Teradata Corp (TDC) 2023 Q4 法說會逐字稿

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

午安.我叫喬爾，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加 Teradata 第四季和 2023 年全年財報電話會議。 （操作員說明）

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

我現在想把會議交給今天的東道主，投資者關係和企業發展高級副總裁克里斯托弗·李 (Christopher Lee)。您可以開始您的會議了。

Good afternoon, and welcome to Teradata's Fourth Quarter and Full Year 2023 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 年第四季和全年財報電話會議。 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. Please note that Teradata intends to file the Form 10-K for the year ended December 31, 2023, later this month. 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。請注意，Teradata 打算在本月稍後提交截至 2023 年 12 月 31 日的年度 10-K 表格。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, constant currency comparisons, and 2024 revenue growth outlook in constant currency. Unless stated otherwise, all numbers and results discussed on today’s call are on a non-GAAP basis.

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 GAAP 項目，例如自由現金流、固定貨幣比較以及以固定貨幣計算的 2024 年收入成長前景。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。

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.

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存取該報告。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 thanks everyone for joining us today.

謝謝克里斯，也謝謝大家今天加入我們。

We are continuing to execute on our long-term strategy to build the leading hybrid multi-cloud analytics and data platform company for trusted AI. At the core of this strategy is our strong focus on helping our customers—, many of the world’s industry leaders—, succeed by improving business performance, enriching customer experiences, and integrating data across the entire enterprise. We innovate and deliver trusted solutions for their toughest data and analytics challenges. We believe our strategy and customer focus is winning in the marketplace, as we see more and more companies putting their trust in Teradata to help create value from their data, and navigate the evolving analytics landscape, particularly with the rise of AI.

我們將繼續執行我們的長期策略，為可信任人工智慧打造領先的混合多雲分析和數據平台公司。這項策略的核心是我們高度重視透過提高業務績效、豐富客戶體驗以及整合整個企業的數據來幫助我們的客戶（許多全球行業領導者）取得成功。我們創新並提供值得信賴的解決方案，以應對最嚴峻的數據和分析挑戰。我們相信我們的策略和以客戶為中心正在市場上獲勝，因為我們看到越來越多的公司信任Teradata 來幫助他們從數據中創造價值，並駕馭不斷變化的分析環境，尤其是隨著人工智慧的興起。

Underpinning our strategy is a disciplined financial plan which seeks to balance growth in ARR with profitability, and re-investment in the business with capital return to shareholders. We closed 2023 with $528 million of cloud ARR and $1.57 billion of Total ARR, representing growth of 48% and 6%, respectively. We generated $74 million of cloud ARR growth in the fourth quarter. Cloud ARR now accounts for more than 1/3 of our Total ARR, a significant milestone in our cloud journey.

我們策略的基礎是嚴格的財務計劃，旨在平衡 ARR 的成長和獲利能力，以及對業務的再投資和股東的資本回報。截至 2023 年，我們的雲端 ARR 為 5.28 億美元，總 ARR 為 15.7 億美元，分別成長了 48% 和 6%。第四季我們的雲端 ARR 成長了 7,400 萬美元。雲端 ARR 目前占我們總 ARR 的 1/3 以上，這是我們雲端之旅的一個重要里程碑。

Additionally, all regions grew cloud ARR, both sequentially and year on year, driven primarily by migration activity. Our Cloud Net Expansion Rate was 124%, and more than 75% of our cloud customers now operate in a hybrid environment. These statistics validate that our VantageCloud platform is delivering breakthrough business performance across a hybrid environment.

此外，主要由遷移活動推動，所有地區的雲端 ARR 均持續成長和年成長。我們的雲端網路擴張率為 124%，超過 75% 的雲端客戶現在在混合環境中運作。這些統計數據證明我們的 VantageCloud 平台正在跨混合環境提供突破性的業務績效。

We delivered 2023 revenue growth within our outlook range. We exceeded full year non-GAAP earnings per share expectations, and we generated more than $350 million of free cash flow, all demonstrating our ongoing dedication to our cloud-first profitable growth strategy.

我們實現了 2023 年收入成長的預期範圍。我們超越了全年非 GAAP 每股盈餘預期，並且產生了超過 3.5 億美元的自由現金流，所有這些都表明我們持續致力於雲端優先的獲利成長策略。

Despite a year of solid progress on our strategic and financial milestones, we ended the year below our 2023 outlook for cloud and total ARR. This was primarily due to deal timing issues. Let me explain.

儘管這一年我們在策略和財務里程碑方面取得了紮實進展，但我們的雲端運算和總 ARR 仍低於 2023 年的預期。這主要是由於交易時機問題。讓我解釋。

We are seeing that Teradata is becoming even more strategic to corporations and touching all levels of our customers' organizations. For example, we have historically dealt primarily with IT. Over time, we have moved beyond IT with multiple business units now relying on Teradata. This brings in more executive decision makers, including the Board, in order to close the deal.

我們看到 Teradata 對企業變得更具策略意義，並觸及客戶組織的各個層面。例如，我們歷來主要從事 IT 業務。隨著時間的推移，我們已經超越了 IT 範疇，現在多個業務部門都依賴 Teradata。這會帶來更多的執行決策者，包括董事會，以完成交易。

These dynamics cause a number of transactions to move into 2024. Of these, there was a handful of large deals that slipped out of December and each were worth $2 million or more of cloud ARR growth. This includes the low 8-figure deal Claire mentioned at an investor conference in December. We are already taking actions to address the miss in the ARR expectations we had set. We have reviewed the root causes of each slip. Our teams are executing plans to address each unique customer situation and are diligently working to close the majority of these deals in 2024. To be clear, we had uncertainty in timing, not uncertainty in demand. In our remarks, Claire will speak more to the actions we are taking.

這些動態導致許多交易進入 2024 年。其中，有幾筆大型交易在 12 月被推遲，每筆交易的雲端 ARR 成長價值達到 200 萬美元或更多。這包括克萊爾在 12 月的投資者會議上提到的 8 位數的低額交易。我們已經採取行動來解決未達到我們設定的 ARR 預期的問題。我們已經審查了每次失誤的根本原因。我們的團隊正在執行計劃來解決每個獨特的客戶情況，並努力在 2024 年完成大部分交易。需要明確的是，我們的時間不確定，而不是需求不確定。在我們的演講中，克萊爾將更多地談論我們正在採取的行動。

As we look ahead, we see the AI-enabled future just about every organization everywhere is looking at AI and particularly Generative AI. This means the entire world is looking at data. Data and analytics are what we know and do best, and where we innovate. Our people have the knowledge and expertise to help companies trust in and get massive business value from their data.

展望未來，我們看到人工智慧驅動的未來，幾乎每個地方的每個組織都在關注人工智慧，特別是生成式人工智慧。這意味著全世界都在關注數據。數據和分析是我們最了解、最擅長的領域，也是我們創新的領域。我們的員工擁有豐富的知識和專業知識，可以幫助公司信任他們的數據並從他們的數據中獲得巨大的商業價值。

This becomes even more important as AI comes of age. We see AI as a catalyst for growth, particularly over the long term. As AI uses grow, so does the need to trust in the information. This ties directly to our belief that people thrive when empowered with trusted information. That's why we built VantageCloud, our complete cloud analytics and data platform. It is the engine companies need as they explore AI as we provide an open multi-cloud approach to leveraging the language models they want.

隨著人工智慧的成熟，這一點變得更加重要。我們將人工智慧視為成長的催化劑，尤其是從長期來看。隨著人工智慧應用的成長，信任資訊的需求也在成長。這與我們的信念直接相關，即人們在獲得可信資訊時會蓬勃發展。這就是我們建立 VantageCloud 的原因，這是我們完整的雲端分析和資料平台。這是公司探索人工智慧所需的引擎，因為我們提供了開放的多雲方法來利用他們想要的語言模型。

GenAI is trained on large language models that require extensive amounts of data. With ClearScape Analytics, our engine for launching end-to-end AI and ML pipelines, we can deliver highly optimized analytic functions and expand the high-performing analytics Teradata is known for.

GenAI 在需要大量資料的大型語言模型上進行訓練。借助 ClearScape Analytics（我們用於啟動端對端 AI 和 ML 管道的引擎），我們可以提供高度優化的分析功能並擴展 Teradata 聞名的高性能分析。

Given the global reach of our enterprise customers, we believe that we serve as custodians of much of the world's most trusted and well-governed data. As I mentioned, data is the critical factor to success with GenAI. The data must be well managed, it must be trusted, ethical and sustainable, and companies need to leverage all of their data at extreme scale to innovate and win with AI.

鑑於我們的企業客戶遍布全球，我們相信我們是世界上許多最值得信賴和管理良好的數據的託管人。正如我所提到的，數據是 GenAI 成功的關鍵因素。數據必須得到良好的管理，必須是可信的、道德的和可持續的，公司需要大規模地利用所有數據來創新並透過人工智慧取勝。

Our proven record and ability to give customers the trust they need and the data to innovate and make impactful business decisions is a real differentiator for Teradata. We are confident that we are better positioned than any other company to help organizations take advantage of AI.

我們的良好記錄和能力能夠為客戶提供所需的信任以及創新和做出有影響力的業務決策的數據，這是 Teradata 的真正優勢所在。我們相信，我們比其他公司更有能力幫助組織利用人工智慧。

We believe that we have the best cloud analytics and data platform period. By delevering harmonized data, trusted AI and faster innovation, we can empower our customers and our customers' customers to make better, more confident decisions at every level of the enterprise. We are seeing this at customers now. Teradata is becoming even more strategic to corporations, more lines of business are trusting in Teradata and relying on our analytics and data platform as data is democratized and trusted.

我們相信我們擁有最好的雲端分析和數據平台時期。透過去槓桿化協調數據、可信賴人工智慧和更快的創新，我們可以幫助我們的客戶和客戶的客戶在企業的各個層面做出更好、更自信的決策。我們現在在客戶身上看到了這一點。 Teradata 對企業來說變得更具戰略意義，隨著資料的民主化和可信賴化，越來越多的業務線信任 Teradata 並依賴我們的分析和資料平台。

We are continuing our strong innovation. Our technology innovation engine was in high gear in Q4, as we maintain our focus on speeding the releases of new analytic offerings that help customers take advantage of AI.

我們正在繼續強大的創新。我們的技術創新引擎在第四季高速運轉，我們持續專注於加快發布新的分析產品，幫助客戶利用人工智慧。

After nearly a year in development, we launched Teradata AI Unlimited, our AI and ML engine in the cloud that delivers a completely self-service and server-less experience to help those who want to explore AI. AI Unlimited can enable customers to drive faster, easier and cost-effective AI innovation. It is designed to provide access to vast amounts of data as well as extreme flexibility to securely explore, experiment and operationalize new AI use cases at scale.

經過近一年的開發，我們推出了 Teradata AI Unlimited，這是我們在雲端的 AI 和 ML 引擎，可提供完全自助服務和無伺服器體驗，以幫助那些想要探索 AI 的人。 AI Unlimited 可以幫助客戶更快、更輕鬆且經濟高效地推動人工智慧創新。它旨在提供對大量資料的存取以及極大的靈活性，以安全地大規模探索、實驗和操作新的人工智慧用例。

Further, Teradata was one of a small set of companies selected by Microsoft to have our product, AI Unlimited, be natively integrated with Microsoft Fabric to help data innovators operate at their best and find new patterns of innovation.

此外，Teradata 是 Microsoft 選擇將我們的產品 AI Unlimited 與 Microsoft Fabric 原生整合的一小部分公司之一，以幫助資料創新者發揮最佳狀態並找到新的創新模式。

AI Unlimited users will be able to access data in OneLake, Microsoft's Open Table Format service offering. AI Unlimited also supports other open file formats, which enable users to leverage their language and tools of choice. For example, data scientists, data engineers and developers can leverage native integration with Python to call analytic functions, execute Python code and import Python models directly into Teradata AI Unlimited.

AI Unlimited 使用者將能夠存取 Microsoft 的開放式表單式服務產品 OneLake 中的資料。 AI Unlimited 還支援其他開放檔案格式，使用戶能夠利用他們選擇的語言和工具。例如，資料科學家、資料工程師和開發人員可以利用與 Python 的本機整合來呼叫分析函數、執行 Python 程式碼並將 Python 模型直接匯入 Teradata AI Unlimited。

AI Unlimited is available on both Microsoft and AWS marketplaces and is consistent with our commitment to an open and connected ecosystem. Since its launch in November, we are receiving strong positive feedback on AI Unlimited. We already have customers from transportation, retail and health care, exploring use cases with this new AI engine and more are on the horizon.

AI Unlimited 可在 Microsoft 和 AWS 市場上使用，這符合我們對開放和互聯生態系統的承諾。自 11 月推出以來，我們收到了有關 AI Unlimited 的強烈正面回饋。我們已經有來自交通、零售和醫療保健的客戶，正在利用這個新的人工智慧引擎探索用例，更多的客戶即將推出。

Our open and connected platform meets the full spectrum of customers' needs, where they are today and where they want to go, with our best-in-class cloud lake, lake house, data warehouse or a hybrid combination. With wins in the quarter at Audi, HCA, HSBC and more, let's walk through a few examples that cover the breadth of our offerings.

我們的開放式互聯平台透過我們一流的雲端湖、湖屋、資料倉儲或混合組合滿足客戶的全方位需求，無論他們現在在哪裡，他們想去哪裡。隨著奧迪、HCA、匯豐銀行等公司在本季度取得的勝利，讓我們來看看幾個涵蓋我們產品範圍的範例。

In an 8-figure cloud deal, one of Australia's leading banks is migrating its analytic ecosystem to the cloud with us. This banking powerhouse relies on Teradata across many business units and is moving to VantageCloud on AWS in a competitive win for us. The bank's data science community has also been exploring AI use cases with us in support of its modernization plan. We partnered with Kyndryl on a sizable new logo win, one of the largest daily manufacturers in APJ, has committed to VantageCloud Lake on AWS to improve its business operations.

在一項價值 8 位數的雲端交易中，澳洲一家領先的銀行正在與我們一起將其分析生態系統遷移到雲端。這家銀行巨頭的許多業務部門都依賴 Teradata，並且正在遷移到 AWS 上的 VantageCloud，這為我們贏得了競爭優勢。該銀行的數據科學社群也一直在與我們一起探索人工智慧用例，以支援其現代化計劃。我們與 Kyndryl 合作贏得了相當大的新徽標，APJ 最大的日用品製造商之一已致力於使用 AWS 上的 VantageCloud Lake 來改善其業務運營。

Another 8-figure deal was an on-prem expansion with a Fortune 50 U.S. company. This giant utilizes Teradata in areas of finance and health plan administration and is working with us to add AI models to improve predictive medical treatment. These AI models are designed to help improve quality and value-based care for tens of millions of potential patients.

另一筆價值 8 位數的交易是與財富 50 強美國公司的本地擴張。這家巨頭在財務和健康計劃管理領域利用 Teradata，並與我們合作添加人工智慧模型以改善預測性醫療。這些人工智慧模型旨在幫助提高數千萬潛在患者的品質和基於價值的護理。

One of the leading health care services providers in the U.S. is moving critical operational data and analytic workloads to Teradata on Google Cloud as part of its cloud modernization initiative. This continues our history of helping the customer innovate with analytics and data.

作為其雲端現代化計劃的一部分，美國領先的醫療保健服務提供者之一正在將關鍵營運資料和分析工作負載轉移到 Google Cloud 上的 Teradata。這延續了我們透過分析和數據來幫助客戶創新的歷史。

One of our recent new logo wins was with one of the largest banks in the Middle East. In this highly competitive win, the bank chose Teradata to help it deliver an outstanding customer experience and improve its campaign management efforts. These examples illustrate that customers are placing their trust in Teradata across all of our deployment options, including Lake. Q4 2023 was our highest quarter yet of adding VantageCloud Lake customers, and we continue to see strong interest. We also saw an acceleration of wins with partners, another important element of our profitable growth strategy.

我們最近贏得的新標誌之一是與中東最大的銀行之一合作。在這場競爭激烈的勝利中，該銀行選擇 Teradata 來幫助其提供出色的客戶體驗並改善其活動管理工作。這些範例表明，客戶對 Teradata 的所有部署選項（包括 Lake）都充滿信任。 2023 年第四季是我們迄今為止增加 VantageCloud Lake 客戶數量最多的季度，我們繼續看到了濃厚的興趣。我們也看到與合作夥伴的合作加速，這是我們獲利成長策略的另一個重要因素。

We do see, however, some headwinds this year as we expect a few large on-prem erosion to negatively impact total ARR in the first half of 2024. They are related to customer decisions that were made more than 3 years ago before we introduced our cloud-first strategy and VantageCloud platform. While we have known that these erosions were contemplated for some time, we've improved our visibility into the timing and are now able to factor these actions into our 2024 outlook. Due to these few on-prem decisions, we view our 2024 erosion rate as an outlier, and they have always been factored into our 2025 goals.

然而，我們今年確實看到了一些阻力，因為我們預計一些大規模的本地侵蝕會對2024 年上半年的總ARR 產生負面影響。它們與3 年多前我們推出我們的產品之前做出的客戶決策有關.雲端優先策略和 VantageCloud 平台。雖然我們知道這些侵蝕已經考慮了一段時間，但我們已經提高了對時間安排的了解，現在能夠將這些行動納入我們的 2024 年展望中。由於這幾個本地決策，我們將 2024 年的侵蝕率視為異常值，並且它們始終被納入我們的 2025 年目標中。

We will continue to work every day to deliver breakthrough business value for our customers, and we are receiving industry acknowledgment of our strength in driving innovation. VantageCloud again received the highest score in logical data warehouse and traditional data warehouse use cases from Gartner in its Critical Capabilities report for Cloud Database Management Systems for Analytical Use Cases.

我們將繼續每天努力為客戶提供突破性的商業價值，我們在推動創新方面的實力正在得到業界的認可。在 Gartner 的分析案例雲端資料庫管理系統關鍵功能報告中，VantageCloud 再次獲得邏輯資料倉儲和傳統資料倉儲用例的最高分。

Gartner also recognized our cloud vision and execution in its Magic Quadrant for Cloud Database Management Systems. Gartner noted our strength in technology innovations with our optimized ecosystem through Teradata QueryGrid, our deep and robust analytic capabilities through ClearScape Analytics, including AI and ML integration, and they noted that we have the strongest workload management offering in the industry.

Gartner 也在其雲端資料庫管理系統魔力像限中認可了我們的雲端願景和執行力。 Gartner 指出了我們透過Teradata QueryGrid 優化的生態系統在技術創新方面的實力，透過ClearScape Analytics 提供的深入且強大的分析能力（包括人工智慧和機器學習整合），並指出我們擁有業界最強大的工作負載管理產品。

We were also honored to learn that customer ratings earned Teradata the top spot in the TrustRadius “"Best of" Awards in all 3 categories in data warehousing. #1 in Best Value for Price, #1 in Best Feature Set and #1 in Best Relationship.

我們也很榮幸地獲悉，客戶評級使 Teradata 在 TrustRadius 資料倉儲所有 3 個類別的「最佳」獎中名列前茅。 「最佳性價比」排名第一，「最佳功能集」排名第一，「最佳關係」排名第一。

Software marketplace G2 also recognized Teradata for excellence in the Leader, Enterprise and Momentum categories in its Winter 2024 report. We value these types of recognition, as they are wholly determined by customer reviews. All of these distinctions reinforce our commitment to innovation and value while keeping customers at the forefront.

軟體市場 G2 在其 2024 年冬季報告中也認可了 Teradata 在領導者、企業和動量類別中的卓越表現。我們重視這些類型的認可，因為它們完全取決於客戶的評論。所有這些差異都強化了我們對創新和價值的承諾，同時讓客戶始終處於領先地位。

While we are always pleased to earn recognition for our technology, we're equally pleased when our strong culture is acknowledged. In November, Teradata again earned the highest score of 100 on the Human Rights Campaign Foundation's 2023 Corporate Equality Index, demonstrating our ongoing support of LGBTQ+ workplace equality. We are proud of this tribute of our Core Principles in action.

雖然我們總是很高興我們的技術獲得認可，但當我們強大的文化得到認可時，我們也同樣感到高興。 11 月，Teradata 在人權運動基金會的 2023 年企業平等指數中再次獲得 100 分的最高分，顯示我們對 LGBTQ+ 工作場所平等的持續支持。我們為我們的核心原則在行動中得到體現而感到自豪。

In closing, I want to emphasize that everyone at Teradata is relentlessly focused on winning as the complete cloud analytics and data platform company for AI. Since we moved to our cloud-first strategy, we have delivered ten-fold cloud growth in less than 4 years. Our cloud growth in 2023 was far ahead of the market. In addition, the team has made solid progress around our technology innovations and partnerships. We will continue to build on our profitable growth strategy. And as we do, we are firmly focused on operational excellence as we strengthen our processes and capabilities. We remain on the path to achieve over $1 billion of cloud ARR by year-end 2025.

最後，我想強調的是，Teradata 的每個人都堅持不懈地致力於成為一家完整的人工智慧雲端分析和資料平台公司。自從我們轉向雲端優先策略以來，我們在不到 4 年內實現了十倍的雲端成長。我們在 2023 年的雲端成長遠遠領先市場。此外，該團隊在技術創新和合作夥伴關係方面取得了紮實的進展。我們將繼續鞏固我們的獲利成長策略。正如我們所做的那樣，我們在加強流程和能力的同時，堅定地致力於卓越營運。我們仍致力於在 2025 年底實現超過 10 億美元的雲端 ARR。

Now let's turn the call to Claire to go through more details.

現在讓我們將電話轉給克萊爾以了解更多詳細資訊。

Thank you, and good afternoon, everyone. In 2023, Teradata delivered profitable growth with operating margin expansion of over 200 basis points year-on-year and non-GAAP earnings per share of $2.07, above the high end of the annual outlook range and growing 26% year-on-year.

謝謝大家，大家下午好。 2023 年，Teradata 實現了盈利增長，營業利潤率同比增長超過 200 個基點，非 GAAP 每股收益為 2.07 美元，高於年度展望範圍的上限，同比增長 26%。

We delivered free cash flow of $355 million. We continue to demonstrate our commitment to capital returns by delivering 87% of free cash flow to shareholders, exceeding our annual target of 75%. Recurring revenue for 2023 was approximately $1.5 billion, growing 5% year-on-year as reported and 7% in constant currency. This was in line with the midpoint of the annual outlook range.

我們交付了 3.55 億美元的自由現金流。我們向股東提供 87% 的自由現金流，超過了 75% 的年度目標，繼續體現我們對資本回報的承諾。 2023 年經常性收入約 15 億美元，按報告年增 5%，以固定匯率計算成長 7%。這與年度展望範圍的中點一致。

Total revenue was also within our outlook range at approximately $1.8 billion in 2023, growing 2% year-on-year as reported and 4% in constant currency. Our cloud net expansion rate remained strong at 124%, a sequential increase of 1%. Our ending cloud ARR was $528 million, growing 48% year-on-year versus our outlook range of 53% to 57%. Total ARR grew 6% as reported and 5% in constant currency compared to our outlook range of 6% to 8%.

2023 年總營收約為 18 億美元，也在我們的預期範圍內，按報告年增 2%，以固定匯率計算成長 4%。我們的雲淨擴張率保持強勁，達到 124%，季增 1%。我們的最終雲端 ARR 為 5.28 億美元，年增 48%，而我們的預期範圍為 53% 至 57%。據報告，總 ARR 成長 6%，以固定匯率計算成長 5%，而我們的預期範圍為 6% 至 8%。

As Steve mentioned, the 2023 outlook did not fully capture the unexpected deal cycle elongation we saw during the final weeks of the year. Even though linearity improved in Q4 of 2023 versus the same period last year, we still had approximately 60% of the new cloud ARR dollars land in December, with many of those deals closing at the end of the month.

正如 Steve 所提到的，2023 年展望並未完全反映我們在今年最後幾週看到的意外交易週期延長。儘管 2023 年第四季的線性度較去年同期有所改善，但我們仍有約 60% 的新雲 ARR 美元在 12 月落地，其中許多交易在月底完成。

We are taking measures to quickly adapt and improve our internal processes. We are paying extra attention to pipeline composition and conversion rates. We are also focusing on sales enablement to continue improving sales productivity. In addition, we are taking cost optimization actions to continue driving efficiencies across the entire company. All of these initiatives helped to inform the accuracy of our 2024 outlook and continue to position the company for durable profitable growth.

我們正在採取措施快速調整和改進我們的內部流程。我們特別關注管道組成和轉換率。我們也專注於銷售支持，以持續提高銷售效率。此外，我們正在採取成本優化行動，以繼續提高整個公司的效率。所有這些措施都有助於我們準確預測 2024 年前景，並繼續幫助公司實現持久的獲利成長。

Let me now share more details on our quarterly financial results, starting with revenue. Fourth quarter recurring revenue was $372 million, growing 4% year-on-year as reported and in constant currency. Recurring revenue, as a percentage of total revenue, was over 81%. Year-on-year recurring revenue growth was led by a strong increase in cloud revenue as we continue our intentional mix shift to the cloud. All 3 regions experienced strong cloud revenue growth year-on-year.

現在讓我分享有關我們季度財務業績的更多詳細信息，從收入開始。第四季經常性營收為 3.72 億美元，以固定匯率計算，年增 4%。經常性收入佔總收入的比例超過81%。隨著我們持續有意向雲轉型，雲端收入的強勁成長帶動了經常性收入的年成長。所有三個地區的雲端收入較去年同期均出現強勁成長。

Upfront recurring revenue in the quarter was a net negative $1 million which was in line with the expectations we shared with you last quarter. The impact of upfront recurring revenue in 2023 was $20 million compared to $19 million in 2022.

本季的預付經常性收入淨負 100 萬美元，這與我們上季與您分享的預期一致。 2023 年預付經常性收入的影響為 2,000 萬美元，而 2022 年為 1,900 萬美元。

Fourth quarter total revenue was $457 million, 1% growth year-on-year as reported and in constant currency. Quarterly consulting revenue continues to be stable. As expected, perpetual revenue continues to decline given the mix shift to the cloud.

第四季總營收為 4.57 億美元，以固定匯率計算，年增 1%。季度諮詢收入持續穩定。正如預期的那樣，由於組合轉向雲，永久收入繼續下降。

Moving to profitability and free cash flow. Teradata's reported fourth quarter total gross profit were $283 million. The 5% year-on-year increase in gross margin dollars was primarily due to higher cloud and subscription gross margin, driven by both rate expansion and greater volumes.

轉向獲利和自由現金流。 Teradata 公佈的第四季總毛利為 2.83 億美元。毛利率年增 5%，主要是由於費率擴張和銷量增加推動雲和訂閱毛利率上升。

Quarterly operating profit was $89 million, and operating margin was 19.5%. Continued cost discipline and operating leverage contributed to a 2023 operating margin of 18.1%, an expansion of approximately 220 basis points year-on-year. We continued to invest prudently in our business during 2023, focusing on opportunities that generate attractive returns and position the company for future growth.

季度營業利潤為 8,900 萬美元，營業利潤率為 19.5%。持續的成本控制和營運槓桿使 2023 年營運利潤率達到 18.1%，較去年同期成長約 220 個基點。 2023 年，我們繼續對業務進行審慎投資，重點關注能夠產生有吸引力回報並為公司未來成長奠定基礎的機會。

These activities resulted in quarterly non-GAAP diluted earnings per share of $0.56, exceeding the high end of our quarterly outlook range. We generated $168 million of free cash flow this quarter, driven by a more efficient cash conversion cycle. Our DSO improved to 58 days in Q4 of 2023 versus 74 days in the fourth quarter of 2022.

這些活動導致季度非 GAAP 攤薄每股收益為 0.56 美元，超出了我們季度展望範圍的上限。在更有效率的現金轉換週期的推動下，本季我們產生了 1.68 億美元的自由現金流。我們的 DSO 在 2023 年第四季改善為 58 天，而 2022 年第四季為 74 天。

Before I provide our annual financial outlook for 2024, I'd like to make some comments to set the context. Related to Steve's comments regarding on-prem erosions, we forecast an approximate 4% to 5% negative impact to total ARR in the first quarter of 2024. This, in turn, negatively affects recurring revenue, creating a 2 percentage point impact for the full year. We anticipate an approximate 1% headwind in 2024 related to upfront recurring revenue. This is because the net impact expected at the end of the year is nominal.

在提供 2024 年年度財務展望之前，我想先發表一些評論以了解背景。與Steve 關於本地侵蝕的評論相關，我們預測2024 年第一季總ARR 會受到大約4% 到5% 的負面影響。這反過來又會對經常性收入產生負面影響，對整體收入產生2 個百分點的影響年。我們預計 2024 年與預付費用經常性收入相關的阻力約為 1%。這是因為預計年底的淨影響是名義上的。

Based on currency exchange rates at the end of January 2024, we anticipate a negative currency impact of 1% to 1.5% to our 2024 for ARR and revenue outlook components. For cloud ARR, we forecast sequential dollar growth throughout the year with the second half of 2024 being much larger than the first half.

根據 2024 年 1 月底的貨幣匯率，我們預計 2024 年的 ARR 和收入前景部分將受到 1% 至 1.5% 的負面貨幣影響。對於雲端 ARR，我們預測全年的美元環比成長，其中 2024 年下半年將遠大於上半年。

For total ARR, following the decline in the first quarter, we forecast positive dollar growth in the second quarter and sequential dollar growth for the remainder of the year. For both cloud and total ARR, we continue to anticipate our fourth quarter to be the strongest quarter of the year, in line with historical seasonality.

就總 ARR 而言，繼第一季下降之後，我們預計第二季將出現正值成長，並且今年剩餘時間將出現環比成長。對於雲端運算和總 ARR 而言，我們繼續預計第四季度將是今年最強勁的季度，與歷史季節性相符。

For the full year, we expect cloud ARR growth to exceed on-prem erosion, thus enabling total ARR growth. For cloud net expansion, we continue to estimate a rate of approximately 120%. On total gross margin, we expect a slight headwind versus 2023 as we continue to increase the mix of cloud, but anticipate cloud gross margin expansion as we continue to achieve scale benefits.

就全年而言，我們預計雲端 ARR 成長將超過本地部署侵蝕，從而實現總 ARR 成長。對於雲淨擴張，我們繼續估計約120%的成長率。就總毛利率而言，隨著我們繼續增加雲端的組合，我們預計與 2023 年相比將出現輕微的阻力，但隨著我們繼續實現規模效益，預計雲毛利率將會擴大。

On operating margin, we expect to maintain our 2023 level as we continue to optimize costs across the company while driving efficiency. We will also continue investing in areas that generate growth such as AI, demand creation and brand awareness. These investments will be balanced with cost discipline in nonrevenue-generating areas, as we continue to prioritize where we spend.

在營業利潤率方面，我們預計將維持 2023 年的水平，因為我們將繼續優化整個公司的成本，同時提高效率。我們也將繼續投資於人工智慧、需求創造和品牌知名度等能夠帶來成長的領域。隨著我們繼續優先考慮支出領域，這些投資將與非創收領域的成本紀律相平衡。

Regarding free cash flow, we expect our results to be more back-half weighted than 2023, driven by the anticipated growth profile in 2024. On capital allocation, we continue to commit to a minimum of 75% return of free cash flow to our shareholders. Finally, we have carefully evaluated the fourth quarter dynamics impacting cloud ARR, along with the step taken to address and incorporated these factors and the macro environment to prudently set our 2024 outlook.

關於自由現金流，在 2024 年預期成長狀況的推動下，我們預計我們的業績將比 2023 年更具後半權重。在資本配置方面，我們繼續承諾為股東提供至少 75% 的自由現金流回報。最後，我們仔細評估了影響雲端 ARR 的第四季動態，以及為解決並納入這些因素和宏觀環境而採取的步驟，以謹慎設定我們的 2024 年前景。

Our annual outlook for 2024, which is on a constant currency basis for ARR and revenue is as follows: Cloud ARR is anticipated to grow year-on-year in the range of 35% to 41%. Total ARR is projected to grow year-on-year in the range of 4% to 8%. Total recurring revenue is expected to increase year-on-year in the range of 1% to 3%. Total revenue is anticipated to increase year-on-year in the range of flat to 2%. Non-GAAP diluted earnings per share in the range of $2.15 to $2.31. Free cash flow is expected to be in the range of $340 million to $380 million.

我們對 2024 年 ARR 和營收的年度展望（以固定貨幣為基礎）如下：雲端 ARR 預計將年增 35% 至 41%。總 ARR 預計將年增 4% 至 8%。經常性總收入預計將年增1%至3%。預計總營收年增幅將持平至2%。非 GAAP 稀釋後每股收益在 2.15 美元至 2.31 美元之間。自由現金流預計在 3.4 億至 3.8 億美元之間。

Here are some modeling assumptions for 2024: A non-GAAP tax rate of approximately 24.2%, weighted average shares outstanding of 99.5 million, other expense of approximately $45 million. For the first quarter of 2024, we anticipate non-GAAP diluted earnings per share to be in the range of $0.53 to $0.57. We project the non-GAAP tax rate to be approximately 24.5% and the weighted average shares outstanding to be 101.3 million.

以下是 2024 年的一些建模假設：非 GAAP 稅率約為 24.2%，加權平均已發行股票為 9,950 萬股，其他費用約為 4,500 萬美元。對於 2024 年第一季度，我們預計非 GAAP 攤薄每股收益將在 0.53 美元至 0.57 美元之間。我們預期非 GAAP 稅率約為 24.5%，加權平均流通股數為 1.013 億股。

To close, 2023 was a solid year, with cloud ARR ending at over $0.5 billion and with historical and future cloud growth rates that are stronger than the market. We generated profitability and durable free cash flow. We continue to make good progress against our cloud-first profitable growth strategy. We expect cloud ARR to exceed $700 million by the end of 2024, which continued to drive total ARR growth and enabled us to remain on the path to achieve over $1 billion of cloud ARR by the end of 2025.

總而言之，2023 年是穩健的一年，雲端 ARR 最終超過 5 億美元，歷史和未來的雲端成長率都強於市場。我們創造了獲利能力和持久的自由現金流。我們持續在雲端優先獲利成長策略方面取得良好進展。我們預計到 2024 年底，雲端 ARR 將超過 7 億美元，這將繼續推動總 ARR 成長，並使我們能夠繼續走在 2025 年底實現超過 10 億美元雲端 ARR 的道路上。

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

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 Tyler Radke.

（操作員說明）您的第一個問題來自 Tyler Radke。

So a lot to unpack here between the moving pieces of the slip deals and the churn event in 2024 on the on-prem side. I guess first question, just to understand kind of the moving pieces here. So if I think about your cloud ARR guidance, I think that did come in below consensus a bit for 2024. Seemingly, that's not negatively impacted by this churn event. But to kind of hit the $1 billion in 2025, there's not too much room for the growth to slow there. So I guess what's giving you the confidence in kind of the strong 2-year cloud outlook?

因此，在滑動交易的移動部分和 2024 年本地部署方面的流失事件之間，有很多東西需要解開。我想第一個問題只是為了了解這裡的動態部分。因此，如果我考慮一下你們的雲端 ARR 指導，我認為 2024 年的指導確實有點低於共識。看起來，這並沒有受到這次流失事件的負面影響。但要在 2025 年達到 10 億美元，成長放緩的空間並不大。所以我想是什麼讓您對兩年的強勁雲端前景充滿信心？

And then secondly, can you just unpack the on-prem erosion event? I think many of us on the call were not expecting that, but it sounds like you've been expecting that for a while. So if you could just add a little bit more color and just let us maybe frame if there's any of these other events in the coming years?

其次，您能否解開本地侵蝕事件？我想我們中的許多人都沒有預料到這一點，但聽起來你已經期待這一點有一段時間了。那麼，您是否可以添加一點更多的色彩，讓我們框架未來幾年是否還會有任何其他活動？

Yes. Thanks, Tyler, for the question. Just to take a little step back, we're really proud of our execution over the last 3.5 years. You're looking at 10x cloud growth. It just demonstrates that we are in a great market, data analytics, all of the new interest that AI is generating, the technology advancements that we are putting into the market continuously, give us a lot of confidence in terms of how we're going to drive forward, really says that we've got the right strategy, we've got the right technology platform, and we've got the right team to execute. So when we give our guidance for 2024, clearly, we want to make sure that we are being realistic and prudent in that guidance. And we are going to execute as we go through 2024 with some real focus and determination.

是的。謝謝泰勒提出這個問題。退一步來說，我們對過去 3.5 年的執行力感到非常自豪。您正在看到 10 倍的雲端成長。它只是表明我們正處於一個巨大的市場，數據分析，人工智慧正在產生的所有新興趣，我們不斷投入市場的技術進步，讓我們對我們的發展方向充滿信心推動前進，確實表明我們擁有正確的策略，我們擁有正確的技術平台，並且我們擁有正確的團隊來執行。因此，當我們給出 2024 年的指導時，顯然，我們希望確保我們的指導是現實和謹慎的。我們將在 2024 年以真正的專注和決心來執行。

Our net expansion rate increased 124% in Q4 was a really good sign of the core interest that we have in our platform and that when we deploy with our customers and these major customers into the cloud that they are really committed to it and they continue to grow their data and analytics capabilities with us in the cloud.

第四季我們的淨擴張率成長了124%，這是我們對平台的核心興趣的一個很好的跡象，當我們與我們的客戶和這些主要客戶一起部署到雲端時，他們確實致力於此，並且他們將繼續與我們一起在雲端增強他們的數據和分析能力。

Now to unpack the 2 events, just to your point, we don't see any lack of demand for our solutions. This was purely a timing event from our cloud ARR deals. As we pointed out in our prepared remarks, many of our deals are large and closed in the last month this quarter and many closed in the last few weeks. What we tended to see was as data analytics and AI become more and more interesting in a strategic board level discussion within our customers, that we have the opportunity to engage more broadly inside our customers with lots of different use cases. However, it did make the decision-making cycles inside our customers slightly elongated as they have to consider things like data placements, which CSPs they want to use, which language models they want to use and leverage.

現在來解開這兩個事件，就您的觀點而言，我們認為我們的解決方案沒有任何需求。這純粹是我們的雲端 ARR 交易中的一個計時事件。正如我們在準備好的演講中指出的那樣，我們的許多交易規模很大，並在本季度最後一個月完成，許多交易在過去幾週內完成。我們傾向於看到的是，隨著數據分析和人工智慧在客戶內部的策略董事會層級討論中變得越來越有趣，我們有機會透過許多不同的用例更廣泛地參與客戶內部。然而，它確實使我們客戶內部的決策週期稍微延長，因為他們必須考慮資料放置、他們想要使用哪些 CSP、他們想要使用和利用哪些語言模型等問題。

So the great thing about the Teradata platform is that we give a whole range of choice to our customers in terms of that technology. And so we give them the flexibility to deploy on absolutely the right technology that they want to use going forward. But for those large deals where a lot of those complex decision-making criteria come into play, we saw a handful of deals over $2 million slipping into 2024, and that included an 8-figure deal that Claire mentioned at an investor conference in December.

Teradata 平台的優點在於，我們為客戶提供了一系列技術選擇。因此，我們為他們提供了靈活性，可以部署他們未來想要使用的絕對正確的技術。但對於那些涉及許多複雜決策標準的大型交易，我們看到少數超過 200 萬美元的交易會推遲到 2024 年，其中包括克萊爾在 12 月的投資者會議上提到的一筆 8 位數的交易。

Clearly, we want to make absolute point here, the majority of those deals are going to close in 2024. They're not competitive in nature, but we are absolutely focused to make sure that we're building that better pipeline management and visibility and that the deal cycles and decision-making is something that we are more on top of as well as deploying a much more complex deal construct for some of these larger deals. So that really encapsulates what happens to cloud ARR growth for Q4.

顯然，我們想在這裡明確指出，其中大多數交易將在 2024 年完成。它們本質上不具有競爭力，但我們絕對專注於確保我們正在建立更好的管道管理和可見性，並且交易週期和決策是我們更關注的事情，並且為其中一些較大的交易部署了更複雜的交易結構。這確實概括了第四季度雲端 ARR 成長的情況。

And then if we look at our total ARR for 2024, you're absolutely correct. We have 2 major on-prem erosions that we've known about for some time. In fact, multiple years, before we actually launched our VantageCloud platform, we've known about these intent to erode that on-prem capability. Clearly, it doesn't -- that's not impact our cloud ARR, but it does impact our total ARR. And the timing of those erosions in 2024, as we work with the customers to nail down when the timing ends of those erosions, we are able to factor that into the 2024 guidance that we just gave. So we had also backed those erosions because we've known about them for some time, and to our 2025 goals when we set those goals.

然後，如果我們查看 2024 年的總 ARR，您是完全正確的。我們已經知道有兩個主要的本地侵蝕問題。事實上，在我們真正推出 VantageCloud 平台之前的許多年裡，我們就已經知道這些意圖削弱本地能力。顯然，它不會影響我們的雲端 ARR，但它確實會影響我們的總 ARR。至於 2024 年這些侵蝕的時間，當我們與客戶合作確定這些侵蝕的結束時間時，我們能夠將其納入我們剛剛給出的 2024 年指導中。因此，我們也支持這些侵蝕，因為我們已經了解它們有一段時間了，並且在我們設定這些目標時也支持我們的 2025 年目標。

And so when we put those 2 very different factors together, what happened in Q4 from a cloud perspective, that's what's happening from an on-prem perspective in 2024, then we've included that in our guidance for 2024. But we do believe that our 2025 goals, which were all set with these being known elements, are still very achievable and we're confident in our execution and our technology and our people as we move forward. Long answer there, Tyler.

因此，當我們將這兩個截然不同的因素放在一起時，從雲端的角度來看，第四季度發生的情況，從本地角度來看，這就是2024 年發生的情況，然後我們將其納入2024 年的指導中。但我們確實相信我們的2025 年目標都是根據這些已知要素設定的，但仍然是可以實現的，隨著我們的前進，我們對我們的執行力、我們的技術和我們的員工充滿信心。答案很長，泰勒。

Yes, I appreciate it. It was a multipart question. Just a quick follow-up, as it relates to the expansions that you've seen, net retention rate in cloud ticked up another point, which was great to see. How are you thinking about the contribution from expansions in 2024 in terms of driving that cloud growth? Is there room for that expansion rate to tick up further? And presumably, those are not seeing the same timing issues as it relates to deals slipping.

是的，我很感激。這是一個由多部分組成的問題。只是一個快速的後續行動，因為它與您所看到的擴展相關，雲端中的淨保留率又上升了一點，這是很高興看到的。您如何看待 2024 年的擴展對推動雲端成長的貢獻？擴張率還有進一步上升的空間嗎？據推測，這些人並沒有看到與交易下滑相關的相同的時機問題。

Tyler, Claire -- this is Claire. I'll take that question. So -- just to confirm, we continue to assume a net expansion rate of 120% as we model forward to 2024 and out to 2025 to get to that part of $1 billion, as Steve mentioned. Nothing to do, to your point with the slip deals or anything like that. So we did see an uptick in Q4, as you mentioned, up to 124%. We're pleased with both the expansion that we see once customers are on the cloud with us after 12 months. But also, we're seeing good expansion at the point of migration as well. So good trends there. I think very much indicating the demand that we see for our products. But we think it's prudent to continue to assume that 120% mark, as we look out for our outlook for 2024 and also to 2025.

泰勒，克萊爾－這是克萊爾。我來回答這個問題。因此，為了確認這一點，我們繼續假設 120% 的淨擴張率，因為我們對 2024 年和 2025 年的模型進行預測，以達到史蒂夫提到的 10 億美元的部分。沒什麼可做的，就你的觀點而言，滑單交易或類似的事情。正如您所提到的，我們確實看到第四季度有所上升，高達 124%。當客戶在 12 個月後使用我們的雲端時，我們對所看到的擴展感到滿意。而且，我們在遷移方面也看到了良好的擴張。那裡的趨勢非常好。我認為這非常顯示了我們對我們產品的需求。但我們認為，在展望 2024 年和 2025 年的前景時，繼續假設 120% 是謹慎的做法。

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 I imagine we're going to kind of be all over these moving parts, I'll call. But just to make sure I understand correctly, the 2 customers that are eroding, they represent the, call it, 4% to 5% of total ARR on -- or yes, total ARR, representing $60 million to $80 million of business that's going away? Is that correct?

所以我想我們會關注這些活動部件，我會打電話。但為了確保我理解正確，正在侵蝕的 2 個客戶，他們代表了總 ARR 的 4% 到 5%——或者是的，總 ARR，代表了 6000 萬到 8000 萬美元的業務離開？那是對的嗎？

Yes. Chad, it's Claire here again. So yes, we've got 2 large on-prem erosions that Steve mentioned and then kind of ongoing erosions that we would see as part of our everyday business. So to your point, that on-prem erosions is driving the 4% to 5% sequential decline in ARR in the first quarter of 2024.

是的。查德，克萊爾又來了。所以，是的，我們有史蒂夫提到的兩個大型本地侵蝕，以及我們將其視為日常業務一部分的持續侵蝕。因此，就您的觀點而言，本地部署的侵蝕正在導致 2024 年第一季 ARR 環比下降 4% 至 5%。

Okay. And then -- so if these were known or have been known for years, so are we still comfortable with our other targets in '25 around ARR growth and recurring revenue growth that we gave out a couple of years ago since we knew about these erosions?

好的。然後，如果這些是已知的或已經已知多年，那麼我們是否仍然對25 年圍繞ARR 增長和經常性收入增長的其他目標感到滿意，自從我們知道這些侵蝕以來，我們幾年前就給出了這些目標？

Yes. So to your point, Chad, I think Steve mentioned that the overall erosion and the risk of these customers was known, we've been tracking them very closely, so no surprise. The timing is always much more difficult to predict. So that's what stand up recently in terms of the exact timing of that. I haven't given a formal update on my 2025 outlook. But as we mentioned, we are continuing on that path to 2025. These rightly incorporated into our numbers for 2025, so no additional surprises there.

是的。所以，就你的觀點而言，查德，我認為史蒂夫提到，這些客戶的整體侵蝕和風險是已知的，我們一直在非常密切地跟踪他們，所以這並不奇怪。時間總是更難預測。這就是最近就具體時間而言的情況。我還沒有正式更新我的 2025 年展望。但正如我們所提到的，我們將繼續沿著這條道路邁向 2025 年。這些正確地納入我們 2025 年的數據中，因此不會有額外的意外。

The 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)。

Maybe Steve, if I start with you. You mentioned some comments around pipeline -- initiatives to address pipeline composition, conversion rates, sales enablement. You talked about some cost optimization, which feels just a bit more severe than a few cloud deals slip that we'll get back next year, and there was some on-premise erosion that was an outlier. So are we looking at a longer-than-expected transformation than the goals you set out in 2021? Or how do I just balance kind of those comments you made with kind of the more bullish stance that you took on some of the slippage that occurred in 4Q and what you're talking about for 2024?

也許是史蒂夫，如果我從你開始的話。您提到了一些有關管道的評論——解決管道構成、轉換率、銷售支持的舉措。您談到了一些成本優化，這感覺比我們明年將收回的一些雲端交易失誤更為嚴重，並且存在一些異常值的內部侵蝕。那麼，我們是否正在考慮比您在 2021 年設定的目標更長的轉型期？或者我如何平衡您發表的評論與您對第四季度發生的一些下滑以及您所談論的 2024 年情況所採取的更樂觀的立場？

Yes. Thanks for the question, Erik. Look, I think as you look at transformations across the IT industry, they're rarely linear in terms of how they manifest. And again, I'll just restate this was not an uncertainty in demand for us. It was uncertainty in timing. We are on a cloud-first path in terms of the cloud deals that we're executing against. And so we want to make sure that when we set guidance around those deals that we have right control and deal management to ensure that they don't slip out of the year. What we see is, again, a handful of $2 million deals that slipped from 2023 and the last weeks of 2023 and to 2024. That does not give us a concern around the execution of the company or our ability to execute or deliver on both the guidance that we've issued for 2024, which, again, we always make sure that we deliver and provide prudent guidance that we believe that we can execute against.

是的。謝謝你的提問，艾瑞克。我認為，當你審視整個 IT 產業的變革時，你會發現它們的表現方式很少是線性的。再次強調，這對我們來說並不是需求的不確定性。這是時間上的不確定性。就我們正在執行的雲端交易而言，我們走的是雲端優先的道路。因此，我們希望確保，當我們圍繞這些交易制定指導時，我們擁有正確的控制和交易管理，以確保它們不會溜出今年。我們再次看到的是，從 2023 年以及 2023 年最後幾周到 2024 年，少數 200 萬美元的交易有所減少。這並不讓我們擔心公司的執行情況或我們執行或交付的能力。我們發布了2024 年指南，我們始終確保交付並提供我們認為可以執行的審慎指南。

Or in terms of as we look at our 2025 goals, we had a number of these different business impacts factored into those goals as we gave out that guidance back in 2021. So I think from a company perspective, we're still on a path to achieve those goals. We are -- we've got some management system improvements that we have to execute to ensure that we close those deals in a timely fashion, and we're confident in the guidance that we put out for 2024.

或者，當我們審視 2025 年的目標時，我們在 2021 年發布指導意見時將許多不同的業務影響納入了這些目標中。因此，我認為從公司的角度來看，我們仍在前進的道路上實現這些目標。我們已經進行了一些管理系統改進，必須執行這些改進，以確保我們及時完成這些交易，並且我們對 2024 年發布的指導充滿信心。

Okay. That's helpful. And then maybe just a follow-up on one of the original questions, I am at the top of Q&A. I guess maybe my question is, like it's not new that you're engaging with multiple decision-makers at different customers or prospective customers. And you haven't really seen deals slippage to date that I can recall you calling out. So I guess the question is just why now? 1st of December, it was just one large figure deal related to something company-specific, but it expanded beyond that. So what makes you think that this is purely isolated to this quarter and not something broader? And that's it for me.

好的。這很有幫助。然後也許只是對最初問題之一的後續行動，我位於問答的頂部。我想也許我的問題是，與不同客戶或潛在客戶的多個決策者打交道並不新鮮。到目前為止，我記得您還沒有真正看到交易下滑。所以我想問題是為什麼現在？ 12 月 1 日，這只是一筆與公司特定事項相關的大宗交易，但其範圍超出了這一範圍。那麼，是什麼讓您認為這純粹是本季的孤立事件，而不是更廣泛的事情？對我來說就是這樣。

Yes. I think we're just continuing to see great interest in the platform and the opportunities that we had in play. We understand the root causes against every single one of those opportunities. We know whether it may have been an uncertainty on which CSP that they wanted to use or which capabilities that they wanted to use or the different business units that are involved in those decisions. So we think we've got a good handle on those particular deals at those handful of deals that were over $2 million in terms of how they're going to close out in 2024.

是的。我認為我們只是繼續看到人們對該平台和我們所擁有的機會抱持極大的興趣。我們了解每一個機會的根本原因。我們知道他們想要使用哪個 CSP、他們想要使用哪些功能或參與這些決策的不同業務部門是否存在不確定性。因此，我們認為我們已經很好地掌握了少數幾筆金額超過 200 萬美元的交易，以及它們將如何在 2024 年完成的情況。

Look, if I take a step back from it, we had great momentum in 2023. We grew our cloud ARR by 48%. If you compare that, that is way ahead of the cloud data and analytics growth that are -- that's happening in the marketplace. And as we look forward to 2024, we're still seeing good growth for 2024, and we're continuing to grow our total ARR in 2024. So all of our business dynamics are positive. We did commit that we would execute a profitable growth strategy. And therefore, we're being prudent in our cost and expense for 2024 to make sure that we can still deliver that value to our shareholders. And that value is being delivered both in terms of our free cash flow commitment that Claire outlined, but also in terms of our earnings per share. And you saw that from a business perspective in 2023, we had a very successful earnings per share result and also generating the free cash flow that we had indicated for 2023.

看，如果我退後一步，我們在 2023 年發展勢頭強勁。我們的雲端 ARR 成長了 48%。如果您進行比較，您會發現這遠遠領先於市場中正在發生的雲端數據和分析成長。當我們展望 2024 年時，我們仍然看到 2024 年的良好成長，並且我們的總 ARR 將在 2024 年繼續成長。因此，我們所有的業務動態都是正面的。我們確實承諾將執行獲利成長策略。因此，我們對 2024 年的成本和支出持謹慎態度，以確保我們仍然能夠為股東提供這一價值。這一價值不僅體現在克萊爾概述的自由現金流承諾方面，還體現在我們的每股收益方面。您看到，從 2023 年的業務角度來看，我們取得了非常成功的每股盈餘結果，也產生了我們為 2023 年指定的自由現金流。

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)。

It's Ruplu filling in for Wamsi today. Claire, can you help with respect to the deal timing of the 8-figure large deal. I mean is that something you're expecting to come in, in the first half of the year? Or is that like a back half close? And also can you help me bridge the cash flow guidance that you've given? It looks like it's flat year-on-year, but how should we think about the timing of free cash flow?

今天由 Ruplu 代替 Wamsi。克萊爾，您能幫忙確定一下 8 位數大筆交易的交易時間嗎？我的意思是，這是你期望在今年上半年出現的事情嗎？還是像後半關閉？您還能幫助我彌補您給予的現金流量指引嗎？看起來同比持平，但是我們該如何思考自由現金流的時機呢？

Wamsi, thanks for the question. So just with regards to the deal that we mentioned back in December, we continue to work with the customer on that. And as Steve said, there's no competitive threat or issue there. So it's just a case of working through with the customers to be able to close and working them -- with them on new timing. I think H1 is a good expectation with regards to that specific deal. As Steve mentioned, we are expecting to close the majority of those slip deals in 2024. Some of them will be in the first half of the year, some of them will potentially could move out into the second half of the year.

萬西，謝謝你的提問。因此，就我們 12 月提到的交易而言，我們將繼續與客戶合作。正如史蒂夫所說，那裡不存在競爭威脅或問題。因此，這只是與客戶合作的一個例子，以便能夠關閉並與他們合作——在新的時間與他們合作。我認為對於該具體交易，上半年是一個很好的期望。正如 Steve 所提到的，我們預計將在 2024 年完成大部分此類交易。其中一些將在今年上半年完成，其中一些可能會移至下半年。

With regards to the free cash flow guidance, so to your point, there's a slight growth year-over-year if you take the midpoint. Obviously, we've put a range around that. The timing of that, I did mention it in my prepared remarks, but just as a reminder, because of the growth profile that we're seeing both from a revenue standpoint, recurring revenue, and, therefore, profitability. A lot of that free cash flow is generated, obviously, by our -- the fact that we are generating profitable income. And therefore, the cash generated will be towards the -- more towards the second half of the year than we saw in 2023. We have really good confidence in that free cash flow generation. It's mainly driven by profitable growth and a great cash conversion cycle that we saw through 2023, and we expect to continue into 2024.

關於自由現金流指引，就您的觀點而言，如果採用中點，則較去年同期略有成長。顯然，我們已經圍繞著這個範圍設定了範圍。我在準備好的發言中確實提到了這一點，但只是作為提醒，因為我們從收入、經常性收入以及盈利能力的角度看到了增長狀況。顯然，許多自由現金流是由我們產生的——我們正在創造可獲利的收入。因此，與 2023 年相比，下半年產生的現金將會更多。我們對自由現金流的產生非常有信心。這主要是由我們在 2023 年看到的獲利成長和良好的現金轉換週期所推動的，我們預計這種情況將持續到 2024 年。

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。

Steve, if we assume ARR growth gets close to, I guess, 0% in Q1, and you've got targets for 4% to 8% for the full year. That does assume pretty significant build in net new ARR through the year. So just any more color to share on what gives you that confidence that you see such an improvement in ARR built through the year?

Steve，如果我們假設第一季的 ARR 成長接近 0%，那麼您的全年目標是 4% 到 8%。這確實假設全年淨新 ARR 成長相當可觀。那麼，還有更多的顏色可以分享是什麼讓您有信心看到今年 ARR 取得瞭如此大的進步嗎？

Yes. I think we always see seasonality in terms of Q4 being our strongest year. Derrick Wood, that enterprise sales motion is geared towards the last quarter. And as we pointed out, the last -- can be up to the last weeks in the year in terms of execution. We know and understand our customers. We know and understand what their plans are and how they're going to execute. We see strong demand in terms of the marketplace. We've made some fantastic enhancements to our technology platform to enable our customers to put AI and ML workloads into the Teradata platform. As cloud ARR becomes more strategic in terms of the split of our total ARR, and we said that it's now over 1/3 of our total ARR is in the cloud. And then sort of we compound that with our net expansion rates, again, that was 124% for Q4, and we're modeling out 120%. We believe it just gives us that ability to continue to compound the overall growth as we move through the year.

是的。我認為我們總是認為第四季是我們表現最強勁的一年。德里克·伍德（Derrick Wood）表示，該企業銷售動議是針對上個季度的。正如我們所指出的，就執行而言，最後一個可能是一年中的最後幾週。我們了解並理解我們的客戶。我們知道並理解他們的計劃是什麼以及他們將如何執行。我們看到市場需求強勁。我們對技術平台進行了一些出色的增強，使我們的客戶能夠將 AI 和 ML 工作負載放入 Teradata 平台。隨著雲端 ARR 在我們總 ARR 的劃分方面變得更具戰略意義，我們表示現在超過 1/3 的總 ARR 位於雲端。然後我們再將其與我們的淨擴張率結合，第四季度的淨擴張率為 124%，我們正在建模為 120%。我們相信，這讓我們有能力在這一年中繼續實現整體成長。

We do have a pipeline of a number of major transactions that will drive both our cloud ARR and total ARR. They're currently slated to close in the second half of the year. So all of these factors combine to give us confidence in the gains that we put out there for 2024. I think as you look at the marketplace generally, I think everybody knows that we have the ability and Teradata to take advantage of consumption-based usage from a cloud perspective.

我們確實有一系列主要交易的管道，這些交易將推動我們的雲端 ARR 和總 ARR。他們目前預計在今年下半年關閉。因此，所有這些因素結合在一起，讓我們對 2024 年的收益充滿信心。我認為，當您總體審視市場時，我認為每個人都知道我們和 Teradata 有能力利用基於消費的使用從雲端的角度來看。

We're starting to see consumption tick up in the marketplace generally, but a number of the cloud and data and analytics players are seeing. We think that we will benefit from that. But the guidance that we've put out is prudent in terms of what we believe that we're going to deliver through the course of this year given the underlying dynamics of the business.

我們開始看到市場上的消費量普遍上升，但許多雲端、數據和分析參與者也看到了這一點。我們認為我們將從中受益。但考慮到業務的基本動態，我們認為我們將在今年實現的目標是謹慎的。

Great. That's helpful color. If I could just -- a quick follow-up for Claire on the cost optimization efforts. Just wondering to get a little bit more color on is this going to take place in certain regions or job functions? When do you expect it to be completed and any quantification on the cost savings?

偉大的。這是有用的顏色。如果可以的話，克萊爾可以快速跟進成本優化工作。只是想知道這是否會發生在某些地區或工作職能？您預計什麼時候完成以及對節省的成本進行量化嗎？

Yes. We're focusing on generating -- non-revenue-generating areas, as you would expect. They continue -- we're seeing some great cost optimization efforts happen through the quarter of 2023, and we expect them to continue in 2024. The other thing we do is very much focused on a returns-based approach. So where we see opportunity to reinvest dollars into areas that we think will generate a higher return. We also do that. I think a few things I called out in our prepared remarks, for example, AI, big area, especially obviously in the engineering space from a demand generation standpoint as well and something we continue to invest in. So really just focusing on are we getting the returns that we're expecting from the investments we're making, making those right trade-offs and specifically focus on efficiency in the non-revenue-generating areas.

是的。正如您所期望的那樣，我們專注於創造非創收領域。它們仍在繼續——我們看到一些巨大的成本優化工作在 2023 年季度發生，我們預計它們將在 2024 年繼續下去。我們做的另一件事是非常注重基於回報的方法。因此，我們看到有機會將美元再投資到我們認為會產生更高回報的領域。我們也這樣做。我認為我在準備好的發言中提到了一些事情，例如，人工智慧、大領域，尤其是從需求生成的角度來看，在工程領域，以及我們繼續投資的東西。所以，真正關注的是我們是否得到了我們期望從我們正在進行的投資中獲得回報，做出正確的權衡，並特別關注非創收領域的效率。

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。

You mentioned that 75% of your cloud customers are operating on hybrid environments and where the macro right now where the hyperscalers and several consumption-based cloud names are seeing migration projects to the cloud resume. So do you think we've had a fundamental shift for customers, especially large customers are increasingly preferring hybrid deployments for cloud only? Or is there a renewed focus in customers prioritizing their cloud-first projects again? And how does all this impact Teradata's position moving forward?

您提到，75% 的雲端客戶在混合環境中運行，目前超大規模企業和一些基於消費的雲端名稱正在恢復向雲端的遷移專案。那麼您認為我們對客戶來說是否發生了根本性轉變，尤其是大客戶越來越喜歡僅針對雲端的混合部署？或者客戶重新關注他們的雲端優先項目？這一切對 Teradata 的未來地位有何影響？

Thanks for the question. Look, I think from a cloud migration perspective, we never saw a slowdown from the Teradata platform. We've had tremendous success migrating Teradata customers to the cloud, and that has continued as we've strengthened our technology and strengthen the platform. What we see is the benefits of the Teradata platform that we can operate in a hybrid environment. So we can actually ensure that customers do not want to put some of the data into the cloud, maybe for some governance reasons or regulatory requirements or performance-based characteristics. If you're a telco, you want to keep your network data on-prem. The Teradata platform enables them to deploy in a completely hybrid environment.

謝謝你的提問。看，我認為從雲端遷移的角度來看，我們從未看到 Teradata 平台出現放緩。我們在將 Teradata 客戶遷移到雲端方面取得了巨大成功，隨著我們加強技術和平台，這種成功仍在繼續。我們看到的是 Teradata 平台的優勢，即我們可以在混合環境中運作。因此，我們實際上可以確保客戶不想將某些資料放入雲端中，可能是出於某些治理原因或監管要求或基於效能的特徵。如果您是電信公司，您希望將網路資料保留在本地。 Teradata 平台使他們能夠在完全混合的環境中部署。

We operate some of the world's most critical workloads and some of the largest data sets in the world. What our customers know and find is that the best way for them to modernize their data solution set to get the benefits out of these new AI and ML capabilities is to use the Teradata platform as their core technology platform for data and analytics, both on-prem and in the cloud. And so we know that we are the best in terms of enterprise scale and enterprise price performance, enabling our customers to actually get these AI models out of a proof of concept and enter production and deploy in the way that our customers want to deploy.

我們經營著一些世界上最關鍵的工作負載和一些世界上最大的資料集。我們的客戶知道並發現，他們對其數據解決方案集進行現代化改造以從這些新的 AI 和 ML 功能中獲益的最佳方式是使用 Teradata 平台作為其數據和分析的核心技術平台，無論是在本地和雲端。因此我們知道，我們在企業規模和企業性價比方面是最好的，使我們的客戶能夠真正從概念驗證中獲得這些人工智慧模型，並以客戶想要的方式進入生產和部署。

So they want to have a data lake or a data warehouse or a lakehouse. These are all deployment options and data architectures that the Teradata platform supports. It's very differentiated from her competitive, how our competitors address that marketplace and it uniquely positions us to execute from both a hybrid perspective and to help customers move 100% of the workload to the cloud with the Teradata platform. So I'm not concerned that there's going to be an increase in competitive pressure to move from the Teradata platform to some of these more niche cloud data and analytics providers that can perhaps address the complexity.

所以他們想要一個資料湖或資料倉儲或湖屋。這些都是 Teradata 平台支援的部署選項和資料架構。這與我們的競爭對手應對市場的方式截然不同，它使我們能夠從混合角度執行任務，並幫助客戶透過 Teradata 平台將 100% 的工作負載轉移到雲端。因此，我並不擔心從 Teradata 平台遷移到一些較小眾的雲端資料和分析供應商可能會解決複雜性問題，從而帶來更大的競爭壓力。

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。

This is Sheldon McMeans on for Raimo. You have previously discussed turning back on the new customer acquisition engine. I want to ask how these initiatives are going? How do you rate your performance in fiscal year '23? And does your fiscal year '24 guidance assume a greater contribution from new logos than last year? Or are you still taking a rather conservative stance regarding new logo contribution?

我是雷莫的謝爾頓·麥克米恩斯。您之前已經討論過重新啟用新的客戶獲取引擎。我想問一下這些措施進展如何？您如何評價 23 財年的業績？您的 24 財年指導是否假定新商標的貢獻比去年更大？或者您對於新標誌的貢獻仍然採取相當保守的立場？

Yes, we are happy with the progress we are making with the new logo perspectives. In Q4, we added more new logos than any other quarter, as we went through 2023. We want that momentum to continue into 2024. As we've always said, these new logos tend to start very small and grow quickly. We're super excited about things like AI Unlimited that we had, which will start to get new users and new customers, utilizing Teradata capabilities in the marketplace, and that will be a great introduction into Teradata ecosystems for new logos across the world. So yes, we don't expect a huge dollar contribution from new logos as we move forward. However, we're happy with the progress that we're making from that new local engine.

是的，我們對新標誌視角所取得的進展感到滿意。在2023 年第四季度，我們添加的新徽標比任何其他季度都多。我們希望這種勢頭能夠持續到2024 年。正如我們一直所說的，這些新徽標往往一開始很小，但發展很快。我們對 AI Unlimited 等產品感到非常興奮，它將開始利用市場上的 Teradata 功能吸引新用戶和新客戶，這將是對全球新標誌的 Teradata 生態系統的一次很好的介紹。所以，是的，隨著我們的前進，我們預計新標誌不會帶來巨大的美元貢獻。然而，我們對新的本地引擎所取得的進展感到滿意。

(Operator Instructions) The next question is from the line of Matt Hedberg with RBC Capital Markets.

（操作員說明）下一個問題來自 RBC Capital Markets 的 Matt Hedberg。

This is Simran on for Matt Hedberg. Just one for me. Can you talk about the 2024 pipeline coverage in dollars? And how does it look this year compared to last year?

這是西姆蘭（Simran）為馬特·赫德伯格（Matt Hedberg）代言。只給我一個。您能談談 2024 年管道覆蓋範圍（以美元計算）嗎？與去年相比，今年的情況如何？

Yes. I think we don't go into a lot of details about our pipeline coverage specifically. What I would say is that we're seeing the marketplace being a super attractive, right? And our performance in the market and the cloud marketplace has been great. We grew at 48% in 2023, that was way ahead of the market growth rates. We're seeing strong interest in our platform. We're seeing that new logo engine starting to come online. So I think as we look at the guidance that we've issued for 2024, we always issued that guidance based on a prudent approach and a realistic approach to execution.

是的。我認為我們不會具體討論有關管道覆蓋範圍的許多細節。我想說的是，我們看到這個市場非常有吸引力，對吧？我們在市場和雲端市場的表現非常出色。 2023 年我們的成長率為 48%，遠遠領先於市場成長率。我們看到人們對我們的平台產生了濃厚的興趣。我們看到新的標誌引擎開始上線。因此，我認為，當我們審視 2024 年發布的指導意見時，我們總是基於審慎的方法和現實的執行方法來發布該指導意見。

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

下一個問題來自古根漢證券公司的霍華德馬。

My question is also on the 2024 outlook. So leading up into today's earnings trend, I was under the strong impression that Teradata is an accelerating total ARR story driven by cloud, but with the 2024 outlook ranges, it's unclear if that's still the case. So Steve and Claire, you've adequately explained the on-premise erosions. But putting that aside, can you just answer -- and you kind of hit on this earlier, but can you answer if -- are your customers -- are they still executing on their cloud journeys on Teradata with as much as fervor as before? And if not, has competition picked back up? Or is there anything else that we should -- that should prevent you from accelerating total ARR growth in 2024?

我的問題還涉及 2024 年的前景。因此，在今天的獲利趨勢之前，我有一個強烈的印象，即 Teradata 是一個由雲端驅動的加速整體 ARR 故事，但考慮到 2024 年的前景範圍，尚不清楚情況是否仍然如此。史蒂夫和克萊爾，你們已經充分解釋了內部部署的侵蝕。但拋開這個問題，您能否回答一下——您早些時候就提到了這一點，但是您能否回答一下——您的客戶——他們是否仍然像以前一樣熱情地在Teradata 上執行雲之旅？如果沒有，競爭是否又恢復了？或者還有什麼我們應該做的——可以阻止您在 2024 年加速總 ARR 成長？

Yes. I think from a customer perspective, we're still seeing great interest. You just look at the range of different wins that I highlighted in the prepared remarks. We're seeing a lot of interest to utilize our cloud platform and that being the vehicle of their modernization journey. As we look at how we assess our customer environments and whether strategically, they're going to be long-term customers, but we very much matured our customer success motion, so we understand what's happening with those customers and the strategic plans that they have in place. And that's given us the opportunity to ensure that we can serve them. We're not seeing really any change in the competitive environment. Some of the things, I think there are boosting demand for us and give us confidence in terms of our execution.

是的。我認為從客戶的角度來看，我們仍然看到了極大的興趣。你只需看看我在準備好的評論中強調的不同勝利的範圍。我們看到很多人對利用我們的雲端平台感興趣，並將其作為他們現代化之旅的工具。當我們審視如何評估我們的客戶環境以及從策略上看他們是否會成為長期客戶時，我們的客戶成功行動已經非常成熟，因此我們了解這些客戶的情況以及他們的策略計畫到位。這使我們有機會確保我們能夠為他們服務。我們沒有看到競爭環境真正有任何改變。我認為，有些事情對我們的需求不斷增加，讓我們對執行充滿信心。

It's a fairly unique approach that we have to have enough platform that really supports an OpenAI approach, you can use multiple different types of language models. We're working with some of our on-prem customers in terms of deploying AI capabilities that they couldn't potentially do with other providers. And we see a lot of different opportunities in terms of driving growth in terms of the overall business.

這是一種相當獨特的方法，我們必須擁有足夠的平台來真正支援 OpenAI 方法，您可以使用多種不同類型的語言模型。我們正在與一些本地客戶合作部署人工智慧功能，而其他提供者可能無法做到這一點。我們在推動整體業務成長方面看到了很多不同的機會。

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。

Yes. I apologize in advance if these questions have been asked. But Steve, you mentioned that greater than 75% of cloud customers are now operating hybrid. Could you give us a sense as far as what percent was it a year ago?

是的。如果有人問這些問題，我先道歉。但是 Steve，您提到超過 75% 的雲端客戶現在都在使用混合雲。您能否告訴我們一年前的百分比是多少？

Yes. I think if we look back, we said it was 50% to 60%, and that's a number we've quoted in the past. So in terms of customers that are operating in a hybrid environment. And clearly, now that we've got hundreds and hundreds of our customers and in the cloud with us, the major corporations in the world, we're seeing great interest and the hybrid capability that we have is clearly a unique differentiator in terms of working across and creating that query fabric across both cloud and on-prem environment.

是的。我想，如果我們回顧過去，我們說的是 50% 到 60%，這是我們過去引用過的數字。對於在混合環境中營運的客戶而言。顯然，現在我們已經擁有成百上千的客戶，並且與我們一起在雲端中，世界上的大公司，我們看到了極大的興趣，並且我們擁有的混合功能顯然是一個獨特的差異化因素跨雲端和本機環境工作並建立查詢結構。

There are no further questions in queue. I would like to turn the call back over to Steve McMillan for concluding remarks.

隊列中沒有其他問題。我想將電話轉回史蒂夫·麥克米倫 (Steve McMillan) 進行總結發言。

Thanks, everyone, for joining us today. As we look ahead, we are going to continue to innovate as the complete cloud analytics and data platform company for AI. We remain absolutely focused on delivering the harmonized data, trusted AI and faster innovations that empower our customers to make better, more confident decisions and improve their overall business performance. We really are excited about our future in this truly dynamic market. Thanks very much.

謝謝大家今天加入我們。展望未來，我們將作為完整的人工智慧雲端分析和數據平台公司繼續創新。我們仍然絕對專注於提供統一的數據、值得信賴的人工智慧和更快的創新，使我們的客戶能夠做出更好、更自信的決策，並提高他們的整體業務績效。我們對這個真正充滿活力的市場的未來感到非常興奮。非常感謝。

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

今天的電話會議到此結束。您現在可以斷開連線。