Teradata Corp (TDC) 2023 Q2 法說會逐字稿

Good afternoon. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to the Teradata Second Quarter 2023 Earnings Call. (Operator Instructions)

下午好。我叫凱特，今天我將擔任你們的會議操作員。此時，我謹歡迎大家參加 Teradata 2023 年第二季度財報電話會議。 （操作員說明）

I would 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.

我想把今天的會議交給主持人克里斯托弗·李（Christopher Lee），他是投資者關係和企業發展高級副總裁。您可以開始您的會議了。

Good afternoon, and welcome to Teradata's 2023 Second Quarter Earnings Call. Steve McMillan, Teradata's President and Chief Executive Officer, will lead our call today, followed by Claire Bramley, Teradata's Chief Financial Officer, who will discuss our financial results and outlook.

下午好，歡迎參加 Teradata 2023 年第二季度財報電話會議。 Teradata 總裁兼首席執行官 Steve McMillan 將主持我們今天的電話會議，隨後 Teradata 首席財務官 Claire Bramley 將討論我們的財務業績和前景。

Our discussion today includes forecasts and other information that are considered forward-looking statements. While these statements reflect our current outlook, they are subject to a number of risks and uncertainties that could cause actual results to differ materially. These risk factors are described in today's earnings release and in our SEC filings, including our most recent Form 10-K and in the Form 10-Q for the quarter ended June 30, 2023, 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 them.

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當前的前景，但它們受到許多風險和不確定性的影響，可能導致實際結果出現重大差異。這些風險因素在今天的財報和我們向SEC 提交的文件中進行了描述，包括我們最新的10-K 表格和截至2023 年6 月30 日的季度的10-Q 表格，預計將在2023 年6 月30 日向SEC 提交。接下來的幾天。這些前瞻性陳述是截至今天作出的，我們不承擔更新這些陳述的責任或義務。

On today's call, we will be discussing certain non-GAAP financial measures, which exclude such items such 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，我們將討論某些非公認會計準則財務指標，其中不包括股票薪酬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公認會計準則項目，例如自由現金流和固定貨幣收入比較。除非另有說明，今天電話會議討論的所有數字和結果均基於非公認會計原則。我們的收益報告中包含了非 GAAP 與 GAAP 指標的對賬，您可以在我們網站 Investor.teradata.com 的投資者關係頁面上訪問該報告。今天晚些時候，我們的網站將提供本次電話會議的重播。

And now I will turn the call over to Steve.

現在我將把電話轉給史蒂夫。

Thanks, Chris, and hi, everyone. Thanks for joining us today. Teradata executed another very solid quarter in Q2 2023. I am pleased that the organization is making progress in many key areas of the business. In the second quarter, we accelerated total ARR growth increasing 10% year-on-year as the team executed well on a profitable growth cloud strategy. We brought in another quarter of strong growth with public cloud ARR growing 77% year-on-year. As customers migrate to the cloud with Teradata, we see them expanding workloads and use cases as they realize business results from our Teradata Vantage Cloud analytics and data platform.

謝謝克里斯，大家好。感謝您今天加入我們。 Teradata 在 2023 年第二季度的業績又表現出色。我很高興該組織在許多關鍵業務領域都取得了進展。第二季度，由於團隊在盈利增長雲戰略上執行良好，我們的總 ARR 增長加速，同比增長 10%。我們又實現了一個季度的強勁增長，公有云 ARR 同比增長 77%。隨著客戶通過 Teradata 遷移到雲，我們看到他們通過 Teradata Vantage Cloud 分析和數據平台實現業務成果，從而擴大工作負載和用例。

Our trailing 12-month cloud net expansion rate was 121% in Q2, up from 119% with large expansions coming from across various industry verticals, with financial services, health care and telecommunications leading the way. We delivered $462 million in total revenue in the second quarter, an increase of 10% year-over-year in constant currency. This quarter marks the first meaningful year-over-year total revenue growth at Teradata since Q2 2021, a key milestone enabled by our growing cloud business and its impact on total company results.

我們第二季度過去 12 個月的雲淨擴張率為 121%，高於第二季度的 119%，大幅擴張來自各個垂直行業，其中金融服務、醫療保健和電信領先。我們第二季度的總收入為 4.62 億美元，按固定匯率計算同比增長 10%。本季度標誌著 Teradata 自 2021 年第二季度以來首次實現有意義的同比總收入增長，這是我們不斷增長的雲業務及其對公司總體業績的影響所實現的一個重要里程碑。

Our broad-based momentum across the business and our ongoing technology innovation and industry recognition as a leading cloud analyzing data platform and with our partners. This momentum, paired with our financial discipline, all led to our non-GAAP earnings per share of $0.48, beating the high end of our guidance range. I'm really proud of the execution across the board. We're delivering on our commitments and are confident in our strategy.

我們在整個業務領域擁有廣泛的發展勢頭，以及我們作為領先的雲分析數據平台以及我們的合作夥伴的持續技術創新和行業認可。這一勢頭與我們的財務紀律相結合，使我們的非 GAAP 每股收益達到 0.48 美元，超過了我們指導範圍的上限。我對全面執行感到非常自豪。我們正在兌現我們的承諾，並對我們的戰略充滿信心。

Today, I'll cover some highlights on the ongoing strides we are making in the strengthening of our differentiated technology, our purposeful and effective sales and marketing execution, our increasing partner engagement, and finally, some big commitments in the area of ESG. Let's start with Teradata's technology innovations. Just a few weeks ago, we enhanced Teradata VantageCloud Lake on Microsoft Azure. Our cloud-native architecture now available on Azure globally offers the enterprise scale our customers need including end-to-end support for AI and ML. We're excited that ClearScape Analytics, our robust analytics capabilities of VantageCloud Lake is enhanced by integration with Microsoft services such as Azure Machine Learning. This means VantageCloud Lake on Azure is designed to dramatically increase customers' ability to deploy and manage AI and ML, including generative AI and large language models within their businesses today. We are well positioned and are already helping customers as they begin to explore how gen AI can drive value and business outcomes.

今天，我將重點介紹我們在加強差異化技術、有目的且有效的銷售和營銷執行、不斷增加的合作夥伴參與度以及最後在 ESG 領域的一些重大承諾方面所取得的進展。我們先來看看Teradata的技術創新。就在幾週前，我們在 Microsoft Azure 上增強了 Teradata VantageCloud Lake。我們的雲原生架構現已在全球 Azure 上推出，可滿足客戶所需的企業規模，包括對 AI 和 ML 的端到端支持。我們很高興看到 ClearScape Analytics（我們的 VantageCloud Lake 強大的分析功能）通過與 Azure 機器學習等 Microsoft 服務的集成得到增強。這意味著 Azure 上的 VantageCloud Lake 旨在顯著提高客戶部署和管理 AI 和 ML 的能力，包括當今企業中的生成式 AI 和大型語言模型。我們處於有利位置，並且已經在幫助客戶開始探索新一代人工智能如何推動價值和業務成果。

As we continue to accelerate our product road map, we are pleased to announce the acquisition of Stemma, a cloud-native, fully managed data catalog solution. We're excited that the Stemma team has joined our products organization and will apply their expertise to our growth objectives. Stemma's pioneering use of AI and ML helps users discover, trust, and use their data and metadata more effectively. We intend to integrate Stemma's innovative technology into our analytics platform to help our customers get greater value from the Teradata investment.

隨著我們繼續加快我們的產品路線圖，我們很高興地宣布收購 Stemma，這是一種雲原生、完全託管的數據目錄解決方案。我們很高興 Stemma 團隊加入我們的產品組織，並將運用他們的專業知識來實現​​我們的增長目標。 Stemma 開創性地使用人工智能和機器學習，幫助用戶更有效地發現、信任和使用他們的數據和元數據。我們打算將 Stemma 的創新技術集成到我們的分析平台中，以幫助我們的客戶從 Teradata 投資中獲得更大的價值。

We all see that the hot topic of today is AI and gen AI. At Teradata, we view AI as a part of the much broader strategic imperative that our platform already addresses. Business leaders today are facing unprecedented pressures and continuously increasing data complexity. We believe Teradata is uniquely positioned to help and take advantage of AI to solve the most complex challenges and create massive enterprise business value. We see the promise of AI and gen AI as bringing in new opportunities to deliver brand-new use cases, increased productivity and innovation. We're excited to bring our complete cloud analytics and data platform for AI to help our customers generate that value.

我們都看到今天的熱門話題是人工智能和新一代人工智能。在 Teradata，我們將人工智能視為我們平台已經解決的更廣泛戰略需求的一部分。當今的企業領導者面臨著前所未有的壓力和不斷增加的數據複雜性。我們相信 Teradata 具有獨特的優勢，可以幫助並利用人工智能解決最複雜的挑戰並創造巨大的企業業務價值。我們認為人工智能和新一代人工智能的前景是帶來新的機會來提供全新的用例、提高生產力和創新。我們很高興能夠為人工智能帶來完整的雲分析和數據平台，幫助我們的客戶創造價值。

Let me share an example. One of our customers, a global hospitality company serving over 1 million guests daily uses AI models against the Teradata platform to predict order availability times. The AI model takes into account [new cook times] to go and dine-in order volume, third-party application orders and historical information to accurately forecast each orders could take. This results in timely preparation and ensuring hot food for guests, which results in a positive guest dining and to-go experience. Additionally, that customer use an AI model for health and safety. The model monitors and predicts restaurant planned lists based on a number of variables and provides triggers to allow restaurant operators if a change in behavior is needed. This results in cleaner, healthier and safer dining experiences. This is just 1 example of AI and use at a customer.

讓我分享一個例子。我們的客戶之一是一家全球酒店公司，每天為超過 100 萬客人提供服務，使用基於 Teradata 平台的人工智能模型來預測訂單可用時間。人工智能模型考慮了[新的烹飪時間]到店和就餐的訂單量、第三方應用程序訂單和歷史信息，以準確預測每個訂單可以接受的數量。這樣可以及時準備並確保為客人提供熱食，從而帶來積極的客人就餐和外帶體驗。此外，該客戶還使用人工智能模型來保證健康和安全。該模型根據多個變量監控和預測餐廳計劃列表，並提供觸發器以允許餐廳經營者在需要改變行為時進行操作。這將帶來更清潔、更健康、更安全的用餐體驗。這只是 AI 和在客戶中使用的 1 個示例。

While the new frontier of AI is certainly exciting, we are maintaining our cloud leadership as well. Early in the quarter, we received a new recognition from Forrester Research, acknowledging our cloud leadership and its cloud data warehouse way. The report noted Teradata's strong vision, focuses on a strategy that includes AI/ML at scale. Forrester also pointed out Teradata's strengths and end database analytics, scale-out optimization, deployment options, multiregional support and a broad set of analytics use cases. AI and ML require volumes of data and extensive use of analytics both long-standing differentiators of Teradata. We will continue to work in support of bringing significant value to our customers.

雖然人工智能的新領域確實令人興奮，但我們也將保持我們在雲領域的領先地位。本季度初，我們獲得了 Forrester Research 的新認可，認可我們的雲領導力及其云數據倉庫方式。該報告指出了 Teradata 的強烈願景，重點關注大規模包含 AI/ML 的戰略。 Forrester 還指出了 Teradata 的優勢和終端數據庫分析、橫向擴展優化、部署選項、多區域支持和廣泛的分析用例。人工智能和機器學習需要大量數據和廣泛使用分析，這兩者都是 Teradata 的長期差異化優勢。我們將繼續努力支持為客戶帶來巨大價值。

I also mentioned our deliberate focus on sales and marketing execution. In the second quarter, we continued to see large transactions, including some in the 7 figures, and we are adding VantageCloud customers with all 3 of the leading hyperscalers. Vodafone, a long-standing Teradata customer, has renewed their strategic relationship with Teradata. The EMEA-based telco provider has chosen to modernize their on-prem data ecosystem and migrate to VantageCloud Enterprise on Google. And several key markets, including Germany and the U.K. to support their business strategy, marketing campaigns and sales commissions. We've seen the large deal with the Fortune U.S. 30 healthcare company as it migrated and expanded in the cloud with Teradata on AWS.

我還提到我們刻意關註銷售和營銷執行。第二季度，我們繼續看到大型交易，其中一些交易金額達到 7 位數，並且我們正在向所有 3 家領先的超大規模提供商添加 VantageCloud 客戶。 Teradata 的長期客戶沃達丰 (Vodafone) 與 Teradata 續簽了戰略關係。這家位於 EMEA 的電信提供商選擇對其本地數據生態系統進行現代化改造，並遷移到 Google 上的 VantageCloud Enterprise。以及包括德國和英國在內的幾個主要市場，以支持他們的業務戰略、營銷活動和銷售佣金。我們見證了與美國財富 30 強醫療保健公司的重大交易，該公司通過 AWS 上的 Teradata 在雲中遷移和擴展。

Moving to the cloud positions of this customer to accommodate business intelligence requirements for month end, quarter end and year-end financial reporting as well as provide analytic support for the annual open enrollment for their members. A major telco and Internet service provider in Latin America is migrating to the cloud with VantageCloud Lake on Azure. The customer is in the process of redefining its future analytical architecture. Our team faced some heavy competition and excelled demonstrating our capabilities and not only meeting, but exceeding this customers scale and service level requirements. This enterprise executed a thorough evaluation of vendors and determine the Teradata not only fully complied with its requirement, but did so at the lowest risk.

遷移到該客戶的雲位置，以滿足月末、季度末和年末財務報告的商業智能要求，並為其會員的年度公開註冊提供分析支持。拉丁美洲的一家主要電信和互聯網服務提供商正在通過 Azure 上的 VantageCloud Lake 遷移到雲。客戶正在重新定義其未來的分析架構。我們的團隊面臨著激烈的競爭，並出色地展示了我們的能力，不僅滿足而且超過了客戶的規模和服務水平要求。該企業對供應商進行了徹底的評估，並確定 Teradata 不僅完全符合其要求，而且風險最低。

A world-leading auto manufacturer headquarter in Japan, selected Teradata Vantage as its core analytics and data platform to enhance cybersecurity and governance. The customer moved to Teradata as it realized the competitors' offering was unable to expand to meet its needs for advanced analytics and machine learning capabilities to prevent cyberattacks and fraud in the future. Vantage's power will allow the customer to bring more sophisticated analytics to cyber security operations, enhancing overall governance with fewer resources.

總部位於日本的世界領先汽車製造商選擇 Teradata Vantage 作為其核心分析和數據平台，以增強網絡安全和治理。該客戶意識到競爭對手的產品無法擴展以滿足其對高級分析和機器學習功能的需求，從而防止未來的網絡攻擊和欺詐，因此轉向了 Teradata。 Vantage 的強大功能將使客戶能夠為網絡安全運營帶來更複雜的分析，從而以更少的資源增強整體治理。

An example of a customer expanding their environment with us was at one of the major U.S. airlines. We won this business because a competitor system couldn't meet the customers' needs to scale for using temporal data. This customer grew its environment by 25% as it moved workloads and business applications to VantageCloud. Customers remain at the very forefront of all we do. Our customer base of large global enterprises know they need powerful analytics and data to survive and thrive in these dynamic times. We are absolutely dedicated to being a trusted partner and know that there is none better at helping them achieve their goals than us.

美國一家主要航空公司的客戶與我們一起擴展其環境的一個例子。我們贏得這項業務是因為競爭對手的系統無法滿足客戶使用時態數據進行擴展的需求。該客戶將工作負載和業務應用程序遷移到 VantageCloud，從而將其環境擴展了 25%。客戶始終處於我們所做工作的最前沿。我們的大型全球企業客戶群知道他們需要強大的分析和數據才能在這個充滿活力的時代生存和發展。我們絕對致力於成為值得信賴的合作夥伴，並且知道沒有人比我們更能幫助他們實現目標。

We believe that partnerships are a central component to achieving customer success and we've continued to execute our strategy in this area. Being partner first means we are challenging ourselves to deliver greater value for our customers through a stronger partner engagement. In June, we hosted 2 key events that focused on and energized our partner trajectory. Our partner advisory board comprised of executives from the most respective IT companies met with our executive team to guide and bolster our partner first strategic plans. We also hosted our Teradata Partner Forum, bringing more than 100 of our top partners to discover new ways we can drive exponential results for customers. We will continue building a strong future together with partners.

我們相信合作夥伴關係是實現客戶成功的核心組成部分，我們將繼續執行我們在這一領域的戰略。成為合作夥伴第一意味著我們挑戰自我，通過更強有力的合作夥伴參與為我們的客戶提供更大的價值。 6 月，我們舉辦了 2 場重要活動，重點關注並激勵我們的合作夥伴發展軌跡。我們的合作夥伴顧問委員會由來自大多數 IT 公司的高管組成，與我們的執行團隊會面，以指導和支持我們的合作夥伴優先戰略計劃。我們還主辦了 Teradata 合作夥伴論壇，匯聚了 100 多家頂級合作夥伴，共同探索為客戶帶來指數級成果的新方法。我們將繼續與合作夥伴一起創造美好的未來。

Last quarter we announced that we had partnered with Dell to bring together our company's best-of-breed technologies and integrate Teradata Vantage with Dell's converged infrastructure. A U.S. energy company is one of our first customers for this joint offering, utilizing the platform to provide our clients with the best possible customer experience and resulting in a 7-figure deal for Teradata. We also made a number of partnership announcements in the quarter. We announced plans with analytics software company, FICO, to bring to market integrated advanced analytics solutions for real-time payments fraud, insurance claims and supply chain optimization.

上個季度，我們宣布與戴爾合作，將我們公司的最佳技術結合在一起，並將 Teradata Vantage 與戴爾的融合基礎設施集成。一家美國能源公司是我們此次聯合產品的首批客戶之一，該公司利用該平台為我們的客戶提供盡可能最佳的客戶體驗，並為 Teradata 帶來了 7 位數的交易。我們在本季度還發布了多項合作夥伴公告。我們宣布了與分析軟件公司 FICO 合作的計劃，將針對實時支付欺詐、保險索賠和供應鏈優化的集成高級分析解決方案推向市場。

Further, we announced that we are strengthening integration with DataIQ, bringing new ClearScape Analytics capabilities designed to allow customers to import an operationalized DataIQ AI models inside the Vantage Analytics and data platform. The collaboration between Teradata and DataIQ, one of our partner advisory board members, intends to solve these challenges with an all-in-one solution that enables users of any scale set to prepare, train and operationalize AI models at scale.

此外，我們還宣布，我們正在加強與 DataIQ 的集成，帶來新的 ClearScape Analytics 功能，旨在允許客戶在 Vantage Analytics 和數據平台內導入可操作的 DataIQ AI 模型。 Teradata 和DataIQ（我們的合作夥伴顧問委員會成員之一）之間的合作旨在通過一體化解決方案來解決這些挑戰，該解決方案使任何規模的用戶都能夠大規模準備、訓練和操作人工智能模型。

I'm also proud to share that in the quarter we take a stronger position in our ESG efforts, declaring ambitious commitments to carbon neutrality and net-zero emissions. Teradata is deeply committed as a company that takes a responsible and ethical view of our impact on society and the planet. We have resolved to be carbon neutral in Scope 1 and Scope 2 emissions by the end of 2024 and net-zero for Scope 1, 2 and 3 emissions by 2030. We've made our commitment public and transparent as we hold ourselves accountable to our employees, customers, shareholders, communities and other stakeholders.

我還很自豪地告訴大家，本季度我們在 ESG 工作中採取了更強有力的立場，宣布了對碳中和和淨零排放的雄心勃勃的承諾。 Teradata 堅定地致力於作為一家以負責任和道德的方式看待我們對社會和地球的影響的公司。我們決心到 2024 年底實現範圍 1 和範圍 2 的碳中和，並到 2030 年實現範圍 1、2 和 3 的淨零排放。員工、客戶、股東、社區和其他利益相關者。

So I look at the incredible progress we have made, and I'm very proud. We continued our transformation as a cloud analytics and data platform market leader, we've leaned in to operating with a partner first mindset, our sales and marketing efforts are resonating in the market, and importantly, customers are growing with Teradata. As I turn the call to Claire, I have great confidence in our future, and I'm pleased to reaffirm our 2023 outlook. Claire, over to you.

因此，我看到我們取得的令人難以置信的進步，我感到非常自豪。我們繼續轉型為雲分析和數據平台市場領導者，我們傾向於以合作夥伴至上的心態進行運營，我們的銷售和營銷工作在市場中引起共鳴，更重要的是，客戶正在與 Teradata 一起成長。當我給克萊爾打電話時，我對我們的未來充滿信心，並且很高興重申我們的 2023 年展望。克萊爾，交給你了。

Thank you, Steve, and good afternoon, everyone. Our second quarter was filled with many highlights, including strong year-over-year and sequential dollar growth in both total and public cloud ARR. We continue to see momentum from healthy customer demand for the Teradata Vantage platform, resulting in public cloud ARR growth of 77% year-over-year as reported and total ARR growth of 10% year-over-year as reported. On a sequential basis, we reported $26 million of public cloud ARR growth and $17 million of on-prem subscription ARR growth.

謝謝史蒂夫，大家下午好。我們的第二季度充滿了許多亮點，包括總 ARR 和公共雲 ARR 的同比和環比強勁增長。我們繼續看到客戶對 Teradata Vantage 平台的健康需求所帶來的勢頭，導致公有云 ARR 同比增長 77%，總 ARR 同比增長 10%。按環比計算，我們報告公有云 ARR 增長 2600 萬美元，本地訂閱 ARR 增長 1700 萬美元。

Organic expansion activity was the primary driver for growth in the quarter as an increasing number of existing customers added new incremental workdays onto our platform, driving up our trailing 12-month cloud net expansion rate to 121%. Strengthening ARR underpins an improving recurring revenue growth performance and a healthy generation of profit dollars. This resulted in non-GAAP diluted earnings per share of 48%, slightly above the high end of our guidance range, another highlight in the quarter. I am pleased with the financial results we reported in the second quarter because it continues to demonstrate the company-wide execution against our cloud first profitable growth strategy.

有機擴張活動是本季度增長的主要驅動力，因為越來越多的現有客戶在我們的平台上添加了新的增量工作日，推動我們過去 12 個月的雲淨擴張率達到 121%。 ARR 的增強支撐著不斷改善的經常性收入增長業績和健康的利潤生成。這導致非 GAAP 攤薄每股收益達到 48%，略高於我們指導範圍的上限，這是本季度的另一個亮點。我對我們第二季度報告的財務業績感到滿意，因為它繼續證明了公司範圍內對我們的雲優先盈利增長戰略的執行情況。

Let me now share some more details on our financial results, starting with revenue. Second quarter recurring revenue was $371 million, 8% year-over-year growth as reported and 10% year-over-year growth in constant currency. Growth was driven by the continued execution of our go-to-market team over the last several quarters, resulting in multiple large expansion builds across various industry verticals. This dynamic contributed to healthy cloud revenue growth year-over-year.

現在讓我分享一些有關我們財務業績的更多細節，從收入開始。第二季度經常性收入為 3.71 億美元，按報告計算同比增長 8%，按固定匯率計算同比增長 10%。過去幾個季度，我們的市場營銷團隊的持續執行推動了增長，從而在各個行業垂直領域進行了多次大規模擴張。這種動態有助於雲收入同比健康增長。

Recurring revenue as a percentage of total revenue was 80%. Recurring revenue growth was forward based with EMEA and the Americas leading the way. Performance in EMEA was strong, overcoming currency headwinds and more than offsetting declines in the APJ region, which includes a wind down in China that started earlier this year. This quarter was the first period where there was no impact on growth from ceasing operations in Russia. There was de minimis year-over-year impact from upfront recurring revenue this quarter, in line with our expectations.

經常性收入佔總收入的比例為80%。經常性收入增長是基於前瞻性的，其中歐洲、中東和非洲地區和美洲地區處於領先地位。歐洲、中東和非洲地區的表現強勁，克服了貨幣不利因素，並抵消了亞太及日本地區的下滑，其中包括中國今年早些時候開始的下滑。本季度是第一個沒有因停止俄羅斯業務而對增長產生影響的時期。本季度預付經常性收入對同比的影響微乎其微，符合我們的預期。

Second quarter total revenue was $462 million, 7% year-over-year growth as reported and 10% year-over-year growth in constant currency. The year-over-year change is primarily due to the strength in recurring revenue and a consulting business that is stabilizing its revenue run rate as anticipated.

第二季度總收入為 4.62 億美元，按報告計算同比增長 7%，按固定匯率計算同比增長 10%。同比變化主要是由於經常性收入的強勁以及諮詢業務正在按預期穩定其收入運行率。

Moving to profitability in the second quarter. Profit dollar generation was healthy. We achieved $280 million in gross profit and a gross margin of approximately 61%. The primary drivers of our strong gross profit dollar generation in the quarter with both higher volumes and improving cloud and on-prem margin rate year-over-year.

第二季度實現盈利。利潤的產生是健康的。我們實現毛利潤 2.8 億美元，毛利率約為 61%。我們本季度毛利潤強勁的主要驅動力是銷量增加以及雲和本地利潤率同比改善。

Operating profit was $72 million or an operating margin of approximately 16%. Total operating expenses were flat year-over-year, but up sequentially with modest increases in both R&D and sales and marketing expense. We continue to remain cost discipline as well as prioritize positive return-generating investments that focus on our future growth. These activities resulted in non-GAAP diluted earnings per share of $0.48, which includes a benefit of $0.02 from a lower tax rate in the quarter versus our prior guidance. This is simply a timing difference since our assumption for the full year tax rate is unchanged.

營業利潤為 7200 萬美元，營業利潤率約為 16%。總運營費用同比持平，但隨著研發、銷售和營銷費用的小幅增長而環比上升。我們繼續保持成本紀律，並優先考慮關注我們未來增長的積極回報投資。這些活動導致非 GAAP 攤薄每股收益為 0.48 美元，其中包括本季度稅率較我們之前指引較低帶來的 0.02 美元收益。這只是一個時間差異，因為我們對全年稅率的假設沒有改變。

Turning to free cash flow and capital allocation. We generated $46 million of free cash flow this quarter, which was in line with our expectations but different from our historical cash flow [guidances]. This was due to the timing of invoicing and incremental cash tax payments of approximately $35 million that we mentioned on our earnings call this past February. We are still on track to achieve our annual free cash flow guidance, given the sales pipeline that supports our 2023 financial outlook. We continue to take advantage of our strong balance sheet to repurchase shares, resulting in a return of 106% of our first half free cash flow to shareholders ahead of our annual target of at least 75%.

轉向自由現金流和資本配置。本季度我們產生了 4600 萬美元的自由現金流，這符合我們的預期，但與我們的歷史現金流[指導]不同。這是由於我們在今年 2 月份的財報電話會議上提到的大約 3500 萬美元的發票和增量現金稅支付的時間。鑑於支持我們 2023 年財務前景的銷售渠道，我們仍有望實現年度自由現金流指引。我們繼續利用強勁的資產負債表回購股票，上半年我們為股東帶來了 106% 的自由現金流回報，領先於我們至少 75% 的年度目標。

As Steve noted, the acquisition of Stemma Technologies is an opportunity to add great people and complementary technology to our platform. We believe it was also a great example of our disciplined capital allocation. We remain committed to returning at least 75% of free cash flow in 2023 via share repurchases.

正如 Steve 所指出的，收購 Stemma Technologies 是一個為我們的平台增添優秀人才和補充技術的機會。我們相信這也是我們嚴格資本配置的一個很好的例子。我們仍然致力於在 2023 年通過股票回購返還至少 75% 的自由現金流。

With regards to the 2023 outlook, I would like to provide some context on the third quarter and the rest of the year. We reaffirm all elements of our 2023 outlook. We continue to see the midpoint of our annual outlook and our best view of the year, given our historical fourth quarter seasonality and the macroeconomic environment. We forecast sequential public cloud ARR dollar growth from the second quarter to the third quarter, given the demand for our Teradata VantageCloud platform. We continue to expect that our fourth quarter will be the strongest quarter for public cloud ARR dollar growth. We anticipate our cloud year-on-year growth rate to moderate in the second half of 2023 because of both tougher year-over-year comparisons and better linearity versus 2022, where almost 80% of our 2022 public cloud ARR growth came in the second half.

關於 2023 年的展望，我想提供一些有關第三季度和今年剩餘時間的背景信息。我們重申 2023 年展望的所有要素。考慮到我們第四季度的歷史季節性和宏觀經濟環境，我們繼續看到年度展望的中點和今年最好的觀點。鑑於對 Teradata VantageCloud 平台的需求，我們預計第二季度到第三季度公共雲 ARR 美元將連續增長。我們繼續預計第四季度將是公共雲 ARR 美元增長最強勁的季度。我們預計 2023 年下半年我們的云同比增長率將放緩，因為與 2022 年相比，同比比較更加嚴格，線性也更好，2022 年公有云 ARR 增長的近 80% 來自第二季度一半。

We have one modeling assumption update for 2023, which is weighted average shares outstanding of approximately 103.1 million. This is due to the increase in our share price versus our prior outlook. There is no change to the non-GAAP tax rate of approximately 25% and other expense of approximately $55 million.

我們對 2023 年的模型假設進行了一項更新，即加權平均已發行股票約為 1.031 億股。這是由於我們的股價較之前的預期有所上漲。約 25% 的非公認會計原則稅率和約 5500 萬美元的其他費用沒有變化。

Our outlook for the third quarter of 2023 is as follows: we anticipate non-GAAP diluted earnings per share to be in the range of $0.40 to $0.44. We project the non-GAAP tax rate to be approximately 18% and the weighted average shares outstanding is the same estimate as the full year.

我們對 2023 年第三季度的展望如下：我們預計非 GAAP 攤薄每股收益將在 0.40 美元至 0.44 美元之間。我們預計非 GAAP 稅率約為 18%，加權平均流通股與全年的估計相同。

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

非常感謝您今天抽出時間。現在讓我們開始提問。

(Operator Instructions) The first question will be from the line of Matt Hedberg with RBC Capital Markets.

（操作員說明）第一個問題來自加拿大皇家銀行資本市場公司的馬特·赫德伯格（Matt Hedberg）。

Steve, congrats on the quarter. I wanted to start with the cloud performance. We continue to deliver strong results there and seeing the acceleration in cloud, and ARR was great to 121%. I just wanted to double click on that and maybe get a better sense for some of the most important elements that are driving the success there. Obviously, I heard the comments about the second half on comps. But just wanted to kind of double click on some of the successes that you saw in Q2 there.

史蒂夫，祝賀這個季度。我想從雲性能開始。我們繼續在該領域取得強勁成果，並看到雲領域的加速發展，ARR 高達 121%。我只是想雙擊它，也許可以更好地了解推動那裡成功的一些最重要的因素。顯然，我聽到了有關下半場比賽的評論。但只是想雙擊您在第二季度看到的一些成功。

Yes. Matt, thanks for the question. As Claire said in her prepared remarks, organic expansion was the primary driver of our growth and we saw that across all geographies and across industries. As I said in my prepared remarks, finance, healthcare, telco leading the way in terms of some of the deals. The other great thing that we saw in that was a good range of deal sizes and deal volume. So we had a number of 7-figure deals and the number of 6-figure deals that were driving those expansion numbers. And I think it's a testimony to how robust our business and commercial model is in terms of driving that overall level of performance.

是的。馬特，謝謝你的提問。正如克萊爾在她準備好的講話中所說，有機擴張是我們增長的主要驅動力，我們在所有地區和跨行業都看到了這一點。正如我在準備好的發言中所說，金融、醫療保健、電信公司在一些交易方面處於領先地位。我們看到的另一件好事是交易規模和交易量範圍廣泛。因此，我們有許多 7 位數的交易和 6 位數的交易推動了這些擴張數字。我認為這證明了我們的業務和商業模式在推動整體績效水平方面是多麼穩健。

But I think what we see is as well is that customers continue to migrate to the cloud weathers. They recognize the strength of our open and connected platform, how it differentiates from the competition, how they can deliver mission-critical workloads in the cloud and how they can continue to expand those workloads and we saw some really interesting competitive base through Q2 and some great successes. And I think it really -- the feedback that we got recently from Gartner and Forrester was really demonstrated in terms of those wins that we had with those customers. So again, that net expansion rate up to 121% from 119% and that continuum progression was great to see in the quarter and it was a whole balance of different wins, but really based on technology innovation, Matt.

但我認為我們還看到客戶繼續遷移到雲天氣。他們認識到我們開放和互聯平台的優勢，它如何與競爭對手區分開來，他們如何在雲中交付關鍵任務工作負載以及他們如何繼續擴展這些工作負載，我們在第二季度看到了一些非常有趣的競爭基礎，還有一些取得了巨大的成功。我認為確實如此——我們最近從 Gartner 和 Forrester 獲得的反饋確實體現在我們與這些客戶的合作中。再說一次，淨擴張率從 119% 上升到 121%，本季度的連續進展非常好，這是不同勝利的整體平衡，但實際上是基於技術創新，馬特。

That's great to hear. Maybe then just as a follow-up. I think you went a couple of minutes in your prepared remarks where you mentioned gen AI, but obviously, that's a topic that every investor wants to hear about. I think I had some interesting comments there. I'm curious, do you foresee -- I guess the question really gets down to monetization. I mean, do you foresee an opportunity to articulate success there on the monetization and attribute some future growth to gen AI initiatives? Just sort of wondering on the actual monetization, if that would be helpful.

聽到這個消息我很高興。也許只是作為後續行動。我想你在準備好的發言中花了幾分鐘提到了人工智能，但顯然，這是每個投資者都想听到的話題。我想我在那裡發表了一些有趣的評論。我很好奇，你能預見到嗎——我想這個問題實際上歸結為貨幣化。我的意思是，您是否預見到有機會在貨幣化方面取得成功，並將未來的一些增長歸因於新一代人工智能計劃？只是想知道實際的貨幣化是否有幫助。

Yes. As we see AI and AI particularly large language models and gen AI has a real tailwind for the Teradata business. Our cloud data and analytics platform, having that open and connected capability, linking in with cloud native services like Azure ML gives us the ability to deliver real AI outcomes for our customers today against a trusted corpus of data. So the things like ethical AI and AI that you can trust based on trusted data is something that Teradata can deliver every single day. And we already -- we've already helped a number of different customers operationalize AI strategies to improve either customer experience or employee experience in terms of how they execute.

是的。正如我們所看到的，AI 和 AI 特別是大型語言模型和 gen AI 為 Teradata 業務帶來了真正的推動力。我們的雲數據和分析平台具有開放和互聯的功能，與 Azure ML 等雲原生服務相鏈接，使我們能夠根據可信的數據集為客戶提供真正的人工智能結果。因此，Teradata 每天都可以提供道德人工智能和基於可信數據的值得信賴的人工智能等服務。我們已經幫助許多不同的客戶實施人工智能策略，以改善客戶體驗或員工體驗的執行方式。

And one of the biggest challenges with AI is actually putting these AI solutions and data science projects into production. And that's where Teradata surpasses the competition. Our ability to process massive amounts of data and score that data, utilizing those AI models is basically unmatched by the competition. So we can help the biggest organizations on the planet, operationalize AI quicker than our competition, and we're seeing that as a real lift to the business.

人工智能面臨的最大挑戰之一實際上是將這些人工智能解決方案和數據科學項目投入生產。這就是 Teradata 超越競爭對手的地方。我們利用這些人工智能模型處理大量數據並對數據進行評分的能力基本上是競爭對手無法比擬的。因此，我們可以幫助地球上最大的組織，比我們的競爭對手更快地實施人工智能，我們認為這是對業務的真正提升。

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

您的下一個問題將來自巴克萊銀行的 Raimo Lenschow。

Congrats from me as well. Well done. Two questions, one for Steve, one for Claire. On the -- first one on -- for Steve, like on Vantage, as you see momentum building there, what's the nature of the projects done there? Is that like existing customers moving over their on-premise deployment to you? Or do you see an expansion of workloads as well? That's my first question.

我也表示祝賀。做得好。有兩個問題，一問史蒂夫，一問克萊爾。關於——第一個——對於史蒂夫來說，就像在 Vantage 一樣，當你看到那裡的勢頭正在增強時，那裡完成的項目的性質是什麼？這是否就像現有客戶將其本地部署轉移給您一樣？或者您是否也看到工作負載的擴大？這是我的第一個問題。

Yes. I think the primary driver for growth was expansions actually from a cloud perspective, Raimo. But clearly our migration activities are something that we're very happy with. Our customers are seeing that the only way that they can move those large mission-critical workloads into the cloud and operate them with a level of price performance that they've come to expect from their on-prem systems and do that migration at the lowest possible risk is something that's been very attractive for those customers as they want to modernize their data environment and take advantage of modern CSP native services. And because of the way that we've rearchitected the Teradata VantageCloud platform, that level of integration with cloud native services gives our customers the ability to utilize modern services -- AI type services better than some of our competition. So we see both driving our overall cloud growth, but very proud of the expansion activity for Q2.

是的。我認為增長的主要驅動力實際上是從雲的角度來看的擴展，Raimo。但顯然我們的遷移活動是我們非常滿意的。我們的客戶發現，將這些大型任務關鍵型工作負載遷移到雲中並以他們期望的本地系統的性價比水平運行它們並以最低的成本進行遷移的唯一方法可能的風險對於那些希望實現數據環境現代化並利用現代CSP 本機服務的客戶來說非常有吸引力。由於我們重新構建 Teradata VantageCloud 平台的方式，與雲原生服務的集成水平使我們的客戶能夠利用現代服務——比我們的一些競爭對手更好的 AI 類型服務。因此，我們認為兩者都推動了我們的整體雲增長，但對第二季度的擴展活動感到非常自豪。

Okay. Perfect. Well done. Yes, that's really interesting. And then Claire, if you look at cash flow. So cash flow was the one number this quarter that we somehow all mismodeled a little bit. Is there anything in terms of the second half that we need to be aware of in terms of parking as well? Or was it just attacks a little bit of extra timing? So Q3, Q4 is just normal then?

好的。完美的。做得好。是的，這真的很有趣。然後是克萊爾，如果你看看現金流。因此，現金流量是本季度我們都有點錯誤建模的一個數字。下半年停車方面還有什麼需要注意的嗎？或者只是攻擊一點額外的時間？那麼Q3、Q4就只是正常的嗎？

Yes. Good question, Raimo. So what I would say is, to your point, our linearity this year on our cash flow within the year is slightly different than last year. The main driver of that was the cash tax payment, which was fully included into our full year guide and some seasonality and timing of billings. Just want to reiterate, we have full confidence in our full year numbers. So high confidence in the outlook that we've given for the full year. So no impact there. And to your point, as you model through for the rest of the year, I would say, Q3, you can assume a similar number for free cash flow versus Q3 of last year, and then Q4 will be the remainder of the number to get to the full year guide.

是的。好問題，雷莫。所以我想說的是，就你的觀點而言，我們今年年內現金流的線性度與去年略有不同。其主要驅動力是現金納稅，它完全包含在我們的全年指南以及一些季節性和計費時間中。只是想重申，我們對全年數據充滿信心。我們對全年的前景充滿信心。所以那裡沒有影響。就你的觀點而言，當你對今年剩餘時間進行建模時，我會說，第三季度，你可以假設自由現金流量與去年第三季度相似，然後第四季度將是要獲得的數字的剩餘部分到全年指南。

The next question will be from the line of Wamsi Mohan with Bank of America.

下一個問題將來自美國銀行的瓦姆西·莫漢 (Wamsi Mohan)。

It's Ruplu filling in for Wamsi today. I have 2 questions and I guess both for Claire. Claire, public cloud ARR again saw a very strong quarter with 77% growth, slightly lower than the 89% growth you had in the first quarter. So can you help us parse what drove the growth in the quarter? Can you help us rank order the contribution from migrations versus expansions versus new logo growth? And when we look at the second half of the year, it looks like year-on-year compares are tougher for 3Q versus 4Q. So should we expect year-on-year growth to accelerate going from 3Q to 4Q? And how should we think about sequential revenue growth going from 2Q to 3Q and then 3Q to 4Q?

今天由 Ruplu 代替 Wamsi。我有兩個問題，我想都是想問克萊爾的。 Claire，公共雲 ARR 再次迎來了非常強勁的季度，增長了 77%，略低於第一季度 89% 的增長。那麼您能幫助我們解析推動本季度增長的因素嗎？您能否幫助我們對遷移、擴展和新徽標增長的貢獻進行排序？當我們回顧今年下半年時，第三季度的同比比較似乎比第四季度更加困難。那麼我們是否應該預期第三季度到第四季度同比增長會加速呢？我們應該如何看待從第二季度到第三季度，然後從第三季度到第四季度的連續收入增長？

Okay. A lot in there. So let me try and cover that. So to your point, we're very pleased with the performance that we saw in Q2 and the majority of that growth did come from expansion. So as Steve mentioned, we are seeing a strong net expansion rate in the quarter, that's the 121%, but we also see at the point of migration -- we see expansion at the point of migration, which is not factored into that net expansion rate, and that was positive in the quarter. So yes, we're still migrating. We still see a strong performance there. But if you want to look at the contribution, most of it is coming from expansion, then followed migrations and then a much smaller amount from new logos.

好的。裡面有很多。那麼讓我試著介紹一下。因此，就您的觀點而言，我們對第二季度的業績感到非常滿意，而且大部分增長確實來自擴張。正如史蒂夫提到的，我們看到本季度強勁的淨擴張率，即 121%，但我們也看到了遷移點——我們看到了遷移點的擴張，這沒有計入淨擴張中率，並且本季度是積極的。所以，是的，我們仍在遷移。我們仍然看到那裡的強勁表現。但如果你想看看貢獻，大部分來自擴張，然後是遷移，然後是新徽標的一小部分。

As you look into the second half of the year, you said it, we have tougher compares in the second half of the year, especially in Q4. We're pleased with the fact that this year we're managing to improve our linearity. So that has been a focus area for us. But as you look out to the rest of the year, Q4 still will be our biggest growth quarter for both cloud ARR growth and total ARR growth. And as you look at Q3 -- from Q3 to Q2, you can anticipate the cloud ARR, a slight increase in dollar growth in Q3 compared to Q4, but Q4, as I mentioned, will remain our biggest growth quarter. So that's the kind of the story behind ARR.

當你展望下半年時，你說過，我們下半年的比較更加艱難，特別是在第四季度。我們很高興今年我們成功改善了線性度。所以這一直是我們的重點領域。但展望今年剩餘時間，第四季度仍將是我們雲 ARR 增長和總 ARR 增長最大的季度。當你看第三季度時——從第三季度到第二季度，你可以預期雲ARR，第三季度的美元增長與第四季度相比略有增加，但正如我提到的，第四季度將仍然是我們最大的增長季度。這就是 ARR 背後的故事。

As you're looking at revenue, I think, have been focused on recurring revenue, that's obviously the biggest growth driver for us, although we did see consulting stabilize in the quarter. So we saw a low growth in the quarter than consulting this quarter, which was good. But recurring revenue is the biggest growth driver from us. And if you look at our H1 versus H2, it's probably a better way to look at it. So we're averaging around 4% growth in recurring revenue to date in H1, and then that implies to get to the midpoint of our full year guide around a 7% growth in the second half, which is in very similar to what we saw coming out of Q2. So on track to deliver the midpoint of our full year outlook.

當你考慮收入時，我認為，一直關注經常性收入，這顯然是我們最大的增長動力，儘管我們確實看到本季度的諮詢業務穩定下來。因此，我們看到本季度的增長低於諮詢本季度的增長，這很好。但經常性收入是我們最大的增長動力。如果你看看我們的 H1 與 H2，這可能是一個更好的看待它的方式。因此，迄今為止，我們上半年的經常性收入平均增長約 4%，這意味著下半年將達到我們全年指南的中值約 7% 的增長，這與我們看到的非常相似從第二季度出來。因此，我們有望實現全年展望的中點。

Got it. Let me ask you a follow-up on gross margins. So recurring revenue gross margins declined 300 bps sequentially to 72%. What was the contribution of upfront recurring revenue on gross margins? And should we expect any benefit in the remaining quarters in 3Q, 4Q? So just your thoughts on gross margins for recurring revenue as you go through the second half of the year?

知道了。讓我問一下毛利率的後續情況。因此，經常性收入毛利率環比下降 300 個基點至 72%。預付經常性收入對毛利率的貢獻是多少？我們是否應該預期第三季度、第四季度的剩餘季度會帶來任何好處？那麼，您對下半年經常性收入毛利率有何看法？

Yes, absolutely. So as you said, our Q2 gross margin and recurring revenue is a slight decline from a rate standpoint compared to Q1. That is normal seasonality and is driven by that upfront recognition seasonality. We saw this last year as well. I mentioned in my prepared remarks that the upfront revenue impact in Q2 was de minimis, it's a negative $3 million. So not a big number, whereas in Q1, you will remember that it was a positive $34 million. For the remainder of the year, we're kind of expecting a less of an impact as we've seen in Q2 going into Q3 and Q4. So if you look at the full year, I would say, the full year 2022 upfront revenue, for example, that we reported was [$90 million], and we're expecting fiscal '23 to be lower than fiscal '22 for the full year. So hopefully, that helps with the modeling.

是的，一點沒錯。正如您所說，從利率的角度來看，我們第二季度的毛利率和經常性收入與第一季度相比略有下降。這是正常的季節性，並且是由預先認可的季節性驅動的。去年我們也看到了這一點。我在準備好的發言中提到，第二季度的前期收入影響微乎其微，為負 300 萬美元。所以不是一個大數字，而在第一季度，您會記得它是 3400 萬美元。在今年剩餘時間裡，我們預計影響會像第二季度、第三季度和第四季度那樣較小。因此，如果你看看全年，我會說，例如，我們報告的2022 年全年預付款收入為[9000 萬美元]，我們預計23 財年的全年預付款將低於22 財年的全年收入。年。希望這對建模有所幫助。

Your next question will be from the line of Chad Bennett with Craig-Hallum.

您的下一個問題將由查德·貝內特和克雷格·哈勒姆提出。

Great. So just to follow up on maybe the eighth iteration of the ARR in the second half on the call. Just on Cloud ARR, I just want to make sure I understand you, Claire. I think you're saying cloud ARR in dollar terms should be up sequentially in the third quarter here and then obviously seasonally up a material amount in the fourth quarter. How about if we looked at it from a net new ARR standpoint on the cloud side? Do you think net new ARR dollars grow year-over-year in the third quarter, second half on the cloud side?

偉大的。因此，我們只是想在電話會議的下半場跟進 ARR 的第八次迭代。就 Cloud ARR 而言，我只是想確保我理解您，Claire。我認為您的意思是，以美元計算的雲 ARR 應在第三季度連續上升，然後在第四季度明顯季節性大幅上升。如果我們從雲端全新的 ARR 角度來看怎麼樣？您認為雲方面第三季度和下半年的淨新 ARR 美元是否同比增長？

Yes. If you look at the second half in total, we should be able to deliver a higher gross dollars year-over-year.

是的。如果你看一下下半年的總體情況，我們應該能夠實現同比更高的總收入。

Okay. Great. And then I think this is the first quarter in about a year where subscription -- on-prem subscription ARR growth went positive. Just considering the strength you saw in the cloud ARR in the quarter to put up a positive on-prem subscription ARR growth year-over-year, just in terms of how to think about that on-prem subscription ARR going forward or in the second half? I guess, was there anything in the second quarter that was unique there? And how should we think about the growth rate of that on-prem subscription in the second half?

好的。偉大的。然後我認為這是大約一年來第一個季度訂閱——本地訂閱 ARR 增長為正值。僅考慮到您在本季度在雲 ARR 中看到的優勢，以實現本地訂閱 ARR 同比積極增長，僅就如何考慮未來或第二季度的本地訂閱 ARR 而言一半？我想第二季有什麼特別的地方嗎？我們應該如何看待下半年本地訂閱的增長率？

So yes, there was nothing abnormal. So we were pleased, as you can imagine, with the performance in Q2. Again, we're seeing strong expansion on both on-prem and in the cloud. So that's good to see. I think as you move forward in terms of what the overall impact is for the full year, we'll start to see more of a migration impact in the second half of the year. So second half of the year, we're expecting migration to outweigh expansion, whereas so far in the first half of the year, it's been expansions outweighing migration. So still anticipating good projection on our total ARR based on our outlook that you can see. But I wouldn't necessarily anticipate as the migrations would outweigh the expansions in the second half.

所以是的，沒有任何異常。因此，正如您可以想像的那樣，我們對第二季度的表現感到滿意。我們再次看到本地和雲端的強勁擴張。所以很高興看到這一點。我認為，隨著全年總體影響的進展，我們將在今年下半年開始看到更多的遷移影響。因此，今年下半年，我們預計移民將超過擴張，而上半年到目前為止，擴張超過移民。因此，根據您所看到的我們的前景，我們仍然預計我們的總 ARR 會得到良好的預測。但我不一定會預期下半年的遷移將超過擴張。

The next question will be from the line of Howard Ma with Guggenheim Securities.

下一個問題將來自古根海姆證券公司的霍華德·馬。

I have one for Steve and one for Claire. I'll start with Claire. I just want to ask about the -- what's implied in second half cloud ARR guidance in a slightly different way. Take into consideration, which you just said, with about 5 months left to the year, how would you describe how you feel about visibility into the new ARR that's required? And specifically, you just talked about the migration is expected in the second half to outweigh expansion. But is there -- can you comment on any large deals and how they'll ramp. So how do you feel about migrations and expansions relative to kind of what you -- which you already have in the bag, if you will?

我有一份給史蒂夫，一份給克萊爾。我將從克萊爾開始。我只是想以稍微不同的方式詢問下半年雲 ARR 指南中隱含的內容。考慮到您剛才所說的，距離今年還剩大約 5 個月，您如何描述您對所需的新 ARR 可見性的看法？具體來說，您剛才談到預計下半年的遷移將超過擴張。但是，您能否評論一下任何大型交易以及它們將如何發展。那麼，如果您願意的話，您對相對於您已經擁有的東西的遷移和擴張有何看法？

Yes, absolutely. So I think based on the pipeline that we're seeing, we've got very good coverage as we look forward, which gives us high confidence in our full year outlook. We do need to do more in dollars to operate on cloud ARR, but that's normal seasonality in the second half and particularly in Q4. So as we look at our pipeline and to your point of deals that we're working through right now, we have very high confidence in being able to meet the full year outlook that we've given.

是的，一點沒錯。因此，我認為根據我們所看到的渠道，我們對未來的報導非常好，這讓我們對全年前景充滿信心。我們確實需要在雲 ARR 上投入更多資金，但這是下半年的正常季節性，特別是在第四季度。因此，當我們審視我們的管道以及我們目前正在處理的交易時，我們對能夠實現我們給出的全年展望充滿信心。

Okay. Great. That's encouraging. And one for Steve. I want to ask about Lake. Are you still on track to move to the entire base of VantageCloud Enterprise customers onto Lake by year-end? And a related question is, we were wondering how seamless is that migration process from Enterprise to Lake. And once customers are on Lake, do you expect higher expansion relative to Enterprise due to its superior architecture or for other reasons?

好的。偉大的。這令人鼓舞。還有一張是給史蒂夫的。我想問一下湖的情況您是否仍有望在年底前將整個 VantageCloud Enterprise 客戶群遷移到 Lake？一個相關的問題是，我們想知道從 Enterprise 到 Lake 的遷移過程是否無縫。一旦客戶使用 Lake，您是否會因為其卓越的架構或其他原因而期望相對於 Enterprise 具有更高的擴展性？

Yes. Thanks, Howard, for the question. So just in terms of migration of the entire VantageCloud Enterprise customer set to Lake, we haven't actually announced when we would migrate that customer population over. What we're seeing is the adoption of VantageCloud Lake has really been driven by departmental and experimental use cases. So utilizing the AI or ML models against the VantageCloud Enterprise data. And so it's really a great expansion play for us. By the end of this year, we're going to have some great opportunities to start essentially coalescing our VantageCloud Enterprise technology with our VantageCloud Lake technology, and we're looking forward to being able to do that because as we do that, because of the very nature of the ability to expand VantageCloud Lake, because of its nature from a self-service perspective, because it's highly dynamic, because it's a fully cloud-native solution, and we're pretty excited about how that's going to drive expansion for us into 2024.

是的。謝謝霍華德提出這個問題。因此，就將整個 VantageCloud Enterprise 客戶集遷移到 Lake 而言，我們實際上尚未宣布何時將客戶群遷移過來。我們看到的是 VantageCloud Lake 的採用實際上是由部門和實驗用例推動的。因此，針對 VantageCloud Enterprise 數據利用 AI 或 ML 模型。所以這對我們來說確實是一次偉大的擴張。到今年年底，我們將有一些很好的機會開始將我們的 VantageCloud Enterprise 技術與 VantageCloud Lake 技術進行本質上的融合，我們期待能夠做到這一點，因為當我們這樣做時，因為擴展VantageCloud Lake 能力的本質，因為它是從自助服務的角度來看的，因為它是高度動態的，因為它是一個完全雲原生的解決方案，我們對這將如何推動擴展感到非常興奮我們進入 2024 年。

The next question will be from the line of Erik Woodring with Morgan Stanley.

下一個問題將由摩根士丹利的埃里克·伍德林 (Erik Woodring) 提出。

Congrats on the quarter. Steve, maybe if I just start with you. Can you maybe just share some color on how your customer conversations trended over the last 90 days in terms of desire to spend on data and analytics needs versus concerns about the macro and really not the ability -- or the inability of customers to potentially open their budget, could that come more in 2024? Just maybe if you [judge] to post maybe the caution versus desire to spend on data and analytics from your customers, that would be helpful. And then I have a follow-up.

恭喜本季度。史蒂夫，也許我就從你開始吧。您能否分享一下過去 90 天內客戶對話的趨勢，即在數據和分析需求方面的支出意願與對宏觀因素的擔憂，而不是能力或客戶無法打開他們的潛在客戶的需求。預算，2024 年會增加嗎？如果您[判斷]發布客戶在數據和分析上花費的謹慎與願望，這可能會有所幫助。然後我有一個後續行動。

Yes. I think we're seeing still a robust demand from a data and analytics perspective in the market. Certainly, it stays in the top 3 priorities for our customer spend. I think a lot of our customers are looking at and have already declared business value generation from data analytics, AI and gen AI activities. Lori Beer from JPMC recently went out in some public remarks and was talking about the over $1 billion in returns from AI projects. And I think that is really taking the interest of our customers and kind of putting off any macro risks that may be out there.

是的。我認為，從市場數據和分析的角度來看，我們仍然看到強勁的需求。當然，它仍然是我們客戶支出的前三名。我認為我們的許多客戶正在考慮並已經宣布從數據分析、人工智能和人工智能活動中產生商業價值。 JPMC 的 Lori Beer 最近發表了一些公開言論，談論了人工智能項目超過 10 億美元的回報。我認為這確實吸引了我們客戶的興趣，並在一定程度上推遲了可能存在的任何宏觀風險。

The other thing I would add to that is just from a Teradata perspective, we've got a strong business model, which is more insulated from macro environment, given the fact that we're not consumption-related -- a high degree of our revenues are already in a fixed capacity as opposed to a consumption model. And so a lot of organizations are talking about cloud optimization and macro environments where the customers are trying to reduce spend. We have a very predictable capability in site Teradata in terms of squeezing out every part of compute and storage for our customers for some of the mission-critical workloads. So we're kind of insulated from those macro environments because every customer needs to continue to close their books. But we're certainly seeing a lot of tailwind from data analytics, AI, large language models in terms of driving interest and demand in the market.

我要補充的另一件事是，從 Teradata 的角度來看，我們擁有強大的商業模式，該模式更不受宏觀環境的影響，因為我們與消費無關——高度的與消費模式相反，收入已經處於固定狀態。因此，許多組織都在談論云優化和客戶試圖減少支出的宏觀環境。我們在 Teradata 站點上擁有非常可預測的能力，可以為我們的客戶擠出計算和存儲的每個部分來處理某些關鍵任務工作負載。因此，我們在某種程度上不受這些宏觀環境的影響，因為每個客戶都需要繼續結賬。但我們確實看到了數據分析、人工智能、大型語言模型在推動市場興趣和需求方面的巨大推動力。

Great. That's really helpful. And then, Claire, maybe if I just ask my second question to you, sorry to beat a dead horse here. At least it's not -- it's not an ARR question. It's a free cash flow question. Just taking into account your comment on 3Q free cash flow. It does imply the strongest 4Q free cash flow kind of as far back as I can track the data. I know you have confidence in it, that's not what I'm questioning. But maybe just give us more comfort in why 4Q is so big relative to history understanding linearity looks different. But really what comes in 4Q versus -- and then, versus normal historical seasonality and why specifically 4Q versus other quarters? And that's it for me.

偉大的。這真的很有幫助。然後，克萊爾，也許我問你第二個問題，很抱歉在這里白費力氣。至少不是——這不是一個 ARR 問題。這是一個自由現金流問題。只需考慮您對第三季度自由現金流的評論。它確實意味著我可以跟踪的數據中最強勁的第四季度自由現金流。我知道你對此有信心，這不是我質疑的。但也許只是讓我們更安心地理解為什麼 4Q 相對於歷史來說如此之大，理解線性看起來有所不同。但實際上，第四季度與正常歷史季節性相比會發生什麼，為什麼特別是第四季度與其他季度相比？對我來說就是這樣。

Sure. No problem. So obviously, a combination -- if you're looking at it on a year-over-year, we've got strength coming through our net income line. We're also seeing a strong performance in working capital, particularly also our deferred revenue benefit is higher and also our other assets and liabilities. So we've got a number of different items in our cash provided from operating activities, which has given us strength, not giving us strength. It is going to be a big Q4, to your point. But I think with the biggest impact coming through our receivables, if you look at our day sales outstanding, for example, of Q4 of last year, it was unseasonably high. So I think that's something that we're not anticipating to be as high in Q4 of this year and does give us a big benefit from a cash flow standpoint.

當然。沒問題。顯然，這是一個組合——如果你逐年觀察的話，我們的淨利潤線將帶來強勁的表現。我們還看到營運資本的強勁表現，特別是我們的遞延收入收益以及我們的其他資產和負債也更高。因此，我們的經營活動提供的現金中有許多不同的項目，這些項目給了我們力量，而不是給我們力量。就您而言，這將是一個重要的第四季度。但我認為，最大的影響來自於我們的應收賬款，如果你看看我們的日銷售額，例如去年第四季度的銷售額，就會發現它異常高。因此，我認為我們預計今年第四季度的這一數字不會那麼高，但從現金流的角度來看，這確實給我們帶來了巨大的好處。

The next question will be from the line of Tyler Radke with Citi.

下一個問題將來自花旗銀行的泰勒·拉德克 (Tyler Radke)。

I wanted to ask you, Steve, just on the competitive landscape. So I mean, your public cloud ARR growth is about double that of your closest public competitor. You talked about some wins against the competition in the quarter. And clearly, your business has been executing well. So could you just talk about any color you could share in terms of win rates or what you're seeing out there? And when you did talk about those customer examples in the quarter, was that primarily from legacy on-prem customers -- or sorry, legacy on-prem competitors or more modern competitors?

史蒂夫，我想問你關於競爭格局的問題。所以我的意思是，您的公有云 ARR 增長大約是最接近的公有競爭對手的兩倍。您談到了本季度在競爭中取得的一些勝利。顯然，您的業務一直運行良好。那麼您能否談談您在勝率或您所看到的方面可以分享的任何顏色？當您在本季度談論這些客戶示例時，這些客戶主要是來自傳統的本地客戶，還是抱歉，傳統的本地競爭對手或更現代的競爭對手？

Yes. Thanks, Tyler. I think we haven't really seen much change in the competitive landscape. I've kind of categorized in the past with traditional kind of on-prem competitors like IBM in the Oracle OpenWorld. The cloud native providers from the big cloud service providers and then kind of born in the cloud Snowflake data breaks, we tend to see a whole mix pop up in terms of competitive battles. And what we tend to find is that, as customers do the due diligence, they go through all of the benchmark and they look at price performance, they look at the total cost of running the environment, they look actually at can those competitive solutions actually execute the workloads that we are executing from an on-prem perspective. And we have such great differential advantage in terms of helping them move to cloud in the -- at least risk way that it gives us that capability.

是的。謝謝，泰勒。我認為我們並沒有真正看到競爭格局發生太大變化。過去，我曾將 Oracle OpenWorld 中的 IBM 等傳統本地競爭對手歸為一類。來自大型雲服務提供商的雲原生提供商，然後在雲中誕生的雪花數據中斷，我們往往會在競爭戰鬥中看到整個組合的出現。我們傾向於發現，當客戶進行盡職調查時，他們會檢查所有基準，他們會考慮性價比，他們會考慮運行環境的總成本，他們實際上會考慮那些有競爭力的解決方案實際上是否可行從本地角度執行我們正在執行的工作負載。在幫助他們遷移到雲方面，我們擁有巨大的差異化優勢——至少是有風險的方式，它為我們提供了這種能力。

I think the other point I would make is, as our customers migrate to the cloud, what is the increase their commitment to us in terms of expanding those environments as they move to the cloud. And so that's given us some growth in terms of that migration activity from on-prem to the cloud. But it was great to see that expansion this past quarter were the highest driver of our growth. And I think that just demonstrates that as customers move to the cloud weathers, they utilize the platform, they start to get incremental benefit from the platform to put new data into the platform and new use cases against the platform. And that's certainly our strategy as we move forward to continuously grow that.

我認為我要說的另一點是，隨著我們的客戶遷移到雲，他們在遷移到雲時對我們擴展這些環境的承諾會增加多少。因此，這使我們從本地到雲的遷移活動有了一些增長。但很高興看到上個季度的擴張是我們增長的最大推動力。我認為這只是表明，隨著客戶轉向雲天氣，他們利用該平台，他們開始從平台中獲得增量收益，將新數據放入平台並針對平台添加新用例。這當然是我們不斷發展的戰略。

And a follow-up for Claire. So you've delivered a couple strong quarters here to start off the year. Yet you've reiterated the full year guidance 2 times in a row here, despite what seems like an uptick in terms of cloud net expansion rate and just some of the timing of the deals in the first half, could you maybe just talk about what are potentially some of the offsets? I mean, there's obviously a lot of momentum in the business, but are there sectors or verticals that you're mindful of that maybe could be taking away from some of that momentum? Or just how should we frame the outperformance in the first half relative to kind of the unchanged full year targets?

還有克萊爾的後續行動。因此，您在今年伊始就交付了幾個強勁的季度業績。然而，您在這裡連續兩次重申了全年指引，儘管雲淨擴張率似乎有所上升，而且只是上半年的一些交易時間安排，您能否簡單談談什麼？是否存在一些潛在的抵消？我的意思是，該業務顯然有很大的動力，但您是否注意到某些行業或垂直行業可能會削弱這種動力？或者，相對於全年目標不變的情況，我們應該如何界定上半年的優異表現？

Yes. Thanks, Tyler. So naturally we are pleased with our performance in the second quarter and for the first half. I think a lot of that is coming from improved linearity though. It has been a focus for us to try and improve the linearity and take some of that growth out of the back half of the year. So we're pleased with the progress that we're making there. I think also, as we've mentioned on the call, we've got easier compares. We've got much better linearity this year and so the comparison in H1 are much easier than H2. We still have a lot of growth to deliver in the back half of the year, both from a total ARR standpoint and particularly from a cloud ARR standpoint. So we do believe, as a result, the midpoint of our output remains our best view of the full year. And it also gives us some room to make sure that there's no surprises as we close out the year.

是的。謝謝，泰勒。因此，我們自然對第二季度和上半年的表現感到滿意。我認為其中很大一部分來自於線性度的改進。我們的重點一直是嘗試改善線性度並消除下半年的部分增長。因此，我們對在那裡取得的進展感到滿意。我還認為，正如我們在電話中提到的那樣，我們可以更輕鬆地進行比較。今年我們的線性度要好得多，因此 H1 的比較比 H2 容易得多。無論是從總 ARR 的角度來看，還是從雲 ARR 的角度來看，我們在今年下半年仍有很大的增長空間。因此，我們確實相信，我們產出的中點仍然是我們對全年的最佳看法。它還為我們提供了一些空間，以確保在今年結束時不會出現意外。

So the macroeconomic environment seems to be stabilizing, but can still be very volatile with many companies continuing to scrutinize their spend closely. So we think it's important to be prudent. And we're pleased with the fact that we're improving the linearity and have good line of sight for our full year outlook.

因此，宏觀經濟環境似乎正在穩定，但仍然可能非常不穩定，因為許多公司繼續密切關注其支出。所以我們認為謹慎是很重要的。我們很高興我們正在改善線性度並且對全年展望有良好的視野。

The next question will be from the line of Patrick Walravens with JMP Securities.

下一個問題將由 JMP 證券公司的帕特里克·沃爾拉文斯 (Patrick Walravens) 提出。

This is [Owen Hart] on for Pat. So I was wondering kind of returning to the theme of AI, if you all feel that you have enough PhD-level AI talent to capitalize on the opportunities you see there?

這是帕特的[歐文·哈特]。所以我想回到人工智能的主題，如果你們都覺得你們有足夠的博士級人工智能人才來利用你們在那裡看到的機會？

Owen, thanks for the question. Yes. Fortunately, from a Teradata perspective, being a global company, having 7,000 employees around the world that are all focused on making sure that we get the -- our customers get the absolute best from data and analytics, I mean that's been our passion. That's been our core for over 20 years. And so we've built up that capability across the world. We're very proud of our consulting capability and execution capability. But also I'd point to the fact that we have a partner first strategy and we're working with the world's leading SIs like Accenture to work on our platform and work on delivering business value for our customers.

歐文，謝謝你的提問。是的。幸運的是，從Teradata 的角度來看，作為一家全球性公司，在世界各地擁有7,000 名員工，他們都專注於確保我們的客戶從數據和分析中獲得絕對最佳的結果，我的意思是，這就是我們的熱情。 20 多年來，這一直是我們的核心。因此，我們在全球範圍內建立了這種能力。我們對我們的諮詢能力和執行能力感到非常自豪。但我還要指出，我們有合作夥伴優先的戰略，我們正在與埃森哲等世界領先的系統集成商合作，在我們的平台上工作，致力於為我們的客戶提供商業價值。

The technology platform that we have in VantageCloud is designed to democratize artificial intelligence and data science so that you don't need to be a data scientist to get the best or to deploy artificial intelligence or complex models. You can utilize the tools and work bench that you -- that those organizations already use. And so a combination of our -- the people capability that we've got inside the company, our partner strategy, plus our technology strategy, we believe, is a winning formula to help our customers get the best from artificial intelligence, large language models and what they have to deploy in the future.

我們在 VantageCloud 中擁有的技術平台旨在使人工智能和數據科學民主化，這樣您無需成為數據科學家即可獲得最佳效果或部署人工智能或複雜模型。您可以利用這些組織已經使用的工具和工作台。因此，我們相信，我們公司內部的人員能力、我們的合作夥伴戰略以及我們的技術戰略的結合是一個成功的公式，可以幫助我們的客戶從人工智能、大型語言模型中獲得最佳收益以及他們未來必須部署什麼。

The next question will be from the line of Nehal Chokshi with Northland Securities.

下一個問題將由 Northland Securities 的 Nehal Chokshi 提出。

Nice quarter. I want to focus on a little area of the competitive landscape, and that's particularly in the area of data prep. What are you guys seeing in that area? And how do you see gen AI impacting that area as well?

不錯的季度。我想重點關注競爭格局的一個小領域，尤其是數據準備領域。你們在那個地區看到了什麼？您如何看待新一代人工智能對該領域的影響？

Yes. I think, one of the reasons that we bought Stemma was for some of those exact reasons and exact challenges. If you think about Stemma, the two challenges that Stemma addresses for a customer is data discovery. So actually [same] in the data and save the ecosystem and then ensuring that you've got data lineage on that data. And when you think about trusted AI or ethical AI, those capabilities are absolutely essential. So bringing the Stemma team and the capability they have, the people they got, the technology that they've got is a great addition to the Teradata platform in terms of the solutions that we can deliver to our customers. So it's a continuing evolution. And that data prep, the feature engineering from a data perspective is something that the Teradata platform is super strong in. And scoring those models once they're -- once they've been developed to put them into production is something that we're super strong in. And with the addition of Stemma from that data discovery and data lineage perspective, it has given us even more capabilities in that area.

是的。我認為，我們購買 Stemma 的原因之一是出於這些確切的原因和具體的挑戰。如果您考慮 Stemma，Stemma 為客戶解決的兩個挑戰是數據發現。因此，實際上在數據中[相同]並保存生態系統，然後確保您擁有該數據的數據沿襲。當你想到可信人工智能或道德人工智能時，這些能力絕對是必不可少的。因此，就我們可以向客戶提供的解決方案而言，引入 Stemma 團隊及其所擁有的能力、人員和技術是對 Teradata 平台的重要補充。所以這是一個持續的演變。數據準備、從數據角度來看的特徵工程是 Teradata 平台的強項。一旦這些模型被開發出來並投入生產，我們就會對其進行評分。從數據發現和數據沿襲的角度來看，隨著Stemma 的加入，它為我們提供了該領域的更多功能。

Great. Could you discuss who do you see as the primary competitors of Stemma?

偉大的。您能否討論一下您認為 Stemma 的主要競爭對手是誰？

I'm sorry, could you ask that question again? I didn't quite catch it.

抱歉，您能再問一次這個問題嗎？我不太明白。

Who are the primary competitors of the Stemma acquisition?

Stemma 收購的主要競爭對手是誰？

Yes. We saw Stemma is pretty uniquely placed in the marketplace in terms of the offering that they're developing and the capability that they've got in the marketplace, and we saw it as a great add to the team. Certainly, they're not in the data catalog area, but they are -- they have got a number of different capabilities that ensures that organizations have the best possible data to feed into their analytical models and analytics platform.

是的。我們看到 Stemma 在市場上處於非常獨特的地位，他們正在開發的產品和他們在市場上擁有的能力，我們認為它對團隊來說是一個很好的補充。當然，它們不屬於數據目錄領域，但它們確實是——它們擁有許多不同的功能，可確保組織擁有最好的數據來輸入其分析模型和分析平台。

The next question will be from the line of Derrick Wood with TD Cowen.

下一個問題將來自 Derrick Wood 和 TD Cowen。

I wanted to ask about how you're thinking about go-to-market strategies between selling a cloud data warehouse and a data Lake, if you will. I mean we've seen some vendors that take approach, an approach of really selling two different platforms, different buying motions, different buyers, different use cases. Others have taken more of a kind of single centralized approach and maybe running different underlying data stores, but all on one platform. What is your -- and data Lake is fairly new for you guys. But what is your kind of longer-term strategic approach at addressing both these types of environments?

如果您願意的話，我想問一下您如何考慮銷售雲數據倉庫和數據湖之間的進入市場策略。我的意思是，我們已經看到一些供應商採取了真正銷售兩個不同平台、不同購買動作、不同買家、不同用例的方法。其他人則更多地採用一種單一的集中式方法，可能運行不同的底層數據存儲，但全部在一個平台上。你的是什麼——數據湖對你們來說相當新鮮。但是，您應對這兩種類型的環境採取的長期戰略方法是什麼？

Yes. Our philosophy is that different to our competition from this perspective. We believe that our platform can service all three of those different choices. And we really do look at it as a deployment choice. So whether a customer wants to deploy a data warehouse in the cloud, a data Lake in the cloud or data Lake house in the cloud, our underlying technology will enable all three of those models and enable our customers to utilize data that's stored in any one of those data deployment models and the cloud and integrate that data together better than any of our competition can.

是的。從這個角度來看，我們的理念與我們的競爭對手有所不同。我們相信我們的平台可以為所有這三種不同的選擇提供服務。我們確實將其視為一種部署選擇。因此，無論客戶想要在雲中部署數據倉庫、雲中數據湖還是雲中數據湖房屋，我們的底層技術都將支持所有這三種模型，並使我們的客戶能夠利用存儲在任何模型中的數據這些數據部署模型和雲的結合，並將這些數據集成在一起，比我們的任何競爭對手都更好。

So the recent announcement in terms of VantageCloud Lake, which we just announced on the Microsoft platform at the start of June, extend our capability to have that Lake and Lake House deployment in the Azure ecosystem and obviously, building on our industry-leading cloud data warehouse capabilities. The ability to integrate all those together and take away the choice that our customers may have to have in terms of select multiple technologies to service that is something that we think is differentiating in the marketplace, Derrick.

因此，我們最近在 6 月初剛剛在 Microsoft 平台上發布了 VantageCloud Lake 的公告，擴展了我們在 Azure 生態系統中部署 Lake 和 Lake House 的能力，顯然，這是建立在我們行業領先的雲數據基礎上的倉庫能力。 Derrick，將所有這些集成在一起並消除我們的客戶在選擇多種技術來提供服務方面可能必須做出的選擇的能力，這是我們認為在市場上脫穎而出的能力。

Sorry, I got on late, but -- sorry if this has been asked. But Claire, I know you guys don't have the same kind of optimization dynamics and headwinds that we've heard from kind of pure consumption-based models in the cloud. But just curious to get an update on spending behavior, the macro, how it's -- how it feels like it's changed over the last 3 to 6 months and whether generative AI discussions have started to become any workload movers yet or that's still too early.

抱歉，我遲到了，但是——如果有人問這個問題，我很抱歉。但是克萊爾，我知道你們沒有我們從雲中純粹基於消費的模型中聽到的那種優化動態和阻力。但我只是好奇地想了解支出行為、宏觀情況、過去 3 到 6 個月的變化情況以及生成式 AI 討論是否已經開始成為任何工作負載推動者，或者還為時過早。

Yes, sure. Thanks very much. So yes, what we're seeing is good strength in our expansion business. So we mentioned earlier in the call that seeing strong performance expansion both in the cloud but also on-prem, that's reflected in our net expansion rate, but we're also seeing strong expansions at the point of migration. So I think that comes back to you the confidence that our customers have in our platform. They're not wanting to take risk, the fact that they have mission-critical workloads that they want to maintain on the Teradata Vantage platform. So very happy with those dynamics and the conversations that we've been having with customers, and that's what gives us the strong pipeline as we look forward to the second half of the year.

是的，當然。非常感謝。所以，是的，我們看到的是我們擴張業務的強勁實力。因此，我們之前在電話會議中提到，在雲和本地部署中都看到了強勁的性能擴展，這反映在我們的淨擴展率中，但我們在遷移時也看到了強勁的擴展。所以我認為這會讓您恢復我們的客戶對我們平台的信心。他們不想冒險，因為他們希望在 Teradata Vantage 平台上維護關鍵任務工作負載。我們對這些動態以及我們與客戶進行的對話感到非常滿意，這為我們在展望今年下半年時提供了強大的渠道。

I think that from a macro standpoint, there's a little bit less volatility out there, but we're still being very prudent. We're still obviously watching the macro very closely. We continue to see that kind of higher level of scrutiny on deals, but not -- still not seeing deals disappear or move away because of the macro. So that's a good sign moving forward. And I think to your point, with the importance of gen AI, AI, and now the importance of the quality of the data and the quality of the data analytics that go into that analytics, it's important to have a strong platform like Teradata Vantage to support it. So I think that opening door is becoming a tailwind for us as well in the gen AI base as Steve mentioned earlier in the call. So really good strong conversations, macro not having an impact from pipeline or deal closures at this point, but we obviously continue to monitor it very closely.

我認為從宏觀角度來看，波動性有所減少，但我們仍然非常謹慎。顯然我們仍在密切關注宏觀形勢。我們繼續看到對交易進行更高級別的審查，但仍然沒有看到交易因為宏觀因素而消失或消失。所以這是一個向前推進的好兆頭。我認為，就您的觀點而言，考慮到新一代人工智能、人工智能的重要性，以及現在數據質量和數據分析質量的重要性，擁有像 Teradata Vantage 這樣強大的平台非常重要支持它。因此，我認為，正如史蒂夫之前在電話會議中提到的那樣，開放的大門也正在成為我們在新一代人工智能基礎上的順風。所以，這是一次非常好的、強有力的對話，宏觀層面目前還沒有受到管道或交易關閉的影響，但我們顯然會繼續密切監控。

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

目前沒有其他問題。我現在將把電話轉回給史蒂夫·麥克米倫進行最後發言。

Thank you, and thanks, everyone, for joining us today. We're really pleased with our continued innovation and progress in Q2. There's a strong customer adoption of our VantageCloud Analytics and data platform, and as customers recognize its differentiated benefits, we're seeing really healthy expansion rates. We've got unmatched years of experience in handling the most complex data challenges and providing trusted data at massive scale and we believe we are uniquely positioned to help companies take advantage of the emerging world of AI. We're really confident in our strategy and in our commitment to meet our year-end guidance as we execute our plan. And we're all looking forward to speaking again with you next quarter. Thank you so much.

謝謝你們，也謝謝大家今天加入我們。我們對第二季度的持續創新和進步感到非常滿意。我們的 VantageCloud Analytics 和數據平台得到了廣泛的客戶採用，並且隨著客戶認識到其差異化優勢，我們看到了真正健康的擴張率。我們在處理最複雜的數據挑戰和大規模提供可信數據方面擁有無與倫比的多年經驗，我們相信我們具有獨特的優勢，可以幫助企業利用新興的人工智能世界。我們對我們的戰略以及在執行計劃時達到年底指導目標的承諾充滿信心。我們都期待下個季度再次與您交談。太感謝了。

That 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。