClearScape Analytics at the end of Q3.

這些勝利證明了 Teradata 的員工，我們以市場為導向、敏捷和執行以及相互負責的文化真正幫助我們在公司轉型過程中取得勝利，看到每個人都精益求精並接受未來。您已經聽過我們說過，我們言出必行。這一直是我們整個轉型過程中的口頭禪，因為公司的各個方面都在我們成功轉向雲的過程中採取了緊迫和承諾的行動。我們出色的工程組織將我們的分析和數據平台完全重新架構為雲原生，我們在第三季度末推出了 Teradata Vantage Cloud Lake 和 ClearScape Analytics。

We are quite pleased with the incredibly positive market response to the launch of these powerful capabilities. Our pipeline is building, and we have customers already leveraging our powerful new lake products to get meaningful business value. When we win , we increasingly win with partners, and we continue to strengthen our partner-first approach. In 2022, we made major strides building out our partner motion, significantly advancing their capabilities, training thousands of partners employees and building a leading partner-centric organization from the ground up.

我們很高興市場對這些強大功能的推出產生了令人難以置信的積極反應。我們的管道正在建設中，我們的客戶已經在利用我們強大的新湖產品來獲得有意義的商業價值。當我們獲勝時，我們將越來越多地與合作夥伴一起獲勝，並且我們將繼續加強我們以合作夥伴為先的方法。 2022 年，我們在建立合作夥伴計劃方面取得了重大進展，顯著提升了他們的能力，培訓了數千名合作夥伴員工，並從頭開始建立了一個領先的以合作夥伴為中心的組織。

Our robust cloud growth is intrinsically tied to the deep partnerships our team have built with the leading cloud service providers, [systems] integrators, ISPs and resellers. In fact, 75% of our largest cloud deals were won in partnership with key systems integrator partners and cloud service providers. Looking ahead, we remain committed to partnering as a key element in our growth. We will continue to invest in building deep partnerships and accelerating market momentum in this area.

我們強勁的雲增長與我們的團隊與領先的雲服務提供商、[系統] 集成商、ISP 和經銷商建立的深度合作關係有著內在的聯繫。事實上，我們最大的雲交易中有 75% 是通過與主要係統集成商合作夥伴和雲服務提供商的合作贏得的。展望未來，我們將繼續致力於將合作作為我們發展的關鍵要素。我們將繼續投資建立深度合作夥伴關係並加速該領域的市場發展勢頭。

Capping off our fantastic year was the very positive news that Teradata received continued recognition from Gartner in 2 important reports with the no cloud leadership. We remained a cloud leader in the 2022 Gartner Magic Quadrant for cloud database management systems. This makes an impressive 20 years in a row of being named a leader in data analytics.

Teradata 在 2 份重要報告中以無雲領導地位獲得了 Gartner 的持續認可，為我們精彩的一年畫上了句號。在 2022 年 Gartner 雲數據庫管理系統魔力像限中，我們仍然是雲領導者。這讓我們連續 20 年被評為數據分析領域的領導者，令人印象深刻。

We had another consecutive year of running streak as we again garnered the highest scores in all 4 use cases in the Gartner Critical Capabilities for cloud DBMS for analytical use cases report. Teradata scored #1 in data lake, #1 in traditional data warehouse, #1 in logical data warehouse and #1 in streaming analytics. This is the second year in a row that Teradata has made a full suite, leading in each of these use cases. We're proud of this recognition that validates our strength as a leader among leaders into cloud analytics and data.

在 Gartner 的雲 DBMS 關鍵能力分析用例報告中，我們再次獲得所有 4 個用例的最高分，我們又連續一年連續運行。 Teradata 在數據湖中排名第一，在傳統數據倉庫中排名第一，在邏輯數據倉庫中排名第一，在流分析中排名第一。這是 Teradata 連續第二年製作完整套件，在每個用例中都處於領先地位。我們為這一認可感到自豪，它證明了我們作為雲分析和數據領導者中的領導者的實力。

Being a market leader also comes with the duty to act as a responsible corporate citizen, an obligation we hold paramount. In 2022, we made great strides in our ESG program, processes and governance. It's very rewarding to be included in key reports such as JUST Capital 2023 ranking of America's most JUST Companies and Newsweek's [list] of America's Most Responsible Companies.

作為市場領導者也有責任成為負責任的企業公民，這是我們最重要的義務。 2022 年，我們在 ESG 計劃、流程和治理方面取得了長足進步。能夠入選 JUST Capital 2023 美國最公正公司排名和新聞周刊美國最具責任感公司 [名單] 等重要報告是非常值得的。

Our commitment to ESG is deep and broad and recognition as one of the leading sustainability-driven companies, we remained in Dow Jones' Sustainability North American Index for the 13th year in a row, and we're included in its World Index for the eighth time. You'll be hearing more about our unwavering comment to ESG throughout the year, and I'm confident that you will like what you hear.

我們對 ESG 的承諾深入而廣泛，並被公認為領先的可持續發展驅動型公司之一，我們連續 13 年入選道瓊斯可持續發展北美指數，並第八次入選其世界指數時間。您會在這一年中聽到更多關於我們對 ESG 的堅定評論的信息，我相信您會喜歡您所聽到的。

As I turn the call over to Claire, who will share more about our financial performance, I want to emphasize that we made tremendous progress in 2022, and we have great confidence in our future. Our entire team is preparing to take another significant step forward in 2023. We remain steadfastly focused on generating profitability, and we look to extend our strong track record of delivering on our earnings per share targets.

當我把電話轉給克萊爾時，她將更多地分享我們的財務業績，我想強調我們在 2022 年取得了巨大進步，我們對未來充滿信心。我們的整個團隊正準備在 2023 年再邁出重要一步。我們仍然堅定不移地專注於創造盈利能力，我們希望延續我們在實現每股收益目標方面的良好記錄。

Our 2023 non-GAAP diluted earnings per share outlook is almost $2 per share at the midpoint. This is more than a 20% increase year-over-year. We forecast accelerating growth in both 2023 cloud and total ARR, and we remain on track to meet our goal of $1 billion plus of cloud ARR in 2025. We firmly believe our strategic transformation is right for Teradata and the proof is in our results. Our technology is differentiated in the market, our people remain dedicated to customer success, and we will continue our strong sales execution and good cost discipline. We firmly stand in our commitment to profitable growth and delivering durable free cash flow.

我們的 2023 年非 GAAP 攤薄後每股收益預期中點接近每股 2 美元。這比去年同期增長了 20% 以上。我們預測 2023 年雲和總 ARR 都將加速增長，我們仍有望實現 2025 年超過 10 億美元雲 ARR 的目標。我們堅信我們的戰略轉型對 Teradata 來說是正確的，我們的結果就是證據。我們的技術在市場上與眾不同，我們的員工始終致力於客戶的成功，我們將繼續保持強大的銷售執行力和良好的成本控制。我們堅定地致力於盈利增長和提供持久的自由現金流。

Let's now turn the call over to Claire.

現在讓我們把電話轉給克萊爾。

Thank you, Steve, and good morning, everyone. I share Steve's enthusiasm on our strong finish to '22. Teradata delivered on all metrics for both the fourth quarter and the full year. These results demonstrate great progress and momentum in delivering on our strategy we outlined in our 2021 Investor Day.

謝謝你，史蒂夫，大家早上好。我和史蒂夫一樣對我們 22 年的強勢表現充滿熱情。 Teradata 實現了第四季度和全年的所有指標。這些結果表明我們在實現我們在 2021 年投資者日概述的戰略方面取得了巨大進展和勢頭。

Some quarterly and annual highlights include: Public cloud ARR grew 81% year-over-year in constant currency and 77% as reported, showing our ability to drive cloud ARR growth at scale and on track to achieve our fiscal 2025 target of over $1 billion. Total ARR of $1.482 billion, 2% growth year-over-year in constant currency and a 1% decline as reported despite a 4-point negative impact from ceasing our Russian operations. Fourth quarter recurring revenue of $357 million, which is a 3% growth year-over-year in constant currency and a 2% decline as reported.

一些季度和年度亮點包括：公有云 ARR 按固定匯率計算同比增長 81%，據報導增長 77%，表明我們有能力大規模推動雲 ARR 增長，並有望實現我們 2025 財年超過 10 億美元的目標.總 ARR 為 14.82 億美元，按固定匯率計算同比增長 2%，報告下降 1%，儘管停止俄羅斯業務產生了 4 個百分點的負面影響。第四季度經常性收入為 3.57 億美元，按固定匯率計算同比增長 3%，報告下降 2%。

For the year, we achieved $1.419 billion of recurring revenue, a return to annual ARR and revenue growth after excluding the impact of exiting Russia and currency. Fourth quarter non-GAAP diluted earnings per share of $0.35, which is $0.03 above the high end of our outlook range, full year non-GAAP diluted earnings per share was $1.64, which is $0.02 above the high end of our outlook range. Fourth quarter free cash flow of $120 million, resulting in a full year free cash flow of $403 million. I am proud of the entire team's performance in the current environment, which enables Teradata to remain on track with achieving our cloud-first profitable growth strategy.

這一年，我們實現了 14.19 億美元的經常性收入，在排除退出俄羅斯和貨幣的影響後恢復了年度 ARR 和收入增長。第四季度非 GAAP 攤薄後每股收益為 0.35 美元，比我們預期範圍的上限高出 0.03 美元，全年非 GAAP 攤薄後每股收益為 1.64 美元，比我們預期範圍的上限高出 0.02 美元。第四季度自由現金流為 1.2 億美元，全年自由現金流為 4.03 億美元。我為整個團隊在當前環境中的表現感到自豪，這使 Teradata 能夠繼續實現我們的雲優先盈利增長戰略。

Let me now share some more details on our financial results, starting with revenue. Fourth quarter recurring revenue was $357 million. The 3% constant currency growth was driven by strong execution by our go-to-market team, resulting in strong cloud revenue growth year-over-year. Recurring revenue as a percentage of total revenue was 79%, which is up over 2 percentage points from the same period last year. In the quarter, there was a tailwind from net positive upfront recurring revenue of approximately $7 million. This was offset by headwinds related to exiting Russia and currency.

現在讓我分享一些關於我們財務業績的更多細節，從收入開始。第四季度經常性收入為 3.57 億美元。 3% 的持續貨幣增長是由我們的上市團隊強大的執行力推動的，導致雲收入同比強勁增長。經常性收入佔總收入的比例為79%，較去年同期上升逾2個百分點。本季度，淨正預付經常性收入約 700 萬美元帶來了推動力。這被與退出俄羅斯和貨幣相關的不利因素所抵消。

Our earnings presentation provides the impact to ARR and revenue in the fourth quarter and full year, demonstrating the underlying growth of the business. Fourth quarter total revenue was $452 million, flat year-over-year in constant currency and a 5% decline as reported. The year-over-year decline is primarily due to exiting Russia and declines in the consulting business, given our strategic pivot to develop a robust partner ecosystem.

我們的收益報告提供了第四季度和全年對 ARR 和收入的影響，展示了業務的潛在增長。第四季度總收入為 4.52 億美元，按固定匯率計算與去年同期持平，據報導下降 5%。考慮到我們發展強大的合作夥伴生態系統的戰略重點，同比下降主要是由於退出俄羅斯和諮詢業務的下降。

Moving to profitability. The fourth quarter was another period of healthy profit generation. We reported $269 million in gross profit and a fourth quarter gross margin of approximately 60%. The primary driver of a healthy gross profit dollar generation continues to be the higher mix of recurring revenue. For the year, we reported $1.1 billion of gross profit for a gross margin of 61.6%. This is in line with the approximate 200 basis point decline year-over-year we provided in our outlook at the start of 2022, primarily driven by an increasing mix of cloud revenue as our cloud business continues to scale. Fourth quarter's operating profit was $62 million, or an operating margin of 13.7%.

轉向盈利。第四季度是另一個健康的利潤產生期。我們報告的毛利潤為 2.69 億美元，第四季度毛利率約為 60%。產生健康毛利潤的主要驅動力仍然是經常性收入的更高組合。這一年，我們報告了 11 億美元的毛利潤，毛利率為 61.6%。這與我們在 2022 年初的展望中提供的同比下降約 200 個基點一致，這主要是由於隨著我們的雲業務不斷擴大，雲收入的組合不斷增加。第四季度營業利潤為 6200 萬美元，營業利潤率為 13.7%。

We continue to maintain cost discipline, while prioritizing positive return-generating investments that are focused on our future growth. Total operating expenses were flat sequentially and down slightly year-over-year. Fourth quarter non-GAAP diluted earnings per share was $0.35, which is above the high end of our outlook range by $0.03. We saw a slight benefit from upfront recurring revenues and currency, partially offset by higher taxes.

我們繼續保持成本紀律，同時優先考慮專注於我們未來增長的積極回報投資。總運營費用環比持平，同比略有下降。第四季度非 GAAP 攤薄後每股收益為 0.35 美元，比我們預期範圍的上限高出 0.03 美元。我們從前期經常性收入和貨幣中看到了輕微的好處，部分被更高的稅收所抵消。

Turning to free cash flow and capital allocation. We generated $403 million of free cash flow in 2022, in line with the outlook we gave at the start of the year of approximately $400 million. We continued to take advantage of our strong balance sheet and return to shareholders 96% of our 2022 free cash flow. For the full year, we repurchased approximately 9.4 million shares or approximately $387 million in total.

轉向自由現金流和資本配置。我們在 2022 年產生了 4.03 億美元的自由現金流，這與我們年初給出的約 4 億美元的前景一致。我們繼續利用我們強勁的資產負債表，將 2022 年自由現金流的 96% 返還給股東。全年，我們回購了約 940 萬股股票或總計約 3.87 億美元。

Before I provide our annual financial outlook for 2023, I'd like to make some comments to set the context. We intend to leverage our momentum from 2022 to drive growth in both cloud and total ARR. In the cloud, we continue to be focused on direct and indirect activities that drive adoption of our VantageCloud platform, resulting in the workplace, migrations, expansions and new logos. We will enable total ARR growth with the best hybrid solution in the market.

在我提供 2023 年的年度財務展望之前，我想發表一些評論來設定背景。我們打算利用我們從 2022 年開始的勢頭來推動雲和總 ARR 的增長。在雲中，我們繼續專注於推動採用我們的 VantageCloud 平台的直接和間接活動，從而帶來工作場所、遷移、擴展和新徽標。我們將通過市場上最好的混合解決方案實現總體 ARR 增長。

On total gross margin, we continue to expect a slight headwind as we grow cloud revenue. We anticipate a solid improvement in cloud gross margin year-over-year as we progress on achieving scale benefits. On operating margin, we will maintain our cost discipline and continue to make prioritized investments that we expect to result in an attractive return.

在總毛利率方面，隨著我們增加雲收入，我們繼續預計會有輕微的逆風。隨著我們在實現規模效益方面取得進展，我們預計雲毛利率將同比穩步提高。在營業利潤率方面，我們將保持我們的成本紀律，並繼續進行優先投資，我們希望這些投資能夠帶來有吸引力的回報。

Regarding free cash flow, I'd like to remind everyone that we had a onetime tax refund of $50 million, a nonrecurring benefit to free cash flow in the first quarter of 2022. The forecasted higher profit in 2023 will convert into durable free cash flow, but will be more than offset by higher cash tax payments and the restructuring payments we mentioned on our last quarter's earnings call.

關於自由現金流，我想提醒大家，我們有 5000 萬美元的一次性退稅，這是對 2022 年第一季度自由現金流的非經常性收益。預計 2023 年更高的利潤將轉化為持久的自由現金流，但將被更高的現金稅支付和我們在上一季度的財報電話會議上提到的重組支付所抵消。

On capital allocation, we have been and remain committed to returning significant capital to shareholders, while continuing to invest in growth. Demonstrating this commitment, we are increasing our return of free cash flow target from at least 50% to at least 75%. We have confidence in the resilience and sustainability of our free cash flow and in our disciplined returns-based approach to capital allocation.

在資本配置方面，我們一直並將繼續致力於向股東返還大量資本，同時繼續投資於增長。為了證明這一承諾，我們將自由現金流目標的回報率從至少 50% 提高到至少 75%。我們對自由現金流的彈性和可持續性以及我們嚴格的基於回報的資本配置方法充滿信心。

We believe Teradata has a resilient business model given our strong enterprise customer relationships and the mission-critical workloads that run on our platform. We continue to keep a close eye on the macroeconomic environment and are starting to see increased scrutiny on enterprise spend. It is not yet pervasive, but it has influenced our thinking to be prudently conservative in our 2023 outlook.

鑑於我們強大的企業客戶關係和在我們平台上運行的任務關鍵型工作負載，我們相信 Teradata 具有彈性的業務模型。我們繼續密切關注宏觀經濟環境，並開始看到對企業支出的審查越來越嚴格。它尚未普遍存在，但它影響了我們對 2023 年前景持謹慎保守態度的想法。

Our annual outlook for 2023 is as follows: Public cloud ARR is anticipated to grow year-over-year in the range of 53% to 57%. Total ARR is projected to grow year-over-year in the range of 6% to 8%. Total recurring revenue is expected to grow year-over-year in the range of 4% to 7%. Total revenue is anticipated to grow year-over-year in the range of 1% to 4%. Non-GAAP diluted earnings per share is projected to be in the range of $1.90 to $2.06. Free cash flow is expected to be in the range of $320 million to $360 million.

我們對 2023 年的年度展望如下：公共雲 ARR 預計將同比增長 53% 至 57%。預計總 ARR 將同比增長 6% 至 8%。經常性總收入預計將同比增長 4% 至 7%。預計總收入將同比增長 1% 至 4%。非 GAAP 攤薄後每股收益預計在 1.90 美元至 2.06 美元之間。自由現金流預計在 3.2 億美元至 3.6 億美元之間。

Here are some modeling assumptions for 2023: a non-GAAP tax rate of approximately 25%, weighted average shares outstanding of 101.3 million and other expense of approximately $40 million. For the first quarter of 2023, we anticipate non-GAAP diluted earnings per share to be in the range of $0.60 to $0.64. We project the non-GAAP tax rate to be approximately 28% and the weighted average shares outstanding to be 102.1 million.

以下是 2023 年的一些建模假設：非 GAAP 稅率約為 25%，加權平均流通股數為 1.013 億，其他費用約為 4000 萬美元。對於 2023 年第一季度，我們預計非 GAAP 攤薄後每股收益將在 0.60 美元至 0.64 美元之間。我們預計非 GAAP 稅率約為 28%，加權平均流通股數為 1.021 億股。

Before we open the call for Q&A, I'd like to provide a brief overview on our progress towards the 2025 financial goals we provided at our September 2021 Investor Day. We remain on track to achieve over $1 billion of cloud ARR in 2025. The total ARR, recurring revenue and total revenue using the exit of fiscal 2022 as a starting point. We forecast future growth in line with the lower end of the compound annual growth rates that we provided at Investor Day.

在我們開始問答之前，我想簡要概述一下我們在 2021 年 9 月投資者日提供的 2025 年財務目標方面取得的進展。我們仍有望在 2025 年實現超過 10 億美元的雲 ARR。總 ARR、經常性收入和總收入以 2022 財年結束為起點。我們預測未來的增長與我們在投資者日提供的複合年增長率的下限一致。

We've talked about the 2022 exogenous headwinds, which we believe are now behind us, and we are building on the strong momentum we've just demonstrated in the fourth quarter. We also remain on track with the margin profile we shared with you at Investor Day. Improving gross margins in the cloud to drive an operating margin profile in the low 20% range. We are introducing a range for free cash flow in 2025 of between $450 million to $500 million, which accounts for the exit of Russia and conservatism based on the current macro environment.

我們已經討論了 2022 年的外生逆風，我們相信這些逆風現在已經過去，我們正在鞏固我們剛剛在第四季度展示的強勁勢頭。我們在投資者日與您分享的保證金概況也保持在正軌上。提高雲業務的毛利率，將營業利潤率降至 20% 的低水平。我們引入了 2025 年 4.5 億美元至 5 億美元的自由現金流範圍，根據當前的宏觀環境，這說明了俄羅斯的退出和保守主義。

I'd like to conclude by restating that we are excited about what we achieved in 2022 and look forward to driving future profitable growth and a healthy return to shareholders.

最後，我想重申一下，我們對我們在 2022 年取得的成就感到興奮，並期待推動未來的盈利增長和健康的股東回報。

Thank you very much for your time today. Operator, can we please open the call for questions?

非常感謝你今天的時間。接線員，我們可以打開電話提問嗎？

(Operator Instructions) Our first question today comes from Tyler Radke from Citi.

（操作員說明）我們今天的第一個問題來自花旗銀行的 Tyler Radke。

Claire, on the commentary on the macro environment, I'm wondering if you could expand on that a little bit. Obviously, it was a really strong Q4. As you pointed out, ARR and cloud ARR were in line to ahead of your guidance. Where are you seeing the elevated decision-making taking place? Were there deals that maybe slipped out of Q4? And just how are you incorporating that into your outlook for 2023?

克萊爾，關於宏觀環境的評論，我想知道你是否可以稍微擴展一下。顯然，這是一個非常強大的 Q4。正如您所指出的，ARR 和雲 ARR 符合您的指導。您在哪裡看到高級決策的發生？是否有可能從第四季度溜出的交易？您如何將其納入您對 2023 年的展望？

Tyler, thank you for the question. So as we all know, 2022 and also 2023 is pretty volatile from a macroeconomic environment. We are not seeing any significant changes to customer behavior. We are seeing a little bit of scrutiny, but as I mentioned in my prepared remarks, that's not pervasive. So we were very pleased with the team's execution of our Q4 and 2020. We had a strong pipeline, as we mentioned at our last earnings, and the team delivered extremely well on that strong pipeline. So we are excited about the momentum that we have in 2023 and going into the new year, but we also want to make sure that given the volatility that we are conservative, and we have factored that into 2023. As a way, we will monitor closely. We've done that throughout 2022, and we will continue to update you and the team and update our models with the latest information.

泰勒，謝謝你的提問。因此，眾所周知，從宏觀經濟環境來看，2022 年和 2023 年都非常不穩定。我們沒有看到客戶行為有任何重大變化。我們看到了一些審查，但正如我在準備好的發言中提到的那樣，這並不普遍。因此，我們對團隊在第四季度和 2020 年的執行情況感到非常滿意。正如我們在上次收益中提到的那樣，我們擁有強大的管道，並且團隊在這條強大的管道上交付得非常好。因此，我們對 2023 年和進入新的一年的勢頭感到興奮，但我們也希望確保考慮到我們保守的波動性，我們已將其納入 2023 年。作為一種方式，我們將監測密切。我們在整個 2022 年都這樣做了，我們將繼續為您和團隊提供最新信息，並使用最新信息更新我們的模型。

I'd just add to that, Tyler. We're a player in the data and analytics marketplace. And I think if you look through all of the industry reports, you still see that there is robust demand for data and analytics solutions in the marketplace. And that's certainly something that we're seeing from our customers. So they want to use data to help them respond to these turbulent macroeconomic times. It's really interesting seeing the rise in interest of artificial intelligence. We like our customers believe that artificial intelligence without great data is just artificial. And so being the provider of the best possible quality data inside our customers really sets us apart from really providing these engines of capability to our customer set.

我只想補充一點，泰勒。我們是數據和分析市場的參與者。而且我認為，如果您查看所有行業報告，您仍然會發現市場對數據和分析解決方案的需求強勁。這當然是我們從客戶那裡看到的。所以他們想用數據來幫助他們應對這些動蕩的宏觀經濟時代。看到人們對人工智能的興趣上升真的很有趣。我們喜歡我們的客戶相信沒有大量數據的人工智能只是人工的。因此，作為我們客戶內部盡可能最好的質量數據的提供者，我們確實與真正為我們的客戶群提供這些功能引擎不同。

We're seeing a lot of uptick in terms of the usage of the analytics capability that are built into the Teradata engine, that enable that complex AI and ML model of activities for example. So from -- even though everybody is experiencing these macroeconomic times, I think from an industry segment perspective, we're in a fantastic marketplace, and we're seeing results that reflect that fantastic marketplace opportunity.

我們看到 Teradata 引擎內置的分析功能的使用有了很大的提升，例如，它支持複雜的 AI 和 ML 活動模型。因此，儘管每個人都在經歷這些宏觀經濟時代，但我認為從行業細分的角度來看，我們處於一個夢幻般的市場中，我們看到的結果反映了這個夢幻般的市場機會。

And as a follow-up, Claire, just on the long-term update for free cash flow. Obviously, it's come in a little bit lower relative to your initial long-term guidance, which understandable given Russia and currency. But I'm wondering if you could unpack that a little bit further. What are you kind of assuming for gross margins? And then any change on your long-term tax assumptions? I think tax rates for next year appear to be a bit higher than some of the modeling assumptions from the Analyst Day. So if you could just kind of unpack all the puts and takes driving that downward revision in the free cash flow?

作為後續行動，克萊爾，只是關於自由現金流的長期更新。顯然，相對於您最初的長期指導，它略低了一點，考慮到俄羅斯和貨幣，這是可以理解的。但我想知道你是否可以進一步解壓它。您對毛利率的假設是什麼？然後你的長期稅收假設有什麼變化嗎？我認為明年的稅率似乎比分析師日的一些建模假設要高一些。所以，如果你能解開所有看跌期權並推動自由現金流的向下修正？

Yes, absolutely, Tyler. So as you said, the biggest impact is because of the exertion of headwinds that we saw in 2022, so being Russia and currency, as you highlighted. So -- that's why we've kind of changed our financial goals looking from the end of 2022 out to 2025. On free cash flow, specifically and how much of that is margin. We are actually keeping our operating margin rate goals aligned to what we laid out in Investor Day, which is in the low 20% range. So that, obviously, our public cloud ARR numbers are the key ones that we kept in line with our Investor Day in 2021.

是的，當然，泰勒。正如您所說，最大的影響是因為我們在 2022 年看到的不利因素的作用，正如您強調的那樣，是俄羅斯和貨幣。所以——這就是為什麼我們改變了從 2022 年底到 2025 年的財務目標。關於自由現金流，特別是其中有多少是保證金。實際上，我們正在使我們的營業利潤率目標與我們在投資者日制定的目標保持一致，該目標處於 20% 的低範圍內。因此，顯然，我們的公共雲 ARR 數字是我們與 2021 年投資者日保持一致的關鍵數字。

The free cash flow came down mainly due to those exogenous headwinds and partly due to a higher tax rate as we're paying higher cash taxes as we look forward. And obviously, we're paying more taxes on the higher income that we're generating. The one thing that we did get the benefit from, as I mentioned in my prepared remarks in 2022 with that tax refund in Q1 of 2022. So obviously, that's a nonrecurring onetime benefit that comes out for 2023 and moving forward.

自由現金流下降主要是由於這些外生不利因素，部分原因是由於我們期待支付更高的現金稅，因此稅率更高。顯然，我們正在為我們產生的更高收入繳納更多稅款。正如我在 2022 年準備好的發言中提到的，我們確實從中受益的一件事是 2022 年第一季度的退稅。很明顯，這是 2023 年和未來的非經常性一次性收益。

Our next question today comes from Erik Woodring from Morgan Stanley.

我們今天的下一個問題來自摩根士丹利的 Erik Woodring。

Steve, I wanted to just build on something that you just said. Generative AI today, I feel like it's all the rage. And so I just wanted to kind of double click on your comment about how these types of workloads are impacting either your cloud ARR growth or generally the interest in the Teradata Vantage platform? Would just love to know if there has been any change in the last, let's call it, month to 3 months if this has been around for a while, and this is just status quo for you guys? I would love if you could just unpackage your comments, maybe a little bit more double click there? And then I have a follow-up.

史蒂夫，我只想以你剛才所說的為基礎。今天的生成人工智能，我覺得它風靡一時。因此，我只是想雙擊您關於這些類型的工作負載如何影響您的雲 ARR 增長或總體上對 Teradata Vantage 平台的興趣的評論？只是想知道最近是否有任何變化，我們稱之為，一個月到 3 個月，如果這已經存在了一段時間，這只是你們的現狀？如果你能解壓你的評論，我會很高興，也許再雙擊那裡？然後我有一個後續行動。

Yes. Thanks, Erik. Yes, one of the reasons that we launched and branded our analytics capabilities at the end of Q3 in terms of ClearScape Analytics was really to emphasize that the Teradata platform, it's more just your grandmother's enterprise data warehouse. We're a data warehouse. We're a data lake. We're an analytics engine for our customers. And the model ops capabilities, the data ops capabilities, the fact that we can train tremendous numbers of models for retailers, for banks, for use cases like risk and fraud management is really powering AI models inside our customers today.

是的。謝謝，埃里克。是的，我們在第三季度末推出 ClearScape Analytics 並為我們的分析功能打上烙印的原因之一實際上是為了強調 Teradata 平台，它更像是你祖母的企業數據倉庫。我們是一個數據倉庫。我們是一個數據湖。我們是客戶的分析引擎。模型操作能力、數據操作能力，以及我們可以為零售商、銀行、風險和欺詐管理等用例訓練大量模型的事實，真正為當今客戶內部的 AI 模型提供動力。

So we're making that really real in terms of business outcomes for our customers. And not only that, they know that they are basing those models on real and high-quality data that's inside Teradata because it's not an extracted copy that may have been modified, it's utilizing the data that's absolutely core to the mission credit core activities of that customer. So if it's a near line, that's looking at optimizing flight operations for sustainability using those advanced analytics and AI models or ML models. If it's a bank, looking at how to reduce its risk profile, if it's a retailer looking at next best action for a customer, we see all of those really driving use cases and utilizing Teradata and say the customer to maximize business value.

因此，就我們客戶的業務成果而言，我們正在真正做到這一點。不僅如此，他們知道他們正在將這些模型建立在 Teradata 內部的真實和高質量數據的基礎上，因為它不是可能已被修改的提取副本，而是利用對任務信用核心活動絕對核心的數據顧客。因此，如果它是一條近線，那就是使用那些高級分析和人工智能模型或 ML 模型來優化飛行操作以實現可持續性。如果它是一家銀行，正在考慮如何降低其風險狀況，如果它是一家零售商，正在考慮為客戶採取下一步最佳行動，我們會看到所有這些真正推動用例並利用 Teradata 並說客戶最大化業務價值。

Hopefully, that answers the question, Erik?

希望這能回答問題，埃里克？

No, that's very helpful, Stephen. And maybe if I can just follow up with another one is, you made the comment earlier in the call about 20% more new logos in calendar '21 -- excuse me, calendar '22 than in calendar '21. Maybe if you just take a step back and think high level, can you maybe help us better understand the profile of this new cohort of customers anything look different? What looks similar? Again, maybe just providing some more detail on those new logos that you were able to bring in the door over the last 365 days?

不，這很有幫助，斯蒂芬。也許我可以跟進另一個問題是，你在電話會議早些時候發表評論說，21 年日曆中的新徽標比 21 年日曆多了 20%——對不起，22 年日曆。也許如果你只是退後一步，從高層次思考，你能幫助我們更好地了解這群新客戶的概況嗎？有什麼不同嗎？什麼看起來相似？再一次，也許只是提供一些關於你在過去 365 天裡帶進門的新標誌的更多細節？

Yes, sure. I'll get a step back as well and just reflect from the last 2.5 years that we've had as a journey to transfer into a cloud-first company. In those 2 -- short 2.5 years, we have grown a cloud business of over $350 million, and our outlook for 2023 is to take that well over $500 million of Cloud ARR. The new logo engine and activity that we started as we executed that transformation journey is still growing in terms of its execution and capability. It's expected by us that those new logos will be much smaller in size when we compare it to some of the migration activities that we're doing, but we expect those new logos to start small and grow rapidly over time as we take all of the business insight that we have from looking and working with the biggest companies in the world with the most complex use cases and making those kind of solutions available to customers that are just starting out with us in the cloud. So the new logo motion for us is a key part of how we see our future buildings, but it's a small part that we see going into the future.

是的，當然。我也會退後一步，回顧一下過去 2.5 年我們經歷的轉變為雲優先公司的旅程。在這短短的 2.5 年裡，我們的雲業務增長了超過 3.5 億美元，而我們對 2023 年的展望是獲得超過 5 億美元的 Cloud ARR。我們在執行轉型之旅時啟動的新徽標引擎和活動在執行和功能方面仍在增長。我們預計，與我們正在進行的一些遷移活動相比，這些新徽標的尺寸會小得多，但我們希望這些新徽標從小開始，並隨著時間的推移迅速增長，因為我們採用了所有我們從擁有最複雜用例的世界上最大的公司尋找和合作中獲得的業務洞察力，並為剛剛開始使用雲的客戶提供此類解決方案。因此，對我們來說，新標誌動議是我們如何看待未來建築的關鍵部分，但它只是我們看到未來的一小部分。

Our next question comes from Derrick Wood from Cowen & Co.

我們的下一個問題來自 Cowen & Co. 的 Derrick Wood。

It's Andrew, on for Derrick. Congrats on the quarter. Steve, on the on-prem ARR business was strong, that would, I think, imply a strong renewals quarter. Can you talk about how those renewals tracked versus your expectations? How is visibility on this business change over the last few months? And could you ballpark size for us how large your renewal base is this year versus '22?

我是安德魯，接替德里克。祝賀這個季度。史蒂夫，在本地 ARR 業務方面表現強勁，我認為這意味著續訂季度表現強勁。你能談談這些續約與你的期望相比如何嗎？在過去的幾個月裡，這項業務的知名度有何變化？你能為我們估計一下你今年的更新基礎與 22 年相比有多大嗎？

Yes, I'll let Claire comment maybe on sum of the numbers. I'll just give you a little bit around the management of our renewals business. From a renewals perspective, the team landed a great quarter from a renewals and expansion of our on-prem business. As we said and as Claire said in her prepared remarks, our on-prem ARR stayed very steady, even though we're taking some of that on-prem cloud ARR and migrating into the cloud and turning them into cloud customers.

是的，我會讓克萊爾對數字的總和發表評論。我將簡要介紹一下我們續訂業務的管理。從更新的角度來看，該團隊從我們本地業務的更新和擴展中獲得了很大的收益。正如我們所說，正如克萊爾在她準備好的發言中所說，我們的本地 ARR 保持非常穩定，即使我們正在採用一些本地雲 ARR 並遷移到雲中並將他們轉變為雲客戶。

And then a market, if you look at the industry reports, they say that the on-prem marketplace is flat to low single-digit growth. So we were really pleased to see a steady renewal space, fantastic execution by the team in terms of our renewals pipeline to get to the results that we saw for Q4 and for 2022 overall. No unanticipated activities in terms of bringing opportunities forward or stepping opportunities out of the quarter. I think the renewals engine that we have executing inside Teradata is really generating reliable, robust, consistent results.

然後是市場，如果您查看行業報告，他們會說內部部署市場持平至低個位數增長。因此，我們真的很高興看到穩定的續訂空間，團隊在續訂渠道方面的出色執行，以達到我們在第四季度和 2022 年整體看到的結果。在帶來機會或將機會帶出本季度方面沒有意外活動。我認為我們在 Teradata 內部執行的續訂引擎確實產生了可靠、穩健、一致的結果。

Yes. The only thing I would just highlight on the numbers is the fact that clearly, obviously, strong cloud ARR growth, but the fact that if you adjust for Russia and currency, we have a really strong total ARR growth as well, that's really positive. So -- and in our on-prem, we continue to see expansion. As Steve talked about, we continue to see good renewals, as you mentioned. And so we're very pleased with that momentum as we come out of Q4. The way the team executed throughout 2022, given those headwinds that we saw, and we're continuing to see that as we kick off 2023.

是的。我唯一要強調的數字是，很明顯，雲 ARR 增長強勁，但如果你調整俄羅斯和貨幣，我們的總 ARR 增長也非常強勁，這真的很積極。所以——在我們的內部部署中，我們繼續看到擴張。正如史蒂夫所說，正如你提到的，我們繼續看到良好的續約。因此，當我們走出第四季度時，我們對這種勢頭感到非常滿意。考慮到我們看到的那些不利因素，團隊在整個 2022 年的執行方式，我們將在 2023 年開始時繼續看到這種情況。

Yes, that's great. And Claire, on the cloud ARR guide for this year implies about 30% net new ARR for 61% this year. Maybe just walk us through your assumptions in there? You made the pervasive scrutiny -- or sorry, the enterprise scrutiny comment, but not yet pervasive. What are you assuming, it does the same or gets worse? And any kind of cloud migration activity assumptions as well would be helpful?

是的，那太好了。克萊爾在今年的雲 ARR 指南中暗示今年淨新 ARR 為 61%，約為 30%。也許只是讓我們了解你在那裡的假設？你進行了普遍審查——或者抱歉，企業審查評論，但還沒有普及。你在假設什麼，它會做同樣的事情還是變得更糟？任何類型的雲遷移活動假設也會有所幫助嗎？

Yes, sure. So very similar to 2022, we're anticipating the majority of our cloud ARR growth in 2023 to come from migration and expansions. We're still seeing a strong expansion rate -- net expansion rate in the cloud, and that is anticipated to continue as we saw in 2022. And as you can see, strong renewals on-prem, so continued big opportunities from a migration standpoint.

是的，當然。與 2022 年非常相似，我們預計 2023 年雲 ARR 的大部分增長將來自遷移和擴展。我們仍然看到強勁的擴張速度——雲中的淨擴張速度，預計這種情況將像我們在 2022 年看到的那樣繼續下去。正如你所看到的，內部部署的強勁更新，因此從遷移的角度來看，持續存在巨大的機會.

As Steve mentioned earlier to Erik's question about new logos. New logos is -- will become a slightly more significant part of 2023 for us as we continue to land and expand, but it's still the smallest portion of our expected growth. And we've been pretty conservative there knowing that the macroeconomic environment is pretty volatile right now. So most of it coming from migration and expansion, some new logos. And with our new VantageCloud Lake launch that happened in 2022, we see that, that as a big opportunity to help land those smaller new logos, whether it's departmental or experimental-type workloads, a good opportunity for there as we move through 2023.

正如史蒂夫之前提到的埃里克關於新標誌的問題。隨著我們繼續著陸和擴張，新標識將成為 2023 年我們的一個更重要的部分，但它仍然是我們預期增長的最小部分。知道宏觀經濟環境現在非常不穩定，我們在那裡一直非常保守。所以大部分來自遷移和擴展，一些新標識。隨著我們在 2022 年推出的新 VantageCloud Lake，我們認為這是一個很好的機會來幫助落地那些較小的新徽標，無論是部門還是實驗類型的工作負載，在我們走過 2023 年時都是一個很好的機會。

I did mention a little bit of additional scrutiny. As I mentioned, it's not pervasive. No significant changes to customer behavior, but we just thought that was important to take into consideration and derisk our 2023 outlook.

我確實提到了一些額外的審查。正如我提到的，它並不普遍。客戶行為沒有重大變化，但我們只是認為考慮和消除我們 2023 年展望的風險很重要。

Our next question today comes from Chad Bennett from Craig-Hallum.

我們今天的下一個問題來自 Craig-Hallum 的 Chad Bennett。

Great. So just a follow-up on the cloud ARR drivers. I think at the start of this past year, I think, Steve, you mentioned on the migration side that you'd see an incremental amount of buying ahead, right, or buying more kind of consumption or migration at the initial deal. Do you expect that to continue at the rate it is? And at what point do you think if we do annualize that, do we see net expansion actually potentially accelerate if you do?

偉大的。所以只是對雲 ARR 驅動程序的跟進。我想在去年年初，我想，史蒂夫，你在遷移方面提到你會看到越來越多的提前購買，對，或者在最初的交易中購買更多種類的消費或遷移。您是否希望這種情況繼續保持目前的速度？如果我們將其年化，您認為在什麼時候我們會看到淨擴張實際上有可能加速？

Thanks for the question, Chad. Yes, I think we made the point in terms of our net expansion rate at 117% that it was taken into account the fact that a lot of customers were actually increasing the capacity in the cloud at the point of making -- of constructing the deal for that migration. So a good job from the sales team in terms of forward anticipating the workload that, that customer is going to require in the cloud and encapsulating that in a commercial construct that is attractive for the customer to execute at that point of saying in that deal to migrate to the cloud.

謝謝你的問題，乍得。是的，我認為我們在 117% 的淨擴張率方面指出了這一點，即考慮到許多客戶實際上在進行交易時增加了雲中的容量這一事實 - 構建交易對於那個遷移。因此，銷售團隊在預測客戶將在雲中需要的工作負載方面做得很好，並將其封裝在對客戶有吸引力的商業結構中，以便在交易中說到遷移到雲端。

I think one of the great things that we've got and it kind of relates to one of the prior questions on the call. As we have great visibility into the workloads that our customers run in terms of the mission-critical nature and also the historical growth patterns that have happened from an on-prem perspective. And it's the very fact that we have that insight into some of the biggest customers in the world that allow us to construct that initial commercial value proposition that encourages them to increase the forward capacity as they move from on-prem to the cloud.

我認為我們得到的一件好事與電話中的一個先前問題有關。由於我們對客戶在關鍵任務性質方面運行的工作負載以及從內部部署角度發生的歷史增長模式有很好的了解。事實上，我們對世界上一些最大的客戶有了洞察力，這使我們能夠構建最初的商業價值主張，鼓勵他們在從本地遷移到雲端時增加前向容量。

So to simply answer your question, yes, we do expect that to continue in terms of migrations growing at the -- in terms of contract value growing at the point of migration. Our net expansion rate at 117% for an as-a-service business, I think it's pretty healthy and say, the industry, but we do see opportunity to continue to grow that, and we'll do that from a couple of basis -- from a couple of factors.

因此，簡單地回答你的問題，是的，我們確實希望在遷移時繼續增長——就遷移時合同價值的增長而言。我們作為服務業務的淨擴張率為 117%，我認為這是非常健康的行業，但我們確實看到了繼續增長的機會，我們將從幾個基礎上做到這一點 - - 來自幾個因素。

One, we'll continue to grow that mission-critical workload with our customers; two, we'll utilize the new product launches like cloud data lake, where we can actually say data lake use cases besides the enterprise data warehouse inside of customers, but also analytics. Everybody is talking about AI, machine learning, how you utilize that data from an AI perspective and how you really derive great insights from the data that you've got inside your organization. Our ClearScape Analytics value proposition will allow that expansion too. So we are enabling our sales force this year to really drive new use cases, new value propositions into our customers to drive that overall expansions number.

第一，我們將繼續與客戶一起增加關鍵任務工作量；第二，我們將利用像雲數據湖這樣的新產品發布，我們實際上可以說除了客戶內部的企業數據倉庫之外的數據湖用例，還有分析。每個人都在談論人工智能、機器學習、如何從人工智能的角度利用這些數據，以及如何從組織內部的數據中真正獲得深刻的見解。我們的 ClearScape Analytics 價值主張也將允許這種擴展。因此，我們今年使我們的銷售人員能夠真正推動新的用例，為我們的客戶提供新的價值主張，以推動整體擴張數量。

Hopefully, that answers the question, Chad?

希望這能回答問題，查德？

Yes. It did. And one quick follow-up. Just on the cloud lake, VantageCloud Lake. I know it's only been out a few months, maybe 4 or 5 months. But is there -- well, maybe 2 questions real quick. I mean, how much of -- whether it's ClearScape or data lake are factored into cloud ARR, just kind of roughly in your target this year, your guide this year. But secondly, maybe more importantly, do you sense from a market perception standpoint, especially around VantageCloud Lake that the awareness is out there of your ability to handle unstructured data and kind of be more of a broadened cloud data management platform? Just any kind of early sense there on that, then I'll hop off.

是的。它做了。並進行一次快速跟進。就在雲湖之上，華帝雲湖。我知道它才發布幾個月，也許只有 4 或 5 個月。但是有沒有 - 好吧，也許 2 個問題真的很快。我的意思是，有多少——無論是 ClearScape 還是數據湖都被納入雲 ARR 中，大致在你今年的目標中，你今年的指南中。但其次，也許更重要的是，從市場認知的角度來看，尤其是圍繞 VantageCloud Lake，你是否意識到你有能力處理非結構化數據，並且更像是一個更廣泛的雲數據管理平台？只要有任何一種早期的感覺，然後我就會下車。

Yes. So I think a couple of things. We are seeing tremendous interest and traction with both new and our existing customers on our cloud lake capability. We're never going to break out what's VantageCloud Enterprise there versus VantageCloud Lake. From our perspective, it's kind of immaterial, right? We respond to the use cases and workloads that our customers demand from us. And so what we wanted to do from a cloud lake launch perspective at the end of Q3 was to your very point, make the market aware that not only can they access the very best enterprise data warehouse utilizing Teradata VantageCloud technology, they can also have the very best data lake solution utilizing VantageCloud technology.

是的。所以我想了幾件事。我們看到新客戶和現有客戶對我們的雲湖功能產生了極大的興趣和吸引力。我們永遠不會打破 VantageCloud Enterprise 與 VantageCloud Lake 之間的區別。從我們的角度來看，這有點無關緊要，對吧？我們響應客戶要求我們提供的用例和工作負載。因此，從第三季度末云湖發布的角度來看，我們想做的正是您的觀點，讓市場意識到他們不僅可以使用 Teradata VantageCloud 技術訪問最好的企業數據倉庫，還可以擁有利用 VantageCloud 技術的最佳數據湖解決方案。

And one of the propositions that we are taking to our customers just now is, hey, you may have been thinking about how you deploy native objects or maybe on-prem or maybe in the cloud, we enable you to have an intelligent-native object store, and we can lower your cost of using native object store of accessing and getting the best insights out of unstructured data using a Teradata engine that can deliver high-performance analytics across all of the types of data that you have. And that's why the Gartner becoming #1 in all 4 analytical use cases, far outpacing Databricks, far outpacing Snowflake as a key part of the message that we'll continue to take to the market.

我們剛才向客戶提出的建議之一是，嘿，您可能一直在考慮如何部署本機對象，或者可能在本地或云中，我們使您能夠擁有一個智能本機對象存儲，我們可以降低您使用本機對象存儲訪問非結構化數據並使用 Teradata 引擎從非結構化數據中獲取最佳洞察力的成本，該引擎可以跨您擁有的所有類型的數據提供高性能分析。這就是為什麼 Gartner 在所有 4 個分析用例中成為第一名，遠遠超過 Databricks，遠遠超過 Snowflake 作為我們將繼續推向市場的信息的關鍵部分。

Our next question today comes from Wamsi Mohan from Bank of America.

我們今天的下一個問題來自美國銀行的 Wamsi Mohan。

Could you share some thoughts around the upfront dynamics that we should be thinking about in 2023? Should we consider that to be net neutral to revenue and earnings in 2023? And given the dynamics that we've seen so far, is it right to assume that we would get a positive uplift in 1Q and 4Q of 2023 and a headwind in 2Q and 3Q?

您能否就 2023 年我們應該考慮的前期動態分享一些想法？我們是否應該認為這對 2023 年的收入和收益是淨中性的？鑑於我們迄今為止所看到的動態，是否可以假設我們將在 2023 年第一季度和第四季度獲得積極的提升，並在第二季度和第三季度獲得逆風？

Yes, Wamsi, let me take that. So as you said, we're starting to go through the cycle of our upfront recurring revenue impact. So I think to your point, with '23 compared to '22, no significant changes expected during the year, but we will see that kind of similar seasonality that we saw in 2022. So a slight upfront to work benefit in Q1 and then less of a benefit throughout the year. So very similar seasonal impact. But when you look at the total year year-over-year, we're not anticipating material changes, and that's what we're factoring into our outlook as well.

是的，Wamsi，讓我接受。因此，正如您所說，我們開始經歷前期經常性收入影響的周期。所以我認為你的觀點是，23 年與 22 年相比，預計這一年不會發生重大變化，但我們會看到與 2022 年類似的季節性。因此，在第一季度略有提前工作受益，然後更少全年受益。所以非常相似的季節性影響。但是，當您查看全年同比時，我們預計不會發生重大變化，這也是我們在展望中考慮的因素。

Okay. And then just a follow-up on your longer-term comments around cash flow and margins, particularly around margins. I think you said exiting 2022, if we take that as the base and look at the revenue trajectory coming in towards the low end, you're still maintaining your margins. Is there incremental OpEx actions that you're anticipating taking what might be the size of that if there is? Or if not, is it sort of a higher blend up in gross margins, that's the offset? Any color there? And Claire, if you could, sorry, one more on just on the free cash flow in '23 versus '22. Could you give us some sizings on what might be the potential cash tax headwind that you're anticipating? And does that make any changes in the R&D tax credit?

好的。然後只是跟進你關於現金流和利潤率的長期評論，特別是關於利潤率的評論。我想你說的是 2022 年退出，如果我們以此為基礎，看看收入走向低端的軌跡，你仍然保持著利潤率。如果有的話，您是否預計會採取增量的 OpEx 行動？或者，如果不是，它是否在某種程度上混合了毛利率，這就是抵消？那裡有什麼顏色？克萊爾，抱歉，如果可以的話，再談談 23 年和 22 年的自由現金流。您能否給我們一些關於您預期的潛在現金稅逆風的規模？這會對研發稅收抵免產生任何影響嗎？

Absolutely. So yes, so first of all, with regards to our gross margin and operating expenses assumptions as we look out to 2025, Wamsi. So we had already assumed an improvement in our cloud gross margin as we scale through 2025. We're making good progress on that. So that definitely is an opportunity for us from the exit of 2022 out to 2025, an opportunity for us to grow our gross margin rate coming from that scaling of our cloud business.

絕對地。所以是的，首先，關於我們展望 2025 年的毛利率和運營費用假設，Wamsi。因此，我們已經假設到 2025 年我們的雲毛利率會有所提高。我們正在這方面取得良好進展。因此，從 2022 年退出到 2025 年，這對我們來說絕對是一個機會，這是我們通過擴大雲業務來提高毛利率的機會。

To your point, we also are anticipating operating expenses efficiency improvement. So although we're not anticipating to cut significantly out to 2025 with dollars, again, as we continue to grow, we are anticipating efficiencies there. So that's what's driving that operating income improvement. As you know, we have big headwinds, whether it's currency, whether it's Russia, we weren't able to offset all of those headwinds. There were significant headwinds to us from an EPS standpoint, but we did mitigate some of that.

就您的觀點而言，我們還預計運營費用效率會有所提高。因此，儘管我們預計到 2025 年美元不會大幅削減，但隨著我們繼續增長，我們預計那裡的效率會再次提高。這就是推動營業收入改善的原因。如你所知，我們有很大的阻力，無論是貨幣，還是俄羅斯，我們都無法抵消所有這些阻力。從 EPS 的角度來看，我們面臨著巨大的阻力，但我們確實減輕了一些阻力。

So thanks for the cost discipline approach that we have. We know that we can operate efficiency. So we're not planning any significant changes and reductions over time. We have done some restructuring as we mentioned, we mentioned it last earnings call and this earnings call, but nothing materially incremental looking forward. So purely coming from public cloud gross margin improvement and expansion and operating efficiencies as we continue to scale both at the gross margin and operating expenses perspective.

所以感謝我們擁有的成本紀律方法。我們知道我們可以提高效率。因此，我們不打算隨著時間的推移進行任何重大更改和減少。正如我們提到的那樣，我們已經進行了一些重組，我們在上次財報電話會議和本次財報電話會議上都提到了它，但沒有任何實質性的增量展望。因此，隨著我們在毛利率和運營費用方面繼續擴大規模，純粹來自公共雲毛利率的提高和擴張以及運營效率。

Moving to your kind of second question, I think your follow-up question in terms of free cash flow bridge from 2022 to 2023. So again, we were pleased that we were able to still meet that $400 million, but we did have that $50 million one-time benefit in Q1 of '22. So if you take that kind of underlying number that we have as kind of a recurring free cash flow, take into account the fact that we are growing profitability. So we obviously get a benefit and durable free cash flow from that. That, unfortunately, is being offset by restructuring -- restructuring, we have incremental restructuring in 2023 versus 2022 and those higher cash taxes. So that's the bridge as you get from '22 to '23 free cash flow and to get to our new range of $320 million to $360 million.

轉到你的第二個問題，我認為你的後續問題是關於 2022 年到 2023 年的自由現金流橋樑。所以，我們很高興我們仍然能夠達到那 4 億美元，但我們確實有那 50 美元22 年第一季度的百萬一次性收益。因此，如果您將我們擁有的那種基礎數字視為一種經常性的自由現金流，請考慮到我們正在提高盈利能力這一事實。因此，我們顯然從中獲得了收益和持久的自由現金流。不幸的是，這被重組所抵消——重組，我們在 2023 年與 2022 年相比進行了增量重組，以及更高的現金稅。因此，這就是您從 22 年到 23 年獲得自由現金流並達到我們 3.2 億美元至 3.6 億美元的新範圍的橋樑。

Our next question comes from Pat Walravens from JMP Securities.

我們的下一個問題來自 JMP Securities 的 Pat Walravens。

Great. And let me add my congratulations. Steve, how would you say the competitive environment for Teradata today has changed from what it was 3 years ago?

偉大的。讓我表示祝賀。 Steve，您認為 Teradata 如今的競爭環境與 3 年前相比發生了怎樣的變化？

Pat, thanks for -- that's a very direct into the point question. In terms of the competitive environment, I think we've repositioned the company. So we've gone from a company that was focused on being the best on-prem enterprise data warehouse. And we have repositioned the company as a leader in cloud database management systems in the marketplace. And our customers are looking at us now as being the right choice to continue their investment in data and analytics, but not only that moves the most complex workloads that they have in their on-prem systems that they were unable to migrate to the cloud and take those to the cloud now.

帕特，謝謝——這是一個非常直接的問題。就競爭環境而言，我認為我們已經對公司進行了重新定位。因此，我們離開了一家專注於成為最佳本地企業數據倉庫的公司。我們已將公司重新定位為市場上雲數據庫管理系統的領導者。我們的客戶現在將我們視為繼續在數據和分析方面進行投資的正確選擇，但這不僅將他們在本地系統中無法遷移到雲中的最複雜的工作負載轉移，而且現在把它們帶到雲端。

And now with the launch of VantageCloud Lake and ClearScape analytics, that's just building on the capabilities that we have from a cloud perspective and setting apart or differentiates the value proposition. And I mentioned it a little bit earlier in the Q&A session and also in my prepared remarks. If you look at where this -- what this company has done in the last 2.5 years, it's increased its cloud ARR sixfold to over $350 million of cloud ARR. You don't do that without significantly changing your positioning in the marketplace, how our customers view us and how our customers view us in terms of being a strategic platform that can integrate into their environments of the future to deliver the most complex workloads and capabilities that they have -- that they need to address the environment that we're working in. So I think compared to 3 years ago, where we're a completely different company.

現在隨著 VantageCloud Lake 和 ClearScape 分析的推出，這只是建立在我們從雲的角度所擁有的能力之上，並將價值主張區分開來。我早些時候在問答環節和我準備好的發言中提到了它。如果你看看這家公司在過去 2.5 年裡所做的事情，它的雲 ARR 增加了六倍，達到超過 3.5 億美元的雲 ARR。如果不顯著改變您在市場中的定位、我們的客戶如何看待我們以及我們的客戶如何看待我們作為一個戰略平台，可以集成到他們未來的環境中以提供最複雜的工作負載和功能，您就不會這樣做他們有 - 他們需要解決我們正在工作的環境。所以我認為與 3 年前相比，我們是一家完全不同的公司。

Yes, I agree. I agree. And -- but what -- in terms of who you're competing against, how has that evolved? And I know this is a big picture, but I think it's helpful...

是的我同意。我同意。而且 - 但是 - 就你的競爭對手而言，這是如何演變的？我知道這是一幅大圖，但我認為它很有幫助......

Yes, I think if any of you pulls out the Gartner Magic Quadrant, you can really -- you can see the competitive landscape from a cloud DBMS perspective. From -- as we look at competition, we think about it in 3 segments. We think about it from a traditional competitive perspective with the Oracles and IBMs, but clearly, we've got a fantastic differentiated capability. We think about it in terms of the native capabilities that the CSPs put out there, like Redshift (inaudible) U.S. or the native services from Microsoft or Google, and then you've got the kind of new cloud native entrants like Snowflake and Databricks.

是的，我認為如果你們中的任何人拿出 Gartner 魔力像限，你真的可以 - 你可以從雲 DBMS 的角度看到競爭格局。從——當我們看待競爭時，我們將其分為 3 個部分。我們從與甲骨文和 IBM 的傳統競爭角度來考慮它，但顯然，我們擁有出色的差異化能力。我們根據 CSP 提供的本地功能來考慮它，例如美國的 Redshift（聽不清）或來自 Microsoft 或 Google 的本地服務，然後你就有了像 Snowflake 和 Databricks 這樣的新雲本地進入者。

Our new next-generation platform enables us to win across all 3 segments of the competition that we see, we can differentiate from a capabilities perspective, from an enterprise performance perspective, from a cost (inaudible) perspective and also just the fundamental capabilities of the Teradata platform have completely changed. So we can -- we feel very confident and our sales teams feel very confident now about going out and positioning Teradata as a future platform to take on the likes of Databricks to win back workload from Snowflake and to win against competition in the marketplace.

我們新的下一代平台使我們能夠在我們看到的所有 3 個競爭領域中獲勝，我們可以從能力的角度、從企業績效的角度、從成本（聽不清）的角度以及Teradata 平台已經完全改變。所以我們可以——我們非常有信心，我們的銷售團隊現在非常有信心走出去，將 Teradata 定位為未來的平台，以接管 Databricks 之類的平台，從 Snowflake 贏回工作量，並在市場競爭中獲勝。

And certainly, all of the decisions that we come across from a migration perspective or from a new logo perspective is against competitive activity. Our customers are smart customers, they want to make sure that we get the best possible deal in the marketplace, and I'm really proud how the Teradata capabilities stack up competitively against the new cloud-native providers against the CSP capabilities and against our traditional competitors in terms of delivering something that none of those organizations can deliver alone.

當然，我們從遷移的角度或從新徽標的角度來看的所有決定都是反對競爭活動的。我們的客戶是聰明的客戶，他們希望確保我們在市場上獲得最好的交易，我真的很自豪 Teradata 的功能如何與新的雲原生提供商、CSP 功能和我們的傳統服務競爭競爭對手在提供這些組織都無法單獨提供的東西方面。

Our last question today comes from Howard Ma from Guggenheim Securities.

我們今天的最後一個問題來自古根海姆證券公司的 Howard Ma。

Okay. Great. I have one question for Steve and a follow-up for Claire. First for Steve. I want to ask you about your go-to-market strategy and how that will continue to evolve in 2023 to put VantageCloud products more at the forefront of customers' buying decisions? So you mentioned making a significant investment in partner ecosystem in 2022. So specifically this year, what are you doing incrementally from a partner standpoint, also from a sales incentive standpoint or any notable changes in pricing and packaging?

好的。偉大的。我有一個問題要問史蒂夫，還有一個問題要問克萊爾。首先是史蒂夫。我想問一下您的上市戰略，以及該戰略將如何在 2023 年繼續發展，以將 VantageCloud 產品更多地置於客戶購買決策的最前沿？所以你提到了在 2022 年對合作夥伴生態系統進行重大投資。那麼具體來說，今年，你從合作夥伴的角度，以及從銷售激勵的角度或定價和包裝方面的任何顯著變化，逐步做了哪些工作？

Yes. I think -- thanks for the question, Howard. The -- just from -- I'll start in the reverse order. From a pricing and packaging perspective, we launched a new pricing model through 2022. It's probably one of the most flexible and dynamic pricing models that's in the marketplace. We certainly believe that in terms of having both effects and consumption-based approach, which gives us certainty in terms of our P&L and our outlook for 2023.

是的。我想——謝謝你的問題，霍華德。 - 剛好 - 我將從相反的順序開始。從定價和包裝的角度來看，我們推出了到 2022 年的新定價模式。這可能是市場上最靈活、最動態的定價模式之一。我們當然相信，就同時具有效果和基於消費的方法而言，這使我們對我們的損益和 2023 年的前景充滿信心。

From a sales incentive perspective, we are incenting our sales force even more to be working with partners. We're incenting our consulting teams to ensure that they are there to help work with and enable [SIs] and resellers in terms of working with the Teradata ecosystem. We're investing in capabilities and as being part of the developer ecosystem in 2023. That's an investment area for us in terms of ensuring that we capture the hearts and minds of developers inside their customers and potential customers, and then continuing to invest both with CSPs and the systems integrators.

從銷售激勵的角度來看，我們正在激勵我們的銷售人員更多地與合作夥伴合作。我們正在激勵我們的諮詢團隊，以確保他們在與 Teradata 生態系統合作方面幫助 [SI] 和經銷商並為其提供支持。我們正在投資於能力，並在 2023 年成為開發者生態系統的一部分。這對我們來說是一個投資領域，以確保我們在他們的客戶和潛在客戶中抓住開發者的心和思想，然後繼續投資於CSP 和系統集成商。

We said that in the prepared remarks, 75% of the large transactions that we executed had systems integrators engaged and involved. We'd like to take that to 100%. We see tremendous interest from the SIs, I'll mention Accenture as an example of that. Some of the strategic partnership that we have with Accenture in terms of jointly taking industry value propositions to our customers, having those system integrators invest in solution capabilities built on Teradata that utilize capabilities that only Teradata can perform and execute at scale, given the masses of data that some of these industry solutions require. We're going to continue to see an acceleration of that. I know you've got a question for Claire, so I'll stop there and let you ask that.

我們在準備好的評論中說過，我們執行的大型交易中有 75% 有系統集成商參與。我們想把它提高到 100%。我們看到了 SI 的巨大興趣，我將以埃森哲為例。我們與埃森哲建立了一些戰略合作夥伴關係，共同向我們的客戶提出行業價值主張，讓這些系統集成商投資於基於 Teradata 構建的解決方案功能，這些功能利用只有 Teradata 才能大規模執行和執行的功能，鑑於大量其中一些行業解決方案需要的數據。我們將繼續看到這種加速。我知道你有問題想問 Claire，所以我會就此打住讓你問這個問題。

Okay. Really good color. For Claire, a quick one. The last question is that your 2023 cloud ARR guide, that implies about $200 million of incremental growth for this year at the midpoint versus $155 million in 2022. Should we expect the vast majority of that to be weighted in Q4? Or because the migration could it be more of a smoother cadence of net adds throughout the year?

好的。真的很好的顏色。對於克萊爾，一個快速的。最後一個問題是您的 2023 年雲 ARR 指南，這意味著今年的中點增量增長約為 2 億美元，而 2022 年為 1.55 億美元。我們是否應該期望其中的絕大部分在第四季度加權？還是因為遷移可以使全年的淨增加節奏更加平穩？

So yes, our seasonality that we've seen in '21 and '22 will continue in 2023. So we are anticipating growth to sequentially accelerate throughout the year, which ultimately does mean more comps from Q4 than the earlier quarters. But you should be able to see that acceleration as we go throughout the year what we saw in 2022, and we're anticipating the same seasonality in 2023.

所以是的，我們在 21 年和 22 年看到的季節性將在 2023 年繼續。因此，我們預計全年增長將依次加速，這最終確實意味著第四季度的收入將比前幾個季度更多。但是你應該能夠在我們全年看到我們在 2022 年看到的加速，並且我們預計 2023 年會出現相同的季節性。

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。

Thank you very much for joining us this morning, and I hope you all have a great day. Thank you.

非常感謝您今天早上加入我們，希望大家度過愉快的一天。謝謝。

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

今天的電話會議到此結束。您現在可以斷開線路。