Teradata Corp (TDC) 2023 Q3 法說會逐字稿

Good afternoon. My name is Matt, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Teradata Third Quarter 2023 Earnings Call. (Operator Instructions) I would now like to hand the conference over to your host today, Christopher Lee, Senior Vice President of Investor Relations and Corporate Development. You may begin your conference.

午安.我叫馬特，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 年第三季財報電話會議。 （操作員指示）我現在想將會議交給今天的東道主克里斯托弗·李（Christopher Lee），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 Third Quarter Earnings Call. Steve McMillan, Teradata's President and Chief Executive Officer, will lead our call today; followed by Claire Bramley, Teradata's Chief Financial Officer, who will discuss our financial results and outlook.

下午好，歡迎參加 Teradata 2023 年第三季財報電話會議。 Teradata 總裁兼執行長 Steve McMillan 將主持我們今天的電話會議；接下來是 Teradata 財務長 Claire Bramley，她將討論我們的財務表現和前景。

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 September 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資訊。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收益報告和我們向SEC 提交的文件中進行了描述，其中包括我們最新的10-K 表格和截至2023 年9 月30 日的季度的10-Q 表格，預計將在接下來的時間內向SEC 提交。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 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.

在今天的電話會議上，我們將討論某些非公認會計原則財務指標，其中不包括股票薪酬費用等項目以及我們的收益報告中描述的其他特殊項目。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。

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.

除非另有說明，否則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公認會計準則與公認會計準則衡量標準的調節。您可以透過我們網站 Investor.teradata.com 的投資者關係頁面存取該資訊。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 delivered another solid quarter in Q3. We continued to steadily advance in our transformation as a leading cloud analytics and data platform. I'm pleased with our market momentum and the team's consistent execution and I'm grateful for the trust placed in us by our customers and partners.

謝謝克里斯，大家好。感謝您今天加入我們。 Teradata 在第三季再次實現穩健的季度業績。我們持續穩步推進作為領先雲端分析和數據平台的轉型。我對我們的市場動能和團隊一貫的執行力感到滿意，並感謝客戶和合作夥伴對我們的信任。

In the quarter, total ARR grew 11% year-on-year sequential total ARR dollar growth was $14 million in constant currency with positive contributions from both cloud and on-prem subscriptions. Customer demand increased as enterprises continue to utilize our modern platform and helping them drive business critical insights.

本季度，總 ARR 同比增長 11%，以固定匯率計算，總 ARR 美元增長為 1,400 萬美元，雲端和本地訂閱都做出了積極貢獻。隨著企業繼續利用我們的現代化平台並幫助他們推動關鍵業務洞察，客戶需求不斷增加。

We grew cloud ARR 63% year-on-year against a very strong Q3 last year. We grew cloud ARR in all regions through a balance of migrations and expansions. Cloud ARR is now 30% of total ARR, up 10 percentage points year-over-year. Our cloud net expansion rate was 123%. We are seeing continued strong interest and pipeline growth in VantageCloud Lake. With execution across the organization, our continued market momentum and disciplined cost management, we delivered non-GAAP earnings per share of $0.42, which grew 38% year-over-year. I am proud of the team's performance, and I'm very pleased with our innovation that position Teradata to lead in AI and, particularly, trusted AI.

與去年第三季的強勁表現相比，我們的雲端 ARR 年比成長了 63%。我們透過平衡遷移和擴展來提高所有地區的雲端 ARR。雲 ARR 目前佔總 ARR 的 30%，較去年同期成長 10 個百分點。我們的雲淨擴張率為123%。我們看到對 VantageCloud Lake 的持續濃厚興趣和管道增長。憑藉整個組織的執行力、持續的市場動力和嚴格的成本管理，我們實現了非 GAAP 每股收益 0.42 美元，年增 38%。我為團隊的表現感到自豪，並且對我們的創新感到非常滿意，這些創新使 Teradata 在人工智慧（尤其是可信人工智慧）領域處於領先地位。

I'll start there. At Teradata, we believe people thrive when empowered with better information, our analytics perform with speed to deliver better insights that drive more confident decisions. While interest in AI is accelerating, a key to AI success is being able to trust in the data, which is what Teradata has always provided. We strongly believe that our best-in-class cloud analytics and data platform delivers harmonized data, trusted AI and faster innovation for better decision-making.

我將從這裡開始。在 Teradata，我們相信人們在獲得更好的資訊時會蓬勃發展，我們的分析能夠快速提供更好的見解，從而推動更自信的決策。雖然人們對人工智慧的興趣日益濃厚，但人工智慧成功的關鍵是能夠信任數據，而這正是 Teradata 始終提供的。我們堅信，我們一流的雲端分析和數據平台可以提供協調的數據、值得信賴的人工智慧和更快的創新，從而實現更好的決策。

This conviction guided us in our recent acquisition of Stemma, which adds AI-enhanced data search and exploration is aimed to bring greater value to our analytics by making data easier to find, use and trust. We expect that these capabilities will help Teradata deliver an enhanced user experience and advance our road map in data lineage, governance and compliance, with semantic mapping to help users understand the context behind the data.

這一信念指導我們最近收購了 Stemma，該公司增加了人工智慧增強的數據搜尋和探索，旨在透過使數據更容易找到、使用和信任，為我們的分析帶來更大的價值。我們預計這些功能將幫助 Teradata 提供增強的使用者體驗，並推進我們在資料沿襲、治理和合規性方面的路線圖，並透過語義映射幫助使用者了解資料背後的上下文。

Our industry recognized strength in analytics and complex data management is driving our momentum and we are seeing high interest in our AI/ML and advanced analytics capabilities. Enterprises everywhere are investing in AI and potentially generative or Gen AI, which will create massive enterprise value. As companies look to benefit from Gen AI, we are seeing them explore use cases that are well aligned to our core value proposition and that we are already addressing today. These include: Improved business performance with democratized insights from across the organization, knowledge workers can more quickly step through mountains of data and make better decisions by asking questions and plain language with those they need to code.

我們在分析和複雜數據管理方面的行業公認的優勢正在推動我們的發展勢頭，我們看到人們對我們的人工智慧/機器學習和高級分析能力表現出濃厚的興趣。世界各地的企業都在投資人工智慧和潛在的生成式人工智慧，這將創造巨大的企業價值。當公司希望從 Gen AI 中受益時，我們看到他們探索與我們的核心價值主張非常一致的用例，並且我們今天已經在解決這些用例。其中包括： 透過整個組織的民主化見解提高業務績效，知識工作者可以更快地瀏覽大量數據，並透過向需要編碼的人員提出問題和通俗易懂的語言來做出更好的決策。

Hyper contextualized customer experiences as organizations use analytics to better anticipate customer needs, develop more relevant recommendation engines and create more authentic interaction to improve engagement and loyalty and also delivering faster products innovation, as technology teams can automatically generate code, thereby accelerating innovation and reducing operational expenses.

超情境化的客戶體驗，組織使用分析來更好地預測客戶需求，開發更相關的推薦引擎並創建更真實的交互，以提高參與度和忠誠度，並提供更快的產品創新，因為技術團隊可以自動產生程式碼，從而加速創新並減少營運花費。

In collaboration with IDC, we recently conducted a survey of enterprise executives that validates the opportunity with AI. That survey revealed that more than half of the main 100 respondents feel a high or significant pressure to integrate Gen AI within their organization in the next 6 to 12 months. However, only 30% feel adequately prepared to leverage Gen AI today, indicating a significant gap that needs to be bridged.

我們最近與 IDC 合作，對企業主管進行了一項調查，驗證了人工智慧的機會。調查顯示，在未來 6 到 12 個月內，主要 100 名受訪者中超過一半的人感受到將 Gen AI 整合到其組織中的巨大壓力。然而，目前只有 30% 的人認為已做好充分準備利用 Gen AI，這表明存在需要彌合的巨大差距。

With years of expertise in the AI domain as the trusted data platform for the world's largest and most complex organizations, Teradata stands as a go-to platform for AI enablement, which we believe provides one of the most cost-effective solutions, proven performance and flexibility to innovate faster, enriches customer experiences and delivers greater value.

Teradata 憑藉著在人工智慧領域多年的專業知識，作為全球最大、最複雜的組織的可信任資料平台，成為人工智慧支援的首選平台，我們相信它提供了最具成本效益的解決方案之一、經過驗證的性能和靈活地加快創新、豐富客戶體驗並創造更大價值。

Our technologies are designed to not only facilitate the AI journey, but also accelerate the realization of value. We are in an outstanding position to help enterprises maximize their AI opportunity from our cloud-native VantageCloud Lake with its exceptional data management capability and workload efficiency to ClearScape analytics, our robust analytics capabilities in VantageCloud, which make it easy for businesses to get more AI models into production faster and to rapidly scale the usage of those models across an organization.

我們的技術不僅旨在促進人工智慧之旅，而且還加速價值的實現。我們處於領先地位，能夠幫助企業最大限度地利用人工智慧機會，從我們的雲端原生VantageCloud Lake（具有卓越的資料管理能力和工作負載效率）到ClearScape 分析（我們在VantageCloud 中強大的分析功能），使企業能夠輕鬆獲得更多人工智慧更快地將模型投入生產，並在整個組織中快速擴展這些模型的使用。

At the beginning of Q3, we announced Teradata VantageCloud Lake on Microsoft Azure, as I mentioned on our last call. Our cloud-native architecture is now available on both AWS and Azure globally and offers the enterprise scale our customers need including end-to-end support for AI and ML.

正如我在上次電話會議中提到的，在第三季初，我們在 Microsoft Azure 上發布了 Teradata VantageCloud Lake。我們的雲端原生架構現已在全球 AWS 和 Azure 上推出，並提供客戶所需的企業規模，包括對 AI 和 ML 的端對端支援。

We are already helping customers deploy trusted AI solutions intended to drive business outcomes. An exciting announcement in the quarter was our introduction of Teradata ask.AI, our new Gen AI capability for VantageCloud Lake. This Gen AI interface is designed to allow anyone with approved access to add natural language questions and receive instant responses from VantageCloud Lake. By reducing the need for complex coding and querying, Teradata ask.AI can dramatically increase productivity, speed and efficiency for both technical and now nontechnical users as well.

我們已經在幫助客戶部署值得信賴的人工智慧解決方案，以推動業務成果。本季的一項令人興奮的公告是我們推出了 Teradata Ask.AI，這是我們針對 VantageCloud Lake 的新一代 AI 功能。此 Gen AI 介面旨在允許任何具有批准存取權的人添加自然語言問題並從 VantageCloud Lake 接收即時回應。透過減少複雜編碼和查詢的需求，Teradata Ask.AI 可以顯著提高技術使用者和非技術使用者的生產力、速度和效率。

We announced new ModelOps capabilities in ClearScape analytics, which also helps accelerate AI initiatives. These no-code capabilities enable customers to quickly scale AI and advanced analytics with enterprise governance, including Bring Your Own Model, now with no code capabilities, allowing our users to deploy their own machine learning models without writing any code, thereby simplifying their deployment.

我們在 ClearScape 分析中宣布了新的 ModelOps 功能，這也有助於加速人工智慧計畫。這些無程式碼功能使客戶能夠透過企業治理快速擴展人工智慧和高級分析，包括現在沒有程式碼功能的“自帶模型”，允許我們的用戶無需編寫任何程式碼即可部署自己的機器學習模型，從而簡化了部署。

Advanced model governance capabilities and robust explainability controls to ensure trusted AI, and automatic monitoring of model performance and data direct with zero configuration alerts.

先進的模型治理功能和強大的可解釋性控制可確保可信任的人工智慧，並透過零配置警報直接自動監控模型效能和資料。

Additionally, we recently reintroduced powerful API integration between OpenAI and Azure OpenAI. With these LLM capabilities and ClearScape analytics, customers with large volumes of tech data, such as product reviews, transcripts from call centers or medical interactions are enabled to transform that data into analytic outcomes. This can lead to improving the customer experience, reducing churn and risk or preventing fraud to name a few.

此外，我們最近在 OpenAI 和 Azure OpenAI 之間重新引入了強大的 API 整合。透過這些 LLM 功能和 ClearScape 分析，擁有大量技術資料（例如產品評論、呼叫中心的記錄或醫療互動）的客戶能夠將這些資料轉換為分析結果。這可以改善客戶體驗、減少客戶流失和風險或防止詐欺等。

These new integrations highlight our commitment to help customers unlock future value from their data by leveraging their full analytic ecosystem, including Gen AI and Large Language Models. We showcased these innovations in the quarter as we executed a series of customer and partner events in all regions.

這些新的整合凸顯了我們的承諾，即透過利用包括 Gen AI 和大型語言模型在內的完整分析生態系統，幫助客戶從數據中釋放未來價值。我們在本季在所有地區舉辦了一系列客戶和合作夥伴活動，展示了這些創新。

I was extremely pleased with the input from customers as we shared how they are running their business on Teradata. Along with the customer presentations and conversations at our event, it was also great to meet and speak with many prospective customers.

當我們分享客戶如何在 Teradata 上經營業務時，我對客戶的意見感到非常滿意。除了我們活動中的客戶演示和對話之外，與許多潛在客戶會面和交談也很棒。

Each event had a strong mix of prospective accounts demonstrating Teradata's increasing market traction and interest. We also had hundreds of alliance partners join us and sponsor from Accenture to Microsoft, AWS, Dell and more. Attendees said they were energized by how trusted AI and harmonized data can accelerate business value and power innovation throughout their organizations.

每場活動都有大量潛在客戶，展示了 Teradata 日益增長的市場吸引力和興趣。我們還有數百個聯盟夥伴加入我們並提供贊助，從埃森哲到微軟、AWS、戴爾等。與會者表示，值得信賴的人工智慧和統一數據如何加速整個組織的業務價值並推動創新，這讓他們深受鼓舞。

During this global event series, we met with a number of external analysts. It's great that the broader community is seeing Teradata as increasingly relevant and well-positioned versus the competition. Many analysts noted that customers are telling them, our platform and innovation road map are differentiated and supports their needs, whether cloud, multi-cloud or hybrid.

在這個全球活動系列期間，我們會見了一些外部分析師。令人高興的是，更廣泛的社群認為 Teradata 的相關性越來越高，並且在競爭中處於有利地位。許多分析師指出，客戶告訴他們，我們的平台和創新路線圖具有差異化，可以支援他們的需求，無論是雲端、多雲或混合雲。

I was also pleased to receive the positive feedback on the transformation of our brand. Our marketing organization leaned in and introduced our modern customer-centric and innovative brand that represents the trusted value we bring to the world's leading organizations. We are going to keep up the pace to ensure that our differentiated position is clear to the market.

我也很高興收到有關我們品牌轉型的正面回饋。我們的行銷組織積極參與並推出了我們以客戶為中心的現代創新品牌，該品牌代表了我們為世界領先組織帶來的值得信賴的價值。我們將跟上步伐，確保市場清楚我們的差異化定位。

As I stated, we had very good growth in the quarter. Let's look at a few customer examples: a multinational manufacturing company based in Europe as a new VantageCloud customer. That customer spoke at our London Possible event and shared that the selected Teradata analytics to improve decision-making through AI as it works to offer more safe and sustainable products every day. It has invested with us to implement innovative AI projects that accelerate time to value for its customers.

正如我所說，我們在本季度取得了非常好的成長。讓我們來看幾個客戶範例：一家位於歐洲的跨國製造公司是 VantageCloud 的新客戶。這位客戶在我們的倫敦可能活動中發表講話，並表示選擇 Teradata 分析來透過人工智慧改進決策，因為它每天都致力於提供更安全和可持續的產品。它與我們一起投資實施創新的人工智慧項目，以加快為客戶實現價值的速度。

A world leading banking group has renewed its confidence in Teradata with its first step to the public cloud, adding VantageCloud Lake on AWS for its retail banks for sales monitoring, customer segmentation, risk management and financial reporting. This customer also added VantageCloud Enterprise on AWS for finance and risk regulatory purposes. This win was in partnership with Accenture.

一家世界領先的銀行集團在邁向公有雲的第一步中重拾了對Teradata 的信心，為其零售銀行添加了AWS 上的VantageCloud Lake，用於銷售監控、客戶細分、風險管理和財務報告。該客戶還在 AWS 上新增了 VantageCloud Enterprise，用於財務和風險監管目的。這場勝利是與埃森哲合作取得的。

We gained a new logo at a government regulator in India to support its compliance reporting with requirements. This is our first converged infrastructure customer win in Asia Pacific through our strategic partnership with Dell. Our track record of reliability, performance and competitive pricing led to this win. And a leading global financial services group based in Japan is using Vantage and ClearScape Analytics to execute large-scale AI models. This long-term customer's data science team relies upon ClearScape Analytics functionality for its many applications running on our platform.

我們在印度政府監管機構獲得了新徽標，以支持其合規報告的要求。這是我們透過與戴爾的策略合作夥伴關係在亞太地區贏得的第一個融合基礎設施客戶。我們在可靠性、性能和有競爭力的價格方面的記錄促成了這場勝利。總部位於日本的全球領先的金融服務集團正在使用 Vantage 和 ClearScape Analytics 來執行大規模人工智慧模式。這個長期客戶的數據科學團隊依賴 ClearScape Analytics 功能來運行在我們平台上的許多應用程式。

Along with bringing tangible business value to our customers, our partner-first momentum accelerated across our partner first momentum accelerated in the quarter, a. Spotlight of our strong collaboration was educating hundreds of Accenture employees on our joint offerings to help our mutual customers exploit AI.

除了為我們的客戶帶來切實的商業價值外，我們的合作夥伴優先勢頭在本季也加速了。我們強有力的合作的亮點是對數百名埃森哲員工進行了關於我們聯合產品的教育，以幫助我們共同的客戶利用人工智慧。

In parallel with our global motions, we have grown our partner ecosystem by 20% year-to-date. Adding new vertical ISVs and regional SIs aligned to Teradata's industry use cases. We are aligning our investment envelope to our strategic initiatives and continuing our progress as a cloud-first profitable growth company.

在我們進行全球行動的同時，我們的合作夥伴生態系統今年迄今已成長了 20%。新增符合 Teradata 產業用例的新垂直 ISV 和區域 SI。我們正在根據我們的策略計劃調整我們的投資範圍，並繼續作為一家雲端優先的獲利成長公司取得進展。

We will continue to take actions like winding down our direct operations in China that will accelerate our growth trajectory and advance our innovation engine. We're on track to achieve our 2023 outlook. We're looking ahead to 2024 with optimism and are firmly on track to achieve our target of more than $1 billion of cloud ARR by the end of 2025.

我們將繼續採取諸如結束在中國的直接業務等行動，這將加速我們的成長軌跡並推進我們的創新引擎。我們有望實現 2023 年的展望。我們樂觀地展望 2024 年，並堅定地朝著 2025 年底實現雲端 ARR 超過 10 億美元的目標邁進。

Now I will pass the call to Claire.

現在我將把電話轉給克萊爾。

Thank you, and good afternoon, everyone. I would like to reinforce Steve's comments on our continued momentum and consistent execution that ensured we delivered another quarter of solid results. A notable highlight in the quarter was our cloud net expansion rate of 123%, a sequential increase of 200 basis points.

謝謝大家，大家下午好。我想重申史蒂夫對我們持續的動力和一致的執行的評論，這確保了我們又一個季度取得了紮實的業績。本季的一個顯著亮點是我們的雲端淨擴張率為 123%，季增 200 個基點。

We have sustained and increased our cloud momentum as a result of greater market awareness and customer demand. Migrations and expansions have equally contributed to the reported $40 million of sequential cloud ARR growth, slightly ahead of our expectations, resulting in an increase of 63% year-over-year.

由於市場意識和客戶需求的提高，我們保持並增強了雲端發展勢頭。據報道，遷移和擴展同樣為雲端 ARR 連續成長 4,000 萬美元做出了貢獻，略高於我們的預期，年增 63%。

Another highlight was the repurchase of approximately $141 million of stock, resulting in a year-to-date return of free cash flow of 161%. We took advantage of our strong balance sheet and cash flow generation to repurchase 2.9 million shares. We believe this was a prudent allocation of capital and exceeds our commitment to return at least 75% of free cash flow to shareholders in 2023.

另一個亮點是回購了約 1.41 億美元的股票，導致年初至今的自由現金流回報率為 161%。我們利用強勁的資產負債表和現金流量產生能力回購了 290 萬股股票。我們認為這是一種審慎的資本配置，超出了我們在 2023 年向股東返還至少 75% 自由現金流的承諾。

As we enter our seasonally strongest quarter, we remain on track to achieve the outlook ranges we previously provided for 2023. This is despite incremental unplanned currency headwinds we now anticipate in the fourth quarter. I will cover more on our annual outlook shortly. We remain steadfast on executing against our cloud-first profitable growth strategy with the goal of continuously increasing shareholder value.

隨著我們進入季節性最強的季度，我們仍有望實現先前為 2023 年提供的前景範圍。儘管我們現在預計第四季度將出現計劃外的貨幣逆風。我很快將詳細介紹我們的年度展望。我們仍然堅定不移地執行雲端優先的獲利成長策略，以不斷提高股東價值為目標。

Let me now share more details on our financial results, starting with revenue. Third quarter recurring revenue was $360 million, 9% growth year-over-year as reported and 10% growth year-over-year in constant currency. Year-over-year recurring revenue growth was led by a strong increase in cloud revenue. Continued go-to-market execution resulted in all 3 regions experiencing strong cloud revenue growth year-over-year.

現在讓我分享有關我們財務業績的更多詳細信息，從收入開始。第三季經常性收入為 3.6 億美元，按報告年增 9%，以固定匯率計算年增 10%。經常性收入的年成長是由雲端收入的強勁成長所帶動的。持續的上市執行使所有 3 個地區的雲端收入年比均實現強勁成長。

Recurring revenue as a percentage of total revenue was 82%. There was no year-over-year impact from upfront recurring revenue this quarter as the quarterly net impact was a negative $11 million, in line with our expectations and consistent with the amount in the same period last year. We anticipate the amount of upfront recurring revenue in the fourth quarter to be a smaller net negative number than this quarter.

經常性收入佔總收入的比例為82%。本季預付經常性收入沒有年比影響，因為季度淨影響為負 1,100 萬美元，符合我們的預期，也與去年同期的金額一致。我們預計第四季的預付費用經常性收入將比本季的淨負數更小。

Third quarter total revenue was $438 million, 5% growth year-over-year as reported and 6% growth year-over-year in constant currency. The year-over-year change is primarily due to cloud revenue, which continues to become a more impactful driver of our revenue growth.

第三季總營收為 4.38 億美元，按報告年增 5%，以固定匯率計算年增 6%。同比變化主要是由於雲端收入，它繼續成為我們收入成長的更有效的驅動力。

Moving to profitability and free cash flow. Teradata's reported third quarter total gross margin dollars were $264 million. The slight year-over-year increase was primarily due to the higher amount of cloud and subscription gross margin dollars that were generated by both greater volumes and rate expansion.

轉向獲利和自由現金流。 Teradata 公佈的第三季總毛利率為 2.64 億美元。年比小幅成長主要是由於銷量增加和費率擴張產生的雲端和訂閱毛利率增加。

Operating profit was $63 million, and operating margin was 14.4%. Revenue leverage and continued cost discipline contributed to operating margin expansion of approximately 150 basis points year-over-year.

營業利益為 6,300 萬美元，營業利益率為 14.4%。收入槓桿和持續的成本控制使得營業利潤率年增約 150 個基點。

As we maintain cost discipline, we also continue to invest in the business, deploying capital on projects that generate attractive returns and drive future growth. These activities resulted in non-GAAP diluted earnings per share of $0.42, the midpoint of our outlook range. The $0.42 include a benefit of $0.02 from a lower tax rate in the quarter versus our prior outlook, offsetting currency and other income and expense headwinds in the quarter. The lower tax rate resulted from favorable true-up to our tax provision and a change in assumptions, both of which will reduce the full year tax rate to 23%.

在維持成本控制的同時，我們也持續投資於業務，將資金部署到能夠產生有吸引力的回報並推動未來成長的專案。這些活動導致非 GAAP 攤薄每股收益為 0.42 美元，這是我們展望範圍的中位數。 0.42 美元包括本季稅率低於我們先前預期的 0.02 美元收益，抵消了本季貨幣和其他收入和支出的不利因素。較低的稅率是由於我們的稅收撥備的有利調整和假設的變化，這兩者都將全年稅率降低至 23%。

We generated $36 million of free cash flow this quarter, which was in line with both our expectations and our historical cash flow linearity. We are still on track to land within our 2023 free cash flow outlook given our anticipated fourth quarter sales bookings.

本季我們產生了 3,600 萬美元的自由現金流，這符合我們的預期和歷史現金流線性。鑑於我們預期的第四季度銷售預訂，我們仍有望實現 2023 年自由現金流前景。

Moving to our 2023 full year outlook. We are raising our non-GAAP earnings per diluted share. The new annual outlook range is $2.01 to $2.05. This raises the midpoint by $0.05 versus the $1.98 that was the midpoint of our previous outlook. The $0.05 benefit is from a change in our tax rate assumption, all of which dropped to the bottom line.

展望 2023 年全年。我們正在提高非公認會計原則稀釋每股收益。新的年度展望範圍為 2.01 美元至 2.05 美元。這將中點提高了 0.05 美元，而我們之前展望的中點為 1.98 美元。 0.05 美元的收益來自我們稅率假設的變化，所有這些都下降到了底線。

In preparation for 2024, we have taken various actions to continue optimizing our cost structure. This ensures we have the ability to invest in areas of the business that have a higher growth profile without increasing our overall budgeted costs. This impacts our GAAP earnings per share. The new annual outlook range for GAAP earnings per diluted share was $0.59 to $0.63. This range accounts for the cost reduction measures as well as foreign currency exchange actions related to Argentina that were taken during the fourth quarter.

為迎接2024年，我們採取了多種行動，持續優化成本結構。這確保我們有能力投資具有較高成長前景的業務領域，而不會增加我們的整體預算成本。這會影響我們的 GAAP 每股盈餘。新的 GAAP 攤薄每股收益年度展望為 0.59 美元至 0.63 美元。這個範圍考慮了第四季度採取的成本削減措施以及與阿根廷相關的外匯兌換行動。

We know that our fourth quarter is seasonally our highest sales quarter. Given our progress to date in the quarter and the current pipeline, we are confident that total and cloud ARR dollar growth will increase sequentially and will be within our annual outlook ranges.

我們知道，第四季是我們季節性銷售最高的季度。鑑於本季度迄今為止的進展和當前的進展，我們相信總 ARR 美元成長將連續成長，並將在我們的年度展望範圍內。

The continued strength of the U.S. dollar has resulted in incremental currency headwinds in the fourth quarter of approximately 150 basis points to ARR and 200 basis points to revenue versus our prior currency forecast provided last quarter.

美元持續走強導致第四季度貨幣逆風增加，與我們上季度提供的貨幣預測相比，ARR 增加了約 150 個基點，收入增加了 200 個基點。

Despite these unplanned currency headwinds, our forecast indicates we will land within our 2023 outlook ranges for ARR, revenue and free cash flow. Our complete 2023 outlook can be found in our third quarter earnings press release and presentation. These materials, along with the foreign currency schedule can be found on our Investor Relations website.

儘管存在這些計劃外的貨幣阻力，但我們的預測表明，我們的 2023 年 ARR、收入和自由現金流將落在我們的展望範圍內。我們完整的 2023 年展望可以在我們的第三季財報新聞稿和示範中找到。這些資料以及外幣匯率表可以在我們的投資者關係網站上找到。

Before we open up the call for questions, here are some modeling considerations for the rest of the year. For the fourth quarter of 2023, we anticipate non-GAAP earnings per diluted share to be in the range of $0.50 to $0.54. We project the non-GAAP tax rate to be approximately 26% in the fourth quarter and approximately 23% for the full year.

在我們開始提問之前，以下是今年剩餘時間的一些建模注意事項。對於 2023 年第四季度，我們預計非 GAAP 攤薄每股收益將在 0.50 美元至 0.54 美元之間。我們預計第四季非 GAAP 稅率約為 26%，全年約為 23%。

We forecast the weighted average diluted shares outstanding to be approximately 101 million shares in the fourth quarter and approximately 102.5 million shares for the full year.

我們預計第四季加權平均稀釋後流通股約 1.01 億股，全年約 1.025 億股。

In summary, we are on track to achieve our 2023 outlook. Beyond 2023, we continue to remain on track and confident on the path to achieve our financial goals for 2025. We plan to provide our 2024 outlook during our fourth quarter earnings call. Thank you very much for your time today. Let's please open the call for questions.

總而言之，我們有望實現 2023 年的展望。 2023 年後，我們將繼續保持正軌，並對實現 2025 年財務目標充滿信心。我們計劃在第四季度財報電話會議上提供 2024 年展望。非常感謝您今天抽出時間。讓我們打開提問電話。

(Operator Instructions) Your first question comes from the line of Howard Ma.

（操作員說明） 您的第一個問題來自Howard Ma。

Great. It's great to see the consistent execution throughout the year and as well as the cloud ARR acceleration and the Q3 cloud outperformance, which lowers, I believe, the hurdle in Q4. But given that Q4 is your -- is still your biggest quarter, so it's certainly not a walk in the park. I was hoping, I guess, either for Steve or for Claire, I was hoping you could give us an inside look into planned migrations in Q4 and perhaps 2024 as well. .

偉大的。很高興看到全年一致的執行，以及雲端 ARR 的加速和第三季雲端的出色表現，我相信這降低了第四季度的障礙。但考慮到第四季度仍然是最大的季度，所以這肯定不是在公園散步。我想，無論是 Steve 還是 Claire，我都希望你們能讓我們深入了解第四季甚至 2024 年計畫的遷移。 。

And I guess I have a few interrelated questions. Typically how far in advance to these migration conversations typically begin? And what is the risk of any following through? And as you look ahead, are you expecting any increase in the size of these planned migrations?

我想我有一些相互關聯的問題。這些遷移對話通常提早多久開始？任何後續行動的風險是什麼？展望未來，您預期這些計畫的遷移規模會增加嗎？

Howard, quite a lot of to unpack there, but thank you so much for the question. Yes, it was a great quarter in Q3, good execution across the entire business and a really good balance of migration and expansion activity in Q3. We expect that to continue in terms of that balance between migration and expansion activities in Q4. And to your point, we have very good line of sight into execution for Q4, and a pipeline of deals that supports that 2023 outlook, driven by both migrations and expansions.

霍華德，有很多東西需要解開，但我非常感謝你提出這個問題。是的，第三季度是一個很棒的季度，整個業務執行良好，並且第三季度的遷移和擴展活動達到了很好的平衡。我們預計第四季度遷移和擴張活動之間的平衡將持續下去。就您而言，我們對第四季度的執行有非常好的視野，並且在遷移和擴張的推動下，有一系列交易支持 2023 年的前景。

As you can imagine, the migrations tend to be larger deals within the pipeline and we've got a number of 7-figure and 8-figure deals in the Q4 pipeline. And we do have good visibility and visibility over time into those deals. What we do when we construct those deals for our customers is make it commercially compelling. So that, that migration to the cloud, even though at that point of migration, they usually expand their overall business with Teradata, it's actually a commercially compelling value proposition to move to the cloud. So we've got great insight into that. We're confident in the guidance that we've given for Q4 and confident in the continued execution of the team.

正如您可以想像的那樣，遷移往往是管道中較大的交易，我們在第四季度管道中獲得了許多 7 位數和 8 位數的交易。隨著時間的推移，我們確實對這些交易擁有良好的可見度和可見性。當我們為客戶建立這些交易時，我們所做的就是使其具有商業吸引力。因此，當遷移到雲端時，即使在遷移時，他們通常會使用 Teradata 擴展其整體業務，但遷移到雲端實際上是一個具有商業吸引力的價值主張。所以我們對此有深入的了解。我們對第四季的指導充滿信心，並對團隊的持續執行充滿信心。

Next question is from the line of Erik Woodring with Morgan Stanley.

下一個問題來自摩根士丹利的艾瑞克‧伍德林 (Erik Woodring)。

Congrats on the really consistent work you guys have been putting up this year. I'm not sure if this is a question for Steve or Claire, so I'll just kind of pose it to both of you guys. We're seeing really strong performance in the cloud net expansion rate. Just maybe can you give us -- help us think about where that metric to go over time, meaning, are we at peak here at 123%? Could you see this go to 125%? Could it go to $115%? What factors would you expect to be the primary driver of your NRR really hitting each of those extremes? Just would love to get some context on how you think about 123% versus where that could actually go? And then I have a follow-up.

恭喜你們今年所做的真正持續的工作。我不確定這是史蒂夫還是克萊爾的問題，所以我只是向你們兩個提出這個問題。我們看到雲淨擴張率表現非常強勁。也許你能給我們——幫助我們思考隨著時間的推移，這個指標會走向何方，也就是說，我們是否達到了 123% 的峰值？你能看到這個值達到 125% 嗎？它能漲到 115% 嗎？您認為哪些因素會成為您的 NRR 真正達到上述每個極端的主要驅動因素？只是想了解一些背景信息，了解您如何看待 123% 以及實際情況？然後我有一個後續行動。

Yes, Erik, I'll start by talking about expansions in general, and then maybe Claire can talk a little about it in terms of from a modeling perspective and how to look at it over the long term.

是的，Erik，我將首先討論一般性的擴展，然後也許 Claire 可以從建模的角度以及如何從長遠角度看待它來談論它。

Clearly, we're really happy with the expansions that we're driving just now kind of up there in the best-in-class for SaaS businesses overall in terms of our cloud business. It's the reason that we like taking that on-prem business to the cloud because once we get our customers in the cloud, we start to see that growth rate.

顯然，我們對我們目前在雲端業務方面推動的 SaaS 業務的整體擴張感到非常滿意。這就是我們喜歡將本地業務轉移到雲端的原因，因為一旦我們將客戶轉移到雲端，我們就開始看到成長率。

We're seeing that growth in terms of those expansions cover from increased data but also increased workloads and increased use cases that are executing on the Teradata platform once it moves to the cloud, things like our integration with cloud native services. One I mentioned in the conference call was with Azure OpenAI as a great example of a generative AI integration. We're starting to see that as a catalyst in the marketplace. So happy with the expansions.

我們看到，這些擴充功能的成長不僅來自於資料的增加，還包括工作負載的增加以及 Teradata 平台遷移到雲端後執行的用例的增加，例如我們與雲端原生服務的整合。我在電話會議中提到的 Azure OpenAI 是生成式 AI 整合的一個很好的例子。我們開始將其視為市場的催化劑。對擴展非常滿意。

I'll let Claire talk to longer-term guidance.

我會讓克萊爾談談長期指導。

Yes, absolutely. So we are happy with the 123% net expansion rate. What I would say, Erik, is we are still modeling approximately 120%. So we're not modeling and we don't need to be higher than the approximately 120% for us to exceed the $1 billion of cloud in 2025, for example.

是的，一點沒錯。所以我們對 123% 的淨擴張率感到滿意。 Erik，我想說的是，我們仍在對大約 120% 進行建模。因此，我們不是在建模，也不需要高於大約 120% 即可在 2025 年使雲端運算價值超過 10 億美元。

So at this point, the 120 % and around that mark is what we continue to model and continue to plan for '24 and '25. And absolutely keeps us on track for our long-term goals and the $1 billion in 2025.

因此，在這一點上，120% 及其附近是我們繼續建模並繼續為 24 和 25 年進行規劃的內容。這絕對能讓我們朝著長期目標和 2025 年 10 億美元的目標邁進。

Maybe my follow-up for you, Claire, a bit of a nitpicky question, but I just want to make sure I'm thinking about this right. You kept most of your guidance ranges unchanged except for EPS. But you did talk to a more significant FX headwind.

也許我對你的後續行動，克萊爾，是一個有點挑剔的問題，但我只是想確保我對這個問題的思考是正確的。除每股收益外，您的大部分指導範圍保持不變。但您確實談到了更重要的外匯逆風。

And so should we think about for the full year, are you -- would you characterize after 3Q year performance is outperforming and therefore, still possible to hit the midpoint of that guide? Or with the new FX headwind for 4Q, should we be thinking about full year results towards the lower end of the guide? Just want to kind of parse that out.

因此，我們是否應該考慮全年情況，您是否認為第三季的表現優於預期，因此仍有可能達到該指南的中點？或者隨著第四季新的外匯逆風，我們是否應該考慮全年業績接近指南的下限？只是想解析一下。

Yes. Thanks, Erik. So as you said and as I said in my prepared remarks, we plan to be within the previously guided ranges for both reported and constant currency. So that means we're absorbing those incremental unplanned currency headwinds of approximately 150 to 200 basis points across ARR and total revenue. What that means is I would anticipate to be around the midpoint in a constant currency standpoint of our ranges and between the mid and towards the lower end in on a reported basis just because of the incremental quarter-over-quarter headwinds that we're seeing from a currency standpoint.

是的。謝謝，埃里克。因此，正如您和我在準備好的演講中所說，我們計劃將報告貨幣和固定匯率保持在先前的指導範圍內。因此，這意味著我們正在吸收 ARR 和總收入約 150 至 200 個基點的增量計劃外貨幣阻力。這意味著，從固定匯率的角度來看，我預計我們的匯率區間將處於中點附近，並且在報告的基礎上處於中端和低端之間，只是因為我們看到了季度環比增量的逆風從貨幣的角度來看。

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

下一個問題來自美國銀行的瓦姆西·莫漢 (Wamsi Mohan)。

Steve, I was curious if you're seeing more use cases for Gen AI in cloud or on-prem. And how would you compare the relative adoption across those for Teradata? And then I have a follow-up.

Steve，我很好奇您是否在雲端或本地看到更多 Gen AI 用例。您如何比較 Teradata 的相對採用率？然後我有一個後續行動。

Wamsi, yes, we are super excited about the Gen AI opportunity. I spoke a little bit about that in the prepared remarks. We are already seeing our existing customers utilize and deploy large language models, Gen AI, AI, Advanced Analytics solutions sitting on top of the Teradata enterprise warehouse. One of the things that I spoke about in the call is we are the trusted custodians of some of the most valuable data in the world. And utilizing that data to give trusted results to these Gen AI systems and large language models is part of the core value proposition that Teradata brings to the table.

Wamsi，是的，我們對 Gen AI 機會感到非常興奮。我在準備好的發言中談到了這一點。我們已經看到現有的客戶利用和部署位於 Teradata 企業倉庫之上的大型語言模型、Gen AI、AI、高級分析解決方案。我在電話中談到的一件事是，我們是世界上一些最有價值數據的值得信賴的保管人。利用這些數據為這些 Gen AI 系統和大型語言模型提供可信的結果是 Teradata 帶來的核心價值主張的一部分。

So you can actually execute and our customers are actually executing some of these models that's sitting right on top of the platform without moving data into other ecosystems. They are utilizing their trusted enterprise data to get trusted results to improve their interactions with customers or improve their supply chain.

因此，您可以實際執行，而我們的客戶實際上正在執行位於平台之上的一些模型，而無需將資料移至其他生態系統。他們利用可信賴的企業數據來獲得可信賴的結果，以改善與客戶的互動或改善他們的供應鏈。

In terms of monetary impact, I think it's something that we'll continue to monitor in terms of how it's driving overall expansion activities for us, but we're very bullish on it. And clearly, I was thinking about Teradata, not as a monolithic software architecture, but an open platform, where we can integrate. And some of these advanced services is going to drive workload as we move into the future.

就貨幣影響而言，我認為我們將繼續關注它如何推動我們的整體擴張活動，但我們非常看好它。顯然，我考慮的 Teradata 不是一個單一的軟體架構，而是一個開放平台，我們可以在其中進行整合。隨著我們走向未來，其中一些高級服務將增加工作量。

And a quick one for Claire. Where are you focusing on for the cost takeout that you called out? And what does that mean for the OpEx profile in terms of SG&A and R&D? R&D has been ticking up sequentially through the year. And do you still expect to repurchase shares in 4Q as you already exceeded your stated target for the year?

對於克萊爾來說，這是一個快速的。您所呼籲的成本削減主要集中在哪裡？這對於 SG&A 和 R&D 方面的營運支出概況意味著什麼？研發全年持續成長。由於您已經超越了今年設定的目標，您是否仍預計在第四季回購股票？

Sure. Yes, let me just take the question on the cost actions. So what we're trying to do here is look at areas, where we can reinvest to be able to get a higher return on investment and really focus on the best return and driver of profitable growth. So we're not anticipating our total cost structure to come down because we're reducing in some areas and then reinvesting in other areas.

當然。是的，讓我來回答有關成本行動的問題。因此，我們在這裡試圖做的是尋找可以再投資的領域，以獲得更高的投資回報，並真正專注於最佳回報和獲利成長的驅動力。因此，我們預計總成本結構不會下降，因為我們在某些​​領域進行了削減，然後在其他領域進行了再投資。

We think that's going to set us up well but the fact that we are making those actions now mean that in 2024, we will also be able to get some revenue leverage as we move forward as well. So that's what we're doing from a cost action standpoint. With regards to your second question, which has -- which I didn't write down, so maybe you can remind me. Wamsi, what your second question.

我們認為這將為我們做好準備，但事實上我們現在正在採取這些行動，這意味著到 2024 年，我們在前進的過程中也將能夠獲得一些收入槓桿。這就是我們從成本行動的角度所做的事情。關於你的第二個問題，我沒有寫下來，所以也許你可以提醒我。 Wamsi，你的第二個問題是什麼？

Claire on, just on buybacks, just given you've already exceeded the years, 75% target.

克萊爾，只是關於回購，考慮到你已經超出了多年來的 75% 目標。

Yes. No, with regards to share repurchases, we are not planning to be adaptive in Q4 in the market as we were in Q3. Obviously, we are -- with the share repurchase of $141 million in Q3, that was a big quarter for us, but -- and it was very opportunistic given where our price was during the quarter. Q4 will continue to be opportunistic, but we're definitely not anticipating the same level of share repurchase in Q4. But we will maintain the kind of opportunistic approach depending on where our share price is. We do really believe that this is a good use of our capital and good value and return to shareholders.

是的。不，關於股票回購，我們不打算像第三季那樣在第四季對市場進行適應性調整。顯然，我們在第三季度回購了 1.41 億美元的股票，這對我們來說是一個重要的季度，但考慮到我們在本季度的價格，這是非常機會主義的。第四季將繼續是機會主義的，但我們絕對不會預期第四季出現相同水準的股票回購。但我們將根據我們的股價來保持這種機會主義的態度。我們確實相信，這是對我們資本的良好利用，也是對股東的良好價值和回報。

The next question is from the line of Chirag Ved with Evercore ISI.

下一個問題來自 Chirag Ved 和 Evercore ISI。

Congratulations on the quarter. So net new cloud ARR was strong. And with these results in mind, when you speak with your customers and prospective customers, are you getting the impression that customers today are more willing to modernize their data estates and migrate to cloud now versus perhaps 6 months or a year ago? Or do you still see some of the broader hesitation that perhaps existed in the market for the better part of the past year that could be pushing time lines out to 2024?

恭喜本季。因此淨新雲ARR強勁。考慮到這些結果，當您與客戶和潛在客戶交談時，您是否有這樣的印象：與 6 個月或一年前相比，現在的客戶更願意對其數據資產進行現代化改造並遷移到雲端？或者您仍然看到去年大部分時間市場上可能存在的一些更廣泛的猶豫，這可能會將時間表推遲到 2024 年？

So I'll take that just from a -- what we're seeing from a customer perspective is just increased confidence in the Teradata technology platform and the ability for us to take the most complex, workloads in the world to the cloud in a very successful way.

因此，我認為，從客戶的角度來看，我們看到的是人們對 Teradata 技術平台的信心增強，以及我們以非常快的方式將世界上最複雜的工作負載轉移到雲端的能力。成功的方式。

Teradata gives them a path to execute and a path to migrate to cloud that no other technology can provide to them. So we continue to see that strength in demand and strength in the pipeline. I mentioned in answer to the first question that we got in terms of we see that pipeline continuing into Q4 for us to execute against.

Teradata 為他們提供了一條其他技術無法提供的執行路徑和遷移到雲端的路徑。因此，我們繼續看到需求的強勁和管道的強勁。我在回答第一個問題時提到，我們看到管道繼續進入第四季度，供我們執行。

In terms of customer interest from a cloud perspective, we still see that as one of the top buying or investment points that customers are making. I was talking to one of the large banks a couple of weeks ago. And they look at utilizing cloud technologies as an absolute essential capability in order for them to take advantage of all of the research and development organizations like Teradata and Microsoft, execute from providing these services in the cloud so that they can have a differentiating capability into the future.

從雲端的角度來看，就客戶興趣而言，我們仍然認為這是客戶最重要的購買或投資點之一。幾週前我正在與一家大型銀行交談。他們將雲端技術視為絕對必要的能力，以便他們能夠利用 Teradata 和 Microsoft 等所有研發組織，在雲端提供這些服務，從而在市場中擁有差異化能力。未來。

As well as we, from a Teradata perspective, put together a compelling commercial proposition so that they are motivated to move to the cloud with us. And that enables us to get them to a point where we can expand with them in the cloud as we take advantage of these services available in that modern environment.

此外，我們從 Teradata 的角度出發，提出了令人信服的商業主張，以便激勵他們與我們一起遷移到雲端。這使我們能夠利用現代環境中提供的這些服務，使它們能夠在雲端中擴展。

The next question is from the line of Chad Bennett with Craig-Hallum.

下一個問題來自查德貝內特 (Chad Bennett) 和克雷格哈勒姆 (Craig-Hallum)。

So maybe Steve or Claire, just in terms of VantageCloud Lake and ClearScape, just now that we're, I think, close to annualizing or a year into market with these, and I understand you're on AWS and recently just came on Azure at the beginning of this quarter, but just how should we think about the contribution of those 2 products or platforms to whether it's fourth quarter cloud bookings or ARR or maybe a better indication is into next year? Are they -- are you expecting those to be material to the cloud ARR growth at some point in the next 3, 4 quarters?

所以，也許 Steve 或 Claire，就 VantageCloud Lake 和 ClearScape 而言，我認為，現在我們已經接近年度化或這些產品進入市場一年了，我知道你們在使用 AWS，最近剛剛使用 Azure在本季度初，但我們應該如何考慮這2 個產品或平台對第四季雲端預訂或ARR 的貢獻，或者可能是明年的更好指標？您是否預計這些因素會在未來 3、4 個季度的某個時刻對雲端 ARR 成長產生重大影響？

Chad, it's Steve. Thanks very much for the question. I think a couple of points. I think we've said it in the past that we -- during 2023, most of our cloud business has been driven on VantageCloud Enterprise. We're seeing that, as you pointed out, acceleration of interest and deployment of new workloads on VantageCloud Lake. Those tend to be smaller and grow rapidly over time. So we would expect VantageCloud Lake to become more and more important from a revenue and ARR perspective as we move through 2024.

查德，是史蒂夫。非常感謝您的提問。我認為有幾點。我想我們過去曾說過，在 2023 年期間，我們的大部分雲端業務都是由 VantageCloud Enterprise 驅動的。正如您所指出的，我們看到人們對 VantageCloud Lake 上新工作負載的興趣和部署加速。這些往往較小，並且隨著時間的推移而迅速增長。因此，隨著 2024 年的到來，從收入和 ARR 的角度來看，我們預計 VantageCloud Lake 將變得越來越重要。

What I would say is when we did our marketing event, Possible, in Orlando, we had a major customer stand up on stage and talk about going live and moving their on-prem system directly to VantageCloud Lake. So I think the traction that we're getting in the marketplace is super exciting, both in terms of helping with that migration opportunity but also helping with expansion. And as I said, that will become more and more relevant as we move into 2024.

我想說的是，當我們在奧蘭多舉辦「可能」行銷活動時，我們有一位主要客戶站上台，談論上線並將其本地系統直接遷移到 VantageCloud Lake。因此，我認為我們在市場上獲得的吸引力非常令人興奮，無論是在幫助實現遷移機會還是在幫助擴張方面。正如我所說，隨著我們進入 2024 年，這一點將變得越來越重要。

Got it. And then maybe one quick follow-up. Just on a couple of the hyperscalers in their announcements recently, quarterly announcements. Well, they still mentioned kind of the headwinds from cloud customers asking for workload optimizations in the cloud. I think a couple of them were able to stabilize their year-over-year growth or increase their year-over-year growth because they are starting to see data usage around AI and LLM actually in the last 3 months or in the quarter.

知道了。然後也許是一個快速的後續行動。就最近幾家超大規模企業的季度公告而言。好吧，他們仍然提到了雲端客戶要求雲端中工作負載優化的阻力。我認為他們中的一些人能夠穩定同比增長或提高同比增長，因為他們實際上在過去 3 個月或本季度開始看到有關 AI 和 LLM 的數據使用情況。

I know you've talked about it in this call more than I've heard. And I think the majority of your customers are on fixed contracts. But if we think about kind of the workload or data usage coming from AI or LLM, is that something that you can tangibly see in your base?

我知道你在這次電話會議中談論的內容比我聽到的還要多。我認為你們的大多數客戶都是固定合約的。但是，如果我們考慮來自人工智慧或法學碩士的工作量或數據使用情況，這是您可以在您的基地中切實看到的嗎？

I don't know if it necessarily help you from a net expansion standpoint now. But maybe up on renewal or someone getting to their caps quicker, on a fixed contract, is there any early indications of that?

我不知道現在從淨擴張的角度來看這是否一定對你有​​幫助。但也許續約或有人更快達到上限，在固定合約上，有任何早期跡象嗎？

Yes. Thanks, Chad. So I think you made some great points there. One is cloud optimization is not a trend or an impact to our business that we tend to see, given the mission-critical nature of the workloads that we execute. And both to your point, the fixed capacity nature of the contracts we have.

是的。謝謝，查德。所以我認為你在那裡提出了一些很好的觀點。一是考慮到我們執行的工作負載的任務關鍵型性質，雲端優化並不是我們通常看到的一種趨勢或對我們業務的影響。就您而言，我們所擁有的合約具有固定容量性質。

However, all of those contracts can have the ability to have expansion and consumption ability added to them. And indeed, especially in the cloud, when we think about our net expansion rate, those expansion rates happen continuously. So we're very much moving away from that enterprise software sales motion, where you just -- the only time you do that expansion is at the point of renewal. And we're continuously adding workloads and growing our customers as we move through the year.

然而，所有這些合約都可以添加擴展和消費能力。事實上，尤其是在雲端中，當我們考慮到我們的淨擴張率時，這些擴張率會持續發生。因此，我們正在很大程度上擺脫企業軟體銷售活動，在這種活動中，您唯一進行擴展的時間是在更新時。隨著這一年的發展，我們的工作量不斷增加，客戶數量不斷增加。

And I think that's -- there's some great capabilities that are enabled by our VantageCloud Lake product to the earlier points, but also these Gen AI and AI use cases are going to drive that increase in utilization, the increase in the requirement for data. But not only that, Chad, I think a really important point is that those Gen AI use cases, if they are not controlled from a cost perspective, can become prohibitively expensive if they aren't run in an environment like Teradata, where we have fantastic financial governance. And so when we think about ethical and trusted AI, we think about it in terms of the outputs that are generated from those AI solutions.

我認為，我們的 VantageCloud Lake 產品在之前已經實現了一些強大的功能，而且這些 Gen AI 和 AI 用例也將推動利用率的提高和資料需求的增加。但不僅如此，查德，我認為真正重要的一點是，如果不從成本角度控制這些Gen AI 用例，如果它們不在像Teradata 這樣的環境中運行，那麼它們可能會變得非常昂貴，在Teradata 等環境中，我們有優秀的財務治理。因此，當我們考慮道德和可信的人工智慧時，我們會根據這些人工智慧解決方案產生的輸出來思考它。

But we also think about it in terms of enabling our customers to trust those AI models to operate within a financially governed environment. And we'll continue to see some strength from that perspective. So I think it's going be ongoing expansions that we see across the year as we move forward.

但我們也考慮讓我們的客戶相信這些人工智慧模型能夠在財務監管的環境中運作。從這個角度來看，我們將繼續看到一些力量。因此，我認為隨著我們的前進，我們將在今年看到持續的擴張。

The next question is from the line of Raimo Lenschow with Barclays.

下一個問題來自巴克萊銀行的 Raimo Lenschow。

Congrats from me as well, another great solid quarter. Two questions. One on actually staying on AI. And Stephen, if you think about AI, like how do you see yourself in this kind of new world? Because you obviously clearly have the right data, you have to trust data as you said. But are you kind of also then the guy that people use to work the LLMs on? And what does it mean in terms of margins, gross margin degradation, et cetera?

我也向你表示祝賀，又是一個偉大而堅實的季度。兩個問題。一是真正堅持人工智慧。史蒂芬，如果你考慮人工智慧，你如何看待自己在這種新世界中的情況？因為你顯然擁有正確的數據，所以你必須像你所說的那樣相信數據。但你也是人們用來攻讀法學碩士的人嗎？這對於利潤率、毛利率下降等意味著什麼？

Also in light of that, like, will people take your data, put it into a vector database? Or do they get fed directly into the large language model? There's a lot of questions, obviously, at the moment because the market is evolving so quickly, but maybe you can help us there.

同樣考慮到這一點，人們會不會把你的資料放入向量資料庫？還是它們直接輸入到大型語言模型中？顯然，目前存在著許多問題，因為市場發展如此之快，但也許您可以幫助我們。

And then one for Claire, for cash flow for the year, I like your comments about the confidence. Can you talk a little bit about or remind us about the drivers for Q4 because, obviously, it's a big hurdle for the fourth quarter?

然後是克萊爾，關於今年的現金流，我喜歡你對信心的評論。您能否談談或提醒我們第四季的驅動因素，因為顯然，這是第四季度的一大障礙？

Thanks, Raimo. Yes. So these large language models generated AI models, we are developing native integrations inside the platform, so you don't have to move data out. You can actually utilize an API to both OpenAI and also Azure OpenAI, just an example of some implementations of large language models. And you can do that in a governed environment. Now we, in Teradata, invested in analytics capabilities super early. I think you were there for some of that journey with us back in 2011, when we bought Aster.

謝謝，雷莫。是的。所以這些大型語言模型生成了人工智慧模型，我們正在平台內部開發原生集成，所以你不必將資料移出。實際上，您可以使用 OpenAI 和 Azure OpenAI 的 API，這只是大型語言模型的一些實作的範例。您可以在受監管的環境中做到這一點。現在，我們 Teradata 很早就投資了分析功能。我想您早在 2011 年我們收購 Aster 時就和我們一起經歷了這段旅程。

We've made significant investments in why we launched ClearScape Analytics last year was because we put all of those capabilities and database to operate a tremendous scale. So our customers cannot only utilize that ClearScape Analytics capabilities, which I think we've got 5x more. One of the analysts told us we had 5x more analytic capabilities than our nearest competitor. You can utilize those in conjunction with these large language models to develop some very complex and very differentiating use cases in terms of deployment.

我們去年推出 ClearScape Analytics 時投入了大量資金，因為我們將所有這些功能和資料庫投入了龐大的規模。因此，我們的客戶不能只利用 ClearScape Analytics 功能，我認為我們已經擁有了 5 倍以上的功能。一位分析師告訴我們，我們的分析能力是最接近的競爭對手的 5 倍。您可以將它們與這些大型語言模型結合使用，以在部署方面開發一些非常複雜且非常獨特的用例。

And you can do that all natively within Teradata, utilizing the links to these large language models and the most advanced large language models as the CSPs actually provide. So we're super excited about that. We think it's a great future use case for us. And then, Claire, on free cash flow.

您可以利用這些大型語言模型的連結以及 CSP 實際提供的最先進的大型語言模型，在 Teradata 中本地完成這一切。所以我們對此感到非常興奮。我們認為這對我們來說是一個很好的未來用例。然後，克萊爾，關於自由現金流。

Yes, sure, I'll take the question on free cash flow. So we are confident in landing within our free cash flow range of $320 million to $360 million. We're currently on track to where we anticipate it to be and have good line of sight. The big drivers that are giving us that confidence is we anticipate greater income in Q4 '23 versus the prior year and also a lower DSO. We had a very high DSO last year of 74 days, Raimo, as you probably remember, which is a bit of an anomaly.

是的，當然，我將回答有關自由現金流的問題。因此，我們有信心將自由現金流控制在 3.2 億至 3.6 億美元之間。我們目前正朝著我們預期的方向前進，並且視線良好。給我們信心的主要驅動因素是我們預計 23 年第 4 季的營收將比前一年增加，而且 DSO 也會降低。 Raimo，去年我們的 DSO 非常高，為 74 天，您可能還記得，這有點反常。

And the other thing I think that gives me confidence at this point in the quarter is that the October collections are actually -- have performed better on a year-over-year basis. So that gives us good confidence for what we need to do to deliver the quarter and the full year free cash flow range.

我認為本季目前給我信心的另一件事是，十月系列實際上比去年同期表現更好。因此，這讓我們對實現季度和全年自由現金流範圍所需要做的事情充滿信心。

The next question is from the line of Nehal Chokshi with Northland Capital Markets.

下一個問題來自 Northland Capital Markets 的 Nehal Chokshi。

Steve, you've talked a couple of times in your prepared remarks about an improving brand amongst both existing customers and new customers. But specifically, just help quantify the new customer opportunity here. Maybe you could characterize what percent of pipeline do these prospective customers represent today versus, say, a year ago.

史蒂夫，您在準備好的演講中多次談到如何在現有客戶和新客戶中改進品牌。但具體來說，只是幫助量化這裡的新客戶機會。也許您可以描述一下這些潛在客戶今天與一年前相比佔頻道的百分比。

Nehal, thanks for the question. Yes, we're continuing to see great traction from a brand perspective recognition that the Teradata technology is a great technology to deploy with on the cloud. Things like our ask.ai interface, which really improves ease of use for the Teradata system start to unlock new users, new use cases. So that's super exciting to see.

內哈爾，謝謝你的提問。是的，我們繼續從品牌角度看到巨大的吸引力，並認識到 Teradata 技術是一項部署在雲端上的出色技術。像我們的ask.ai 介面這樣的東西確實提高了Teradata 系統的易用性，開始解鎖新用戶、新用例。所以這真是太令人興奮了。

Our work with Accenture and the partners is starting to drive our ability to really put together some great solutions. We launched an Accenture use case for the retail industry. And these things are kind of building up to -- so that we have the absolute rate capabilities to win new logos. We've seen traction for new logos in both on-prem and in the cloud in Q3. We're continuing to see that grow.

我們與埃森哲和合作夥伴的合作開始提高我們真正整合一些出色解決方案的能力。我們為零售業推出了埃森哲用例。這些事情都是為了讓我們有絕對的能力來贏得新的標誌。我們在第三季度看到了本地和雲端新徽標的吸引力。我們將繼續看到這種增長。

From a materiality perspective, these deals are smaller in size. We've always kind of characterized them as being smaller in size, start small and grow quickly. And we see that pattern continuing. We're not overly dependent on new logos for execution to get to our Q4 number. We've got the pipeline and visibility to the pipeline for execution for Q4. And certainly, it's our objective to continue to grow new logos as we go through 2024 so that it becomes more and more meaningful in terms of the overall results of the company.

從實質角度來看，這些交易的規模較小。我們總是將它們描述為規模較小、起步小、成長快。我們看到這種模式仍在繼續。我們並不過度依賴新徽標來執行以達到第四季度的數字。我們已經獲得了第四季度執行的管道和管道的可見性。當然，我們的目標是在 2024 年繼續開發新徽標，以便它對公司的整體業績變得越來越有意義。

The next question is from the line of Matt Hedberg with RBC Capital Markets.

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

Steve, for you, maybe just stepping back a little bit. You've talked a lot about your lake strategy and obviously, from a warehouse perspective as well. Can you talk about sort of fast forward several years, how do you just kind of see the whole debate on the warehouse versus lake shaking out kind of over the medium to kind of longer term?

史蒂夫，對你來說，也許只是退後一步。您已經談論了很多關於您的湖泊策略，顯然，也從倉庫的角度來看。您能否談談快轉幾年，您如何看待關於倉庫與湖泊的整個爭論在中長期內發生的變化？

Hey, there, we love that question because our technology set is going to enable us to deploy the best enterprise data warehouse, the best lake and the best lakehouse solution for our customers. So we see that as a convergence over time. So super exciting to see that manifested in the marketplace.

嘿，我們喜歡這個問題，因為我們的技術將使我們能夠為客戶部署最好的企業資料倉儲、最好的 Lake 和最好的 Lakehouse 解決方案。所以我們認為這是隨著時間的推移而趨同的。看到它在市場上的體現真是太令人興奮了。

We're also really interested in seeing how open table format is going to continue to enable that. So I think it's an awesome time in the marketplace. And as we look out in the future, I think a lot of convergence between those deployment options. So Matt, thank you. Thanks very much for the question.

我們也非常有興趣了解開放式表格式將如何繼續實現這一點。所以我認為現在是市場的黃金時期。當我們展望未來時，我認為這些部署選項之間有很多融合。馬特，謝謝你。非常感謝您的提問。

Sure. And then maybe Claire for you. Could you just -- on the call, you addressed this, but maybe just a little bit more color on kind of the impact of upfront recurring revenue on your revenue outlook targets for 2023.

當然。然後也許克萊爾適合你。您能否在電話會議上解決這個問題，但也許可以就預付經常性收入對 2023 年收入前景目標的影響進行更多說明。

Yes, absolutely. So in the quarter, from a year-over-year standpoint, it was flat with last year with a net negative of $11 million. And that is actually -- if you think about where we were quarter-over-quarter, that's an $8 million incremental net negative quarter-over-quarter. So you can see that kind of in our growth rate and the impact as you look at it quarter-over-quarter. As we think about Q4 and the rest of the year, I'm expecting it still to be a net negative impact in Q4, Matt. But slightly less than what we saw. Slightly less than the $11 million in Q3, which would mean that the full year is still positive but a lower positive than we saw in fiscal 2022.

是的，一點沒錯。因此，從同比的角度來看，本季與去年持平，淨負值 1,100 萬美元。事實上，如果你考慮我們季度環比的情況，你會發現環比淨負增量為 800 萬美元。因此，當您逐季度查看我們的成長率和影響時，您可以看到這種情況。當我們考慮第四季度和今年剩餘時間時，我預計第四季度仍然會產生淨負面影響，馬特。但比我們看到的少。略低於第三季的 1,100 萬美元，這意味著全年仍為正值，但低於我們在 2022 財年看到的正值。

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

下一個問題來自 Derrick Wood 和 TD Cowen。

Maybe, Steve, just it would be helpful to get an update on your newer partner efforts, how those are tracking, where you see kind of new channels developing through over the next 12 to 18 months, whether it's SIs or hyperscalers or anything to call out.

也許，史蒂夫，了解您的新合作夥伴努力的最新情況、這些合作夥伴的跟踪情況、您在未來12 到18 個月內看到的新渠道的發展情況（無論是SI、超大規模商還是其他任何東西）會很有幫助。出去。

Yes. Thanks, Derrick. I think I'm really happy with how our partner ecosystem is continuing to develop. I mentioned in my shared remarks -- prepared remarks, that we saw a great growth in that partner ecosystem, both from a consulting and SI partner, but also for -- from an ISV perspective. But also regional partners are starting to come in to play as well.

是的。謝謝，德里克。我想我對我們的合作夥伴生態系統的持續發展感到非常滿意。我在我的共同發言（準備好的發言）中提到，我們看到合作夥伴生態系統取得了巨大的成長，無論是來自諮詢和 SI 合作夥伴，還是從 ISV 的角度來看。但區域合作夥伴也開始參與其中。

And then it's great that our strategic partnerships with the likes of Dell are starting to drive business for us as well. The new logo business has been driven from an on-prem perspective that enables us to offer a true hybrid cloud capability. We had lots of partners join us at our marketing, Possible events during Q3, some great attendance and great interest in terms of the solutions that are being deployed on top of the Teradata system. And all of those partners are clearly interested in utilizing that wealth of data, which is in the Teradata ecosystem to fuel all of these new analytics use cases and AI use cases as we move forward. So I think we're very, very happy with that and how the partner ecosystem continues to evolve.

令人高興的是，我們與戴爾等公司的策略夥伴關係也開始為我們帶來業務成長。新徽標業務是從本地角度驅動的，使我們能夠提供真正的混合雲功能。我們有很多合作夥伴加入我們的行銷活動，第三季可能舉辦的活動，有些人出席了，並對部署在 Teradata 系統之上的解決方案表現出極大的興趣。所有這些合作夥伴顯然都對利用 Teradata 生態系統中的大量資料感興趣，以便在我們不斷前進的過程中為所有這些新的分析用例和人工智慧用例提供動力。因此，我認為我們對此以及合作夥伴生態系統的持續發展感到非常非常滿意。

Great. And either for Steve or Claire. Just was hoping to touch on the kind of performance by geos. I know there's different dynamics with cloud and on-prem and migration shifting. But Americas is up 11%; EMEA, up 3%, APAC down 8%. How would you just kind of characterize the puts and takes across the major geos this quarter?

偉大的。無論是史蒂夫還是克萊爾。只是希望能談談 geos 的表現。我知道雲端和本地部署以及遷移轉移存在不同的動態。但美洲成長了 11%；歐洲、中東和非洲地區成長 3%，亞太地區下降 8%。您如何描述本季主要地區的看跌期權和看跌期權的特徵？

Yes. So I'll start and then I'll let Steve comment if you have anything to add at the end. So to your point, we saw, in constant currency, strong growth in the Americas of 11% in the quarter. EMEA is also doing well. We're seeing good traction in EMEA both -- especially in the cloud area. And we saw 3% growth in constant currency in the quarter. APJ did decline. As we've mentioned before, we have been winding down our operations in China.

是的。我先開始，如果您最後有什麼要補充的，我會讓史蒂夫發表評論。因此，就您的觀點而言，我們看到，以固定匯率計算，美洲地區本季實現了 11% 的強勁成長。歐洲、中東和非洲地區也表現良好。我們在歐洲、中東和非洲地區都看到了良好的吸引力——尤其是在雲端領域。以固定匯率計算，本季成長了 3%。 APJ 確實有所下降。正如我們之前提到的，我們一直在縮減在中國的業務。

And so actually, all of that negative growth impact is being driven by China. If you look at it without China, they were actually flat in constant currency in the quarter. So we're seeing a little bit less traction from a cloud standpoint in some Asian countries. But areas like Australia and some of those countries are also doing particularly well.

事實上，所有這些負面成長影響都是由中國造成的。如果你不考慮中國的話，你會發現，以固定匯率計算，本季它們實際上持平。因此，從雲端的角度來看，我們發現一些亞洲國家的吸引力減弱。但澳洲等地區和其中一些國家的表現也特別好。

So we are very pleased with the mix that we've got across all of the 3 regions. However, we are seeing an APJ impact from China in the quarter and in fiscal 2023. It's not material for a total company. It just shows up when we look at the APJ results. Steve, if you just want to add anything else in terms of overall regional trends?

因此，我們對所有 3 個地區的組合感到非常滿意。然而，我們在本季和 2023 財年看到了中國對亞太及日本地區的影響。這對整個公司來說並不重要。當我們查看 APJ 結果時，它就會顯現出來。史蒂夫，您是否想就整體區域趨勢添加其他內容？

Yes. I think good consistent execution across all of the geographies and across all industries. Just adding on to that point from a China perspective, we've taken all of the actions there. It's tighter than the overall guidance. So we've taken those difficult decisions and enables us to focus on those strategic cloud-based revenue streams and in those markets as we move forward. We've got a great leadership team in place from an international perspective. And we're seeing really good execution across both the Americas and international from an execution perspective.

是的。我認為所有地區和所有行業都有良好的一致執行力。從中國的角度來看，我們已經採取了所有行動。它比整體指導更嚴格。因此，我們做出了這些艱難的決定，使我們能夠在前進的過程中專注於那些基於雲端的策略收入流和這些市場。我們擁有一支具有國際視野的優秀領導團隊。從執行的角度來看，我們在美洲和國際上都看到了非常好的執行力。

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

下一個問題來自花旗銀行的泰勒拉德克 (Tyler Radke)。

Claire or Steve, just starting off on the ARR performance in the quarter. I guess the sequential growth of $1 million quarter-over-quarter, how much was incremental currency headwind to the reported number relative to your last guidance? And then secondly, it did look like a pretty steep decline in maintenance and software upgrade rights as well as subscription did tick down. So is it fair to say that the bulk of the cloud sequential growth came from migrations from those ARR basis?

克萊爾或史蒂夫，剛開始了解本季的 ARR 表現。我猜想環比增長 100 萬美元，相對於您上次的指導，報告的數字的增量貨幣逆風有多少？其次，看起來維護和軟體升級權利以及訂閱確實急劇下降。那麼，可以公平地說，雲端連續成長的大部分來自這些 ARR 基礎上的遷移嗎？

Yes, Tyler, thanks very much for your question. So to your point, from a quarter-over-quarter standpoint, we did actually see a $13 million negative impact from currencies. So to your point, it looks like we only grew total ARR by $1, but that was at the $14 million in terms of constant currency. And some of that headwind, because ARR is down from a currency standpoint at the end of the quarter, kind of the ending rate, we did see a sequential impact on currency. And that's what we're seeing as we go into Q4 as well.

是的，泰勒，非常感謝你的問題。因此，就您的觀點而言，從季度環比的角度來看，我們確實看到了貨幣帶來的 1300 萬美元的負面影響。因此，就您的觀點而言，我們的總 ARR 似乎僅增長了 1 美元，但以固定匯率計算，這一數字為 1,400 萬美元。其中一些逆風，因為從貨幣角度來看，ARR 在季度末有所下降，相當於期末利率，我們確實看到了對貨幣的連續影響。這也是我們進入第四季時所看到的。

We're actually pleased with the mix, as Steve mentioned earlier, with the mix between migrations and expansions. It was in line with what we expected. In the quarter, to your point, we are seeing software upgrade rates and maintenance decline, but that's in line with what we're expecting. And we see some of that -- a lot of that being either conversions to subscription or conversion straight into the cloud. So we are -- we didn't get any surprises in Q3, and we're happy with how it looks to Q4. But we are seeing those currency headwinds at the end of Q3 and moving into Q4 from an ARR standpoint.

正如史蒂夫之前提到的，我們實際上對遷移和擴展之間的組合感到滿意。這符合我們的預期。在本季度，就您的觀點而言，我們看到軟體升級率和維護量下降，但這符合我們的預期。我們看到了其中的一些——其中許多要么轉換為訂閱，要么直接轉換為雲端。所以我們在第三季沒有得到任何驚喜，我們對第四季的情況感到滿意。但從 ARR 的角度來看，我們在第三季末和進入第四季時都看到了這些貨幣阻力。

Okay. Super clear. And it sounds like you're expressing a lot of confidence in 2025 targets, which is great to see. I guess just how should we think about kind of the linearity or the path to 2025 from 2023? Is it -- should it kind of follow a straight-line path in terms of cloud growth and free cash flow or anything to call out just in terms of incremental on 2024 versus 2025?

好的。超級清晰。聽起來您對 2025 年的目標表達了很大的信心，這是很高興看到的。我想我們應該如何考慮從 2023 年到 2025 年的線性或路徑？是不是——就雲端成長和自由現金流而言，它是否應該遵循一條直線路徑？或者就 2024 年與 2025 年的增量而言，是否應該遵循直線路徑？

So yes, Tyler, we do have good confidence in the goals that we previously laid out and we're not in a position to give guidance for 2024 at this point. But by definition, we will see growth as we go from '23 to '24 to '25. So yes, you can -- we can model in growth naturally in 2024, but we're not giving guidance at this time. And I'll come back to you next quarter with obviously, all of the details on that. But I think I'd just reiterate by saying good confidence in the goals that we set for 2025.

所以，泰勒，我們確實對先前設定的目標充滿信心，但目前我們無法為 2024 年提供指導。但根據定義，從 23 世紀到 24 世紀再到 25 世紀，我們將看到成長。所以，是的，我們可以在 2024 年自然成長模型，但我們目前不提供指導。顯然，我會在下個季度向您提供所有相關細節。但我想我只是重申一下，對我們為 2025 年設定的目標充滿信心。

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。現在我將把電話轉回給史蒂夫·麥克米倫，聽他最後的發言。

Thank you. And thanks, everyone, for joining us today. We are really pleased with our ongoing momentum and our cloud growth. We remain committed to our strategy and are confident in driving that differentiated value for our customers and a return to our shareholders. We look forward to speaking again after Q4 and hope you all have a great year-end. Thank you very much.

謝謝。感謝大家今天加入我們。我們對我們持續的勢頭和雲端成長感到非常滿意。我們仍然致力於我們的策略，並有信心為我們的客戶帶來差異化價值並為股東帶來回報。我們期待在第四季之後再次發言，並希望大家都有一個美好的年終。非常感謝。

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

今天的電話會議到此結束。現在您可以斷開線路。