Teradata Corp (TDC) 2024 Q1 法說會逐字稿

Good afternoon. My name is Joe, and I will be your conference operator today. At this time, I would like to welcome everyone to the Teradata First Quarter 2024 Earnings Call. (Operator Instructions)

午安.我叫喬，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 2024 年第一季財報電話會議。 （操作員說明）

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

我現在想將會議交給今天的東道主，投資者關係和企業發展副總裁 Mike DiLoreti。您可以開始您的會議了。

Good afternoon, and welcome to Teradata's 2024 First 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 2024 年第一季財報電話會議。 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 the 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 March 31, 2024, 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，包括我們最新的10-K 表格和截至2024 年3 月31 日的季度的10-Q 表格，預計將在2024 年3月31 日向SEC 提交。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 and ARR 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準則財務指標，其中不包括基於股票的薪資費用和我們的收益發布中描述的其他特殊項目等項目。我們還將討論其他非 GAAP 項目，例如自由現金流、固定貨幣比較以及以固定貨幣計算的 2024 年收入和 ARR 成長前景。除非另有說明，否則今天電話會議上討論的所有數字和結果均基於非公認會計原則。

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，您可以透過我們網站 Investor.teradata.com 的投資者關係頁面存取該報告。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, Mike, and thanks, everyone, for joining us. Today, I will start with some comments on our quarterly results, recent changes to our leadership team, new growth initiatives and examples of customer success. Claire will conclude with our detailed financial results and an update on our outlook.

謝謝麥克，也謝謝大家加入我們。今天，我將首先對我們的季度業績、領導團隊最近的變動、新的成長計劃和客戶成功的例子發表一些評論。克萊爾將總結我們詳細的財務表現和我們的展望的最新情況。

Total ARR was $1.48 billion in Q1, down 1% in constant currency. While this is within the constant currency range we provided, we're not satisfied with this result. In Q1, Teradata achieved $525 million of Cloud ARR, up 36% year-over-year in constant currency. Teradata started out the year firmly focused on improving execution across the business and taking actions to improve performance, and we are continuing our work to drive better execution.

第一季總 ARR 為 14.8 億美元，以固定匯率計算下降 1%。雖然這在我們提供的固定貨幣範圍內，但我們對此結果並不滿意。第一季度，Teradata 實現了 5.25 億美元的雲端 ARR，以固定匯率計算年增 36%。 Teradata 今年開始堅定致力於提高整個業務的執行力並採取行動提高績效，我們將繼續努力推動更好的執行力。

When customers move to the cloud with us, they see value and are expanding. Our cloud net expansion rate remained strong at 123%, and we continue to see approximately 75% of our cloud customers operating in a hybrid environment. We believe our hybrid multi-cloud platform is differentiated and what our customers, among the world's largest enterprise companies, needs in today's dynamic environment.

當客戶與我們一起遷移到雲端時，他們看到了價值並且正在擴展。我們的雲端淨擴張率保持在 123% 的強勁水平，我們繼續看到約 75% 的雲端客戶在混合環境中運作。我們相信我們的混合多雲平台是與眾不同的，也是我們的客戶（全球最大的企業公司）在當今動態環境中所需要的。

As we indicated last quarter, some customer decision-making cycles have been elongated. In setting our 2024 outlook, we factored the impact of these longer deal cycles continuing throughout the year. That said, in the first quarter, we closed one of the large, slipped deals from 2023 and we remain on track to close the majority of them this year, as we previously stated.

正如我們上季所指出的，一些客戶決策週期已經延長。在製定 2024 年展望時，我們考慮了全年持續較長交易週期的影響。也就是說，在第一季度，我們完成了 2023 年以來的一項大型交易，正如我們之前所說，我們仍有望在今年完成其中大部分交易。

The on-prem erosion activities we discussed last quarter occurred in line with expectations. We continue to view the first part of 2024 as an outlier, and we do expect our total net expansion rate to remain positive for the year. In a moment, I'll address more about the customer success actions we are taking success actions we are taking that will maintain long-term customer relationships.

我們上季討論的本地侵蝕活動符合預期。我們仍然將 2024 年上半年視為異常值，並且預計今年的總淨擴張率將保持正值。稍後，我將詳細介紹我們正在採取的客戶成功行動，我們正在採取的成功行動將維持長期的客戶關係。

Finally, we generated non-GAAP earnings per share of $0.57, at the total end of our quarterly range.

最後，我們的非 GAAP 每股收益為 0.57 美元，佔季度末的總收益。

While we ended Q1 as we had indicated, that is not the overall growth level we expect going forward, and we are acting with urgency to improve our growth trajectory. To that end, we recently appointed Rich Petley as our Chief Revenue Officer. Rich is a standout and experienced sales leader with a proven track record of enterprise sales success, growing customers and pipeline.

雖然我們如前所述結束了第一季度，但這並不是我們預期的未來整體成長水平，我們正在緊急採取行動，以改善我們的成長軌跡。為此，我們最近任命 Rich Petley 為我們的首席營收長。 Rich 是一位傑出且經驗豐富的銷售領導者，在企業銷售成功、不斷成長的客戶和通路方面擁有良好的記錄。

We have been intentional in our talent management planning. And 2 years ago, we recruited Rich as the head of sales of our EMEA region. The growth of that region gave us confidence in expanding his responsibilities last year to include all international sales. Under Rich's leadership over the past 2 years, the sales organizations have delivered results meaningfully ahead of overall growth rate.

我們一直有意識地進行人才管理規劃。兩年前，我們聘請 Rich 擔任 EMEA 地區的銷售主管。該地區的成長使我們有信心去年將他的職責擴大到包括所有國際銷售。過去兩年，在 Rich 的領導下，銷售組織取得了顯著領先於整體成長率的表現。

Rich has consistently shown improvements in driving predictability, adoption of partners and growing new logos. He has a deep understanding of our customers, technologies and business and will bring greater discipline in deal management to help Teradata scale our value and drive profitable growth. Rich is the right person for the job now, and we expect to see a positive impact he takes over our sales organization.

Rich 在推動可預測性、合作夥伴採用和開發新標誌方面不斷取得進展。他對我們的客戶、技術和業務有著深入的了解，並將在交易管理方面加強紀律，幫助 Teradata 擴大我們的價值並推動獲利成長。里奇現在是這份工作的合適人選，我們希望看到他接管我們的銷售組織後會產生積極的影響。

We have also been steadily building out our customers success capabilities, and the organization has developed a more disciplined process and more thorough and objective assessment of account health, enabling active engagement to maintain and grow customers.

我們也一直在穩步增強客戶成功能力，並且該組織制定了更嚴格的流程以及對帳戶健康狀況進行更徹底和客觀的評估，從而能夠積極參與以維持和發展客戶。

Our customer success team has also instituted the AI innovation days where we are bringing together our customers and prospects with our subject matter experts to promote deeper understanding of our AI and data lake capabilities, how customers can improve their growth through analytics and realize increased value from the Teradata investments. We're hosting these sessions around the globe and are seeing high interest and engagement from customers. As an example, we recently had 100 representatives from one of our banking customers participate with us in building their strategy for AI.

我們的客戶成功團隊也設立了人工智慧創新日，我們將客戶和潛在客戶與我們的主題專家聚集在一起，以促進對我們的人工智慧和資料湖功能的更深入了解，以及客戶如何透過分析促進成長，並透過分析實現更大的價值。我們在全球範圍內舉辦這些會議，並看到客戶的高度興趣和參與。舉個例子，最近我們有來自銀行客戶的 100 名代表與我們一起制定他們的人工智慧策略。

Additionally, we have sharpened our focus on key operational success levers, including driving new logos and improving sales enablement. Through a dedicated cross-functional effort of targeted demand generation, we are seeing positive momentum. Over the last few months, we've seen well over 100 new logos added to our pipeline and our teams are focusing on moving these opportunities through the funnel.

此外，我們也加強了對關鍵營運成功槓桿的關注，包括推動新標誌和改善銷售支援。透過專門的跨職能工作來產生有針對性的需求，我們看到了積極的勢頭。在過去的幾個月裡，我們已經看到超過 100 個新徽標添加到我們的管道中，我們的團隊正在專注於透過管道轉移這些機會。

Ultimately, it's our technology that customers rely on to achieve success. Today, businesses everywhere are exploring how AI can help them be more productive, more innovative and deliver better experiences for their customers and are looking at which technology can best support them.

最終，客戶依靠我們的技術取得成功。如今，世界各地的企業都在探索人工智慧如何幫助他們提高生產力、更具創新性並為客戶提供更好的體驗，並尋找哪種技術可以最好地支援他們。

Teradata is well positioned to help companies bridge the gap between the possible and the actual with respect to AI. But impactful results are only possible through the ability to manage analytics and models at massive scale. At Teradata, this is a core strength, and we believe our technology is fundamental to what companies need today, and we'll continue to innovate here.

Teradata 處於有利位置，可以幫助企業彌合人工智慧方面的可能性與實際之間的差距。但只有透過大規模管理分析和模型的能力，才有可能產生有影響力的結果。在 Teradata，這是一個核心優勢，我們相信我們的技術是滿足公司當今需求的基礎，我們將繼續在這裡創新。

For example, a global investment bank that has been a customer for years tells us that Teradata is a business-critical system, running many of the most important and complex workloads in wealth management and corporate finance. We have earned their trust. Our hybrid capabilities and our AI analytics road map enable us to continue to build for the future together.

例如，一家多年客戶的全球投資銀行告訴我們，Teradata 是一個關鍵業務系統，運作著財富管理和企業財務領域許多最重要、最複雜的工作負載。我們贏得了他們的信任。我們的混合能力和人工智慧分析路線圖使我們能夠繼續共同建立未來。

We've architected our technology to grow and expand as and when customers need. When a leading European telco adopted a cloud-first direction, this customer was able to easily migrate their on-prem environment to Teradata on Azure. We helped them harmonize digital customer interaction data so they could execute high-quality customer experiences. Following the successful cloud migration, the customer expanded and is now leveraging ClearScape Analytics to perform exploratory AI use cases.

我們設計了我們的技術，以便根據客戶的需求進行發展和擴展。當一家領先的歐洲電信公司採用雲端優先方向時，該客戶能夠輕鬆地將其本地環境遷移到 Azure 上的 Teradata。我們幫助他們協調數位客戶互動數據，以便他們能夠執行高品質的客戶體驗。成功進行雲端遷移後，客戶進行了擴展，現在正在利用 ClearScape Analytics 來執行探索性 AI 用例。

A U.S. health care company was a decade-long on-prem customer and became an early adopter of Teradata on Azure to deliver digital health solutions to its clinicians and patients. Their Python AI models run in database using ClearScape Analytics to identify risk and predict patient population for remote patient monitoring. As a result, this customer has seen a 120% increase in patient engagement, aligning to care programs and leading to better health outcomes. These are just a few examples of customers improving their business with our foundational Teradata technology.

一家美國醫療保健公司是已有十年歷史的當地客戶，並成為 Azure 上的 Teradata 的早期採用者，為其臨床醫生和患者提供數位健康解決方案。他們的 Python AI 模型在資料庫中運行，使用 ClearScape Analytics 來識別風險並預測患者人數，以進行遠端患者監控。結果，該客戶的患者參與度提高了 120%，與護理計劃保持一致並帶來更好的健康結果。這些只是客戶利用我們的 Teradata 基礎技術改善業務的幾個範例。

We remain committed to investing in innovation that broadens our ability to drive value for our customers and for us. An example from the first quarter is with a major financial institution that operates in over 30 countries. They selected VantageCloud for the fastest, least-risk and lowest-cost transition to the cloud as well as our hybrid capabilities that support their regulatory compliance needs. They value ClearScape Analysts, our QueryGrid functionality and our ability to accelerate their analytics and data mesh goals. We recently held a briefing with C-level execs, and we walked away excited about our road map and are looking forward to partnering with us to deliver on their highest priority business outcomes, leveraging ClearScape's ability to scale their AI needs.

我們仍然致力於投資創新，以增強我們為客戶和我們自己創造價值的能力。第一季的一個例子是一家在 30 多個國家/地區開展業務的大型金融機構。他們選擇 VantageCloud 來以最快、風險最小和成本最低的方式過渡到雲，並選擇我們的混合功能來支援他們的法規遵循需求。他們重視 ClearScape Analysts、我們的 QueryGrid 功能以及我們加速其分析和資料網格目標的能力。我們最近與 C 級高管舉行了一次簡報會，我們對我們的路線圖感到興奮，並期待與我們合作，利用 ClearScape 擴展其 AI 需求的能力，實現他們最優先的業務成果。

We recently made announcements that strengthened our foundation for trusted AI, including AI Unlimited, our on-demand and cloud-native AI and ML engine that we announced in Q4. This technology is moving into public preview in both AWS and Microsoft marketplaces. AI Unlimited is designed to enable developers, data scientists and engineers to seamlessly explore data, conduct experiments and operationalize AI use cases without risk to mission-critical production environments.

我們最近發布了一些公告，加強了我們可信賴人工智慧的基礎，其中包括我們在第四季度發布的按需雲端原生人工智慧和機器學習引擎 AI Unlimited。該技術正在 AWS 和 Microsoft 市場上進入公共預覽版。 AI Unlimited 旨在使開發人員、資料科學家和工程師能夠無縫地探索資料、進行實驗和實施 AI 用例，而不會對關鍵任務生產環境帶來風險。

Along with AI Unlimited, we announced support for open table formats, Apache Iceberg and Linux Foundation Delta Lake as we work to deliver the most open and connected ecosystem for trusted AI. We see OTFs as the next round of industry disruption, this time at the storage layer. Companies are looking at OTFs to allow them to store all their data in a single location at the lowest possible cost and apply the best engine for the job to the data. We believe we have the best platform with VantageCloud Lake and AI Unlimited. Our strength is in high performance with optimized and parallel processing of shared data, and we believe we are offering customers unparalleled choice in data management. With this announcement, we are confident that we offer the most open and connected ecosystem for OTF integration.

我們與 AI Unlimited 一起宣布支援開放式表單式、Apache Iceberg 和 Linux Foundation Delta Lake，我們致力於為可信任 AI 提供最開放、最互聯的生態系統。我們將 OTF 視為下一輪產業顛覆，這次是在儲存層。公司正在尋求 OTF，以允許他們以盡可能低的成本將所有資料儲存在一個位置，並對資料應用最適合作業的引擎。我們相信我們擁有 VantageCloud Lake 和 AI Unlimited 的最佳平台。我們的優勢在於對共享資料進行最佳化和平行處理的高效能，我們相信我們正在為客戶提供無與倫比的資料管理選擇。透過這項公告，我們有信心為 OTF 整合提供最開放、最互聯的生態系統。

From the private preview uses, we are already seeing AI Unlimited adding value. In one example, a major airline is exploring how AI Unlimited, coupled with ClearScape Analytics, enhances the robustness and predictive power of their models. In another, a major health care provider is leveraging AI Unlimited to experiment with different data sets in order to gain a better understanding of customer behavior and quality of experience.

從私人預覽版的使用來看，我們已經看到 AI Unlimited 的附加價值。在一個例子中，一家大型航空公司正在探索 AI Unlimited 如何與 ClearScape Analytics 結合，以增強其模型的穩健性和預測能力。在另一個案例中，一家大型醫療保健提供者正在利用 AI Unlimited 來試驗不同的資料集，以便更好地了解客戶行為和體驗品質。

Because AI Unlimited is on-demand, users can freely experiment and explore new use cases without affecting the production systems and this sets up the opportunity for new workloads on VantageCloud. These announcements highlight our commitment to a fully open and connected approach that allows enterprises to employ modern data strategies to execute trusted AI at scale.

由於 AI Unlimited 是按需的，因此用戶可以自由實驗和探索新的用例，而不會影響生產系統，這為 VantageCloud 上的新工作負載提供了機會。這些公告凸顯了我們對完全開放和互聯方法的承諾，使企業能夠採用現代資料策略來大規模執行可信任人工智慧。

Our technology leadership also continues to be acknowledged in the market. Forrester recently named us the leader and its report on enterprise data fabric. The report notes that Teradata excels in data fabric and highlights our superior road map, which focuses on AI and large language models. It additionally acknowledges our strong partnership ecosystem that supports large, complex fabric deployments.

我們的技術領先地位也持續得到市場的認可。 Forrester 最近將我們評為領導者並發布了有關企業資料結構的報告。該報告指出，Teradata 在資料結構方面表現出色，並強調了我們卓越的路線圖，該路線圖專注於人工智慧和大型語言模型。它也認可了我們強大的合作夥伴生態系統，支援大型、複雜的結構部署。

Forrester also noted how ClearScape Analytics helped a customer achieve an impressive ROI of nearly 250%. In a new Total Economic Impact Study, Forrester found that ClearScape Analytics has enabled the organization to increase data scientist productivity and time-to-market as it builds ML models, thereby quickly activating, scaling and driving results from trusted AI.

Forrester 也指出 ClearScape Analytics 如何幫助客戶實現近 250% 的令人印象深刻的投資報酬率。在一項新的總體經濟影響研究中，Forrester 發現 ClearScape Analytics 使組織能夠在建立 ML 模型時提高資料科學家的生產力和上市時間，從而快速啟動、擴展和驅動可信任 AI 的結果。

We're also pleased that Teradata was named Tech Partner of the Year by FICO, recognizing that our joint customers can quickly operationalize analytic models, including for AI. FICO also noted our jointly designed banking fraud solution that focuses on real-time payments to help stop the rise in payment fraud.

我們也很高興 Teradata 被 FICO 評為年度技術合作夥伴，並認識到我們的共同客戶可以快速實施分析模型（包括人工智慧）。 FICO 也指出，我們共同設計的銀行詐欺解決方案專注於即時支付，有助於阻止支付詐欺的增加。

I'm also proud of Teradata being named by Ethisphere as one of the world's most ethical companies for the 15th year in a row. This designation is important as it recognizes our dedication to ethical business practices in all aspects of our operations.

我還為 Teradata 連續 15 年被 Ethisphere 評為全球最具商業道德的公司之一而感到自豪。這個頭銜非常重要，因為它認可了我們在營運的各個方面致力於道德商業實踐的努力。

Our technology is well positioned to benefit from the big secular growth drivers in enterprise data and analytics, AI and Machine Learning, cloud adoption, real-time streaming and embedded analytics and data governance and security at scale.

我們的技術處於有利地位，可以從企業數據和分析、人工智慧和機器學習、雲端採用、即時串流和嵌入式分析以及大規模資料治理和安全方面的長期成長驅動力中受益。

Over time, we firmly believe in our ability to expand our customer base in the cloud, to migrate non-cloud customers and to attract new logos. In the near term, we expect cloud ARR and total ARR growth to reaccelerate as we progress through this year. As Claire will describe in more detail, our growth outlook for 2024 remains within the ranges we've provided.

隨著時間的推移，我們堅信我們有能力擴大雲端中的客戶群、遷移非雲端客戶並吸引新商標。短期內，我們預計隨著今年的進展，雲端 ARR 和總 ARR 成長將重新加速。正如克萊爾將更詳細地描述的那樣，我們對 2024 年的成長前景仍然在我們提供的範圍內。

Importantly, as shareholders expect, we are focused not only on the top line, but also on profitability, protecting and growing our free cash flow and on return of capital. We will continue to invest in our technology differentiation, and we are equally committed to achieving our margin, free flow and capital return targets.

重要的是，正如股東所期望的那樣，我們不僅關注營收，還關注獲利能力、保護和成長我們的自由現金流以及資本回報。我們將繼續投資於我們的技術差異化，我們同樣致力於實現我們的利潤、自由流動和資本回報目標。

I will now turn the call over to Claire.

我現在將把電話轉給克萊爾。

Thank you, Steve, and good afternoon, everyone. In the first quarter, cloud ARR growth remained healthy at 36% year-over-year in constant currency, supported by a cloud net expansion rate of 123%. Even though Q1 is traditionally our lowest growth quarter, the sequential growth from migration and expansion activity were slightly below expectations.

謝謝史蒂夫，大家下午好。第一季度，在 123% 的雲端淨擴張率的支撐下，以固定匯率計算，雲端 ARR 年比維持健康成長 36%。儘管第一季傳統上是我們成長最低的季度，但遷移和擴張活動的連續成長略低於預期。

As we expected in the first quarter, we had a sequential decline of total ARR, driven by specific on-prem erosions. The total ARR decreased by $76 million on a constant currency basis, within the range we provided in February of 4% to 5%. The impact from currency was 1 percentage point.

正如我們在第一季所預期的那樣，由於特定的本地侵蝕，我們的總 ARR 連續下降。以固定匯率計算，總 ARR 下降了 7,600 萬美元，在我們 2 月提供的 4% 至 5% 的範圍內。貨幣的影響是1個百分點。

Let me now share more details on our quarterly financial results, starting with revenue. First quarter recurring revenue was $388 million, flat as reported and 1% growth year-over-year in constant currency. We saw strong growth in cloud revenue, offset by headwinds from upfront revenue, the anticipated on-prem erosions and currency.

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。第一季經常性營收為 3.88 億美元，與報告持平，以固定匯率計算年增 1%。我們看到雲端收入強勁成長，但被前期收入、預期的本地侵蝕和貨幣帶來的不利因素所抵消。

Net upfront revenue was a positive $22 million in the quarter versus $34 million in Q1 of last year, driving a 3-point headwind year-over-year.

本季預付淨收入為 2,200 萬美元，而去年第一季為 3,400 萬美元，年減 3 個百分點。

Recurring revenue as a percentage of total revenue was 83%.

經常性收入佔總收入的比例為83%。

First quarter total revenue was $465 million, down 2% year-over-year as reported and down 1% in constant currency. The year-over-year change is primarily due to lower perpetual and consulting revenues.

第一季總營收為 4.65 億美元，年減 2%，以固定匯率計算下降 1%。年比變化主要是由於永久收入和諮詢收入下降。

Moving to profitability and free cash flow. We were pleased with our profitability. Total gross margin was $289 million in the quarter. Operating profit was $89 million, and operating margin was 19.1%. Both gross margin and operating margin were impacted by a higher percentage of public cloud revenue, offset in part by continued expansion in our cloud margin rate.

轉向獲利和自由現金流。我們對我們的盈利能力感到滿意。該季度的總毛利率為 2.89 億美元。營業利益為 8,900 萬美元，營業利益率為 19.1%。毛利率和營業利益率都受到公有雲收入比例較高的影響，但部分被我們的雲端利潤率的持續擴張所抵銷。

Non-GAAP diluted earnings per share was $0.57, at the top end of our outlook range.

非 GAAP 攤薄每股收益為 0.57 美元，在我們展望範圍的上限。

We generated $21 million of free cash flow in the quarter, which is lower on a year-over-year basis by $84 million approximately $20 million is due to lower net income and approximately $30 million from working capital dynamics, with the remaining change largely due to lower billings. None of these impact the full year outlook, and therefore, we are still on track to land within our 2024 free cash flow range.

本季我們產生了 2,100 萬美元的自由現金流，年減了 8,400 萬美元，其中約 2,000 萬美元是由於淨利潤下降，約 3,000 萬美元來自營運資金動態，其餘變化主要是由於以降低帳單。這些都不會影響全年前景，因此，我們仍有望落在 2024 年自由現金流範圍內。

In the first quarter, we repurchased approximately $124 million of stock or 3.2 million shares. We remain committed to returning at least 75% of free cash flow to shareholders in the form of share repurchases.

第一季度，我們回購了約 1.24 億美元的股票或 320 萬股。我們仍然致力於以股票回購的形式將至少 75% 的自由現金流返還給股東。

Moving to our full year 2024 outlook. As a reminder, our outlook ranges are in constant currency for the ARR and revenue metrics. We are retaining the ranges provided in February, but we currently expect to come in at the low end of the ranges, driven by lower total ARR expansion as on-prem customers continue to migrate to the cloud. However, as it relates to Cloud ARR, we remain confident in the midpoint of our range due to the strong pipeline of customers planning to migrate and expand with us in the cloud.

展望 2024 年全年。提醒一下，我們的展望範圍是以固定匯率計算的 ARR 和收入指標。我們保留了 2 月提供的範圍，但由於本地客戶繼續遷移到雲，總 ARR 擴張較低，因此我們目前預計將處於該範圍的低端。然而，就雲端 ARR 而言，我們對我們產品範圍的中點仍然充滿信心，因為有大量客戶計劃與我們一起在雲端中遷移和擴展。

Please refer to our Q1 earnings presentation on our Investor Relations website for a complete list of the 2024 outlook ranges previously provided. We anticipate acceleration of cloud and total ARR dollar growth throughout the year. We expect the fourth quarter to be the strongest quarter and deliver 50% or more of the growth, in line with historical seasonality.

請參閱我們在投資者關係網站上發布的第一季財報，以了解先前提供的 2024 年展望範圍的完整清單。我們預計全年雲端運算和總 ARR 美元成長將加速。我們預計第四季度將是最強勁的季度，並實現 50% 或更多的成長，與歷史季節性相符。

We anticipate total ARR to be relatively flat from Q1 to Q2.

我們預計第一季到第二季的總 ARR 將相對持平。

Some updated modeling assumptions for 2024 include: using the end of April currency rate, we anticipate year-over-year headwinds of approximately 230 basis points on revenue, which is an incremental 100 basis points compared to the January rate; 130 basis points on total ARR and 170 basis points on cloud ARR; weighted average shares outstanding of approximately $98.5 million; other expense of approximately $50 million. We continue to project our non-GAAP tax rate of approximately 24.2%.

2024 年的一些更新的模型假設包括：使用 4 月底的匯率，我們預計收入將同比下降約 230 個基點，與 1 月份的匯率相​​比增加了 100 個基點；總 ARR 為 130 個基點，雲 ARR 為 170 個基點；加權平均已發行股票約 9,850 萬美元；其他費用約5000萬美元。我們繼續預期非 GAAP 稅率約為 24.2%。

Regarding our outlook for the second quarter of 2024, we anticipate non-GAAP diluted earnings per share to be in the range of $0.46 to $0.50. We project the non-GAAP tax rate to be approximately 24% and the weighted average shares outstanding of 98 million. We remain highly focused on profitability and free cash flow growth. As we look to 2025 and beyond, we have multiple levers available, including top line growth, gross margin expansion, operating expense optimization and further working capital improvements to increase free cash flow generation.

關於我們對 2024 年第二季的展望，我們預計非 GAAP 攤薄每股收益將在 0.46 美元至 0.50 美元之間。我們預期非 GAAP 稅率約為 24%，加權平均流通股數為 9,800 萬股。我們仍然高度關注獲利能力和自由現金流成長。展望 2025 年及以後，我們有多種可用槓桿，包括營收成長、毛利率擴張、營運費用優化以及進一步改善營運資本以增加自由現金流的產生。

We continue to invest in areas that will drive long-term growth, including AI, demand creation and brand perception. We are still on the path to achieve the 2025 goals of at least $1 billion in cloud ARR and operating margin in the low 20% range and free cash flow of at least $450 million. However, we expect it will take slightly longer to achieve our 2025 total ARR and revenue growth metrics.

我們持續投資於能夠推動長期成長的領域，包括人工智慧、需求創造和品牌認知。我們仍在努力實現 2025 年雲端 ARR 至少 10 億美元、營業利潤率在 20% 以下以及自由現金流至少 4.5 億美元的目標。然而，我們預計實現 2025 年總 ARR 和收入成長指標將需要稍長的時間。

We continue to operate in this growing market with differentiated product capabilities and strong customer loyalty, and therefore, remain optimistic about the profitable growth opportunities ahead.

我們繼續以差異化的產品能力和強大的客戶忠誠度在這個不斷增長的市場中運營，因此對未來的獲利成長機會保持樂觀。

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) The first question is from the line of Erik Woodring with Morgan Stanley.

（操作說明）第一個問題來自摩根士丹利的 Erik Woodring。

Steve, maybe if we can start with you. Can you just expand a bit on the broader kind of deal in demand landscape. Clearly, you mentioned closing one of the slipped deals, but you're now guiding to the lower end of your ranges for total ARR and cloud -- total ARR for the full year. So are decision-making cycles any longer than 3 months ago? Kind of what are you hearing from customers? Are there any new holdups? So I'd just love to hear what you're seeing kind of boots on the ground and maybe how that behavior has kind of continued into April. And then I have a follow-up.

史蒂夫，也許我們可以從你開始。您能否稍微擴展一下更廣泛的交易需求領域？顯然，您提到了完成其中一項下滑的交易，但您現在正在引導總 ARR 和雲端（全年總 ARR）範圍的下限。那麼決策週期是否比3個月前還要長呢？您從客戶那裡聽到了什麼？是否有新的阻礙？所以我很想聽聽你們在地面上看到了什麼，也許這種行為是如何持續到四月的。然後我有一個後續行動。

Yes. Thanks, Erik, for the question. We're still seeing a very positive demand environment across the full year. We did refer to some deal elongation in last quarter's earnings call. And that's been factored into our full year guide, and that hasn't really changed. As data analytics and AI becomes a strategic decision point within our customers, we see that more people getting involved in those decision-making journeys inside our customer base. But that has been factored into our full year guidance.

是的。謝謝埃里克提出的問題。我們仍然看到全年的需求環境非常正面。我們確實在上個季度的財報電話會議上提到了一些交易延長。這已被納入我們的全年指南中，並且並沒有真正改變。隨著數據分析和人工智慧成為我們客戶的策略決策點，我們看到越來越多的人參與我們客戶群的決策過程。但這已納入我們的全年指導中。

Although Q1 was slightly below expectation, we are confident in the midpoint of our outlook from a cloud perspective because it really is supported by the pipeline that we have and the strong interest that we have in our cloud platform.

儘管第一季略低於預期，但從雲端的角度來看，我們對前景的中點充滿信心，因為它確實得到了我們擁有的管道以及我們對雲端平台的強烈興趣的支持。

All right. And then, Claire, maybe just turning to you, maybe to ask a similar question just on the cloud ARR side. I think last quarter, we talked about slight sequential expansion in cloud ARR dollars, obviously down about $3 million sequentially. So can you just maybe dig in a little bit more specifically into some of the headwinds that you faced in the quarter? What were kind of the main factor or factors for why that metric kind of slightly underperformed and then, obviously, keeping the full year cloud ARR midpoint unchanged? What kind of changes as we go into 2Q and 3Q and 4Q? Would just love if you can unpackage that for me.

好的。然後，克萊爾，也許只是轉向您，也許只是在雲端 ARR 方面提出類似的問題。我認為上個季度，我們談到了雲端 ARR 美元的輕微連續擴張，明顯連續下降了約 300 萬美元。那麼，您能否更具體地研究一下您在本季面臨的一些不利因素？導致此指標表現稍差，然後顯然保持全年雲 ARR 中點不變的主要因素是什麼？當我們進入第二季、第三季和第四季時，會發生什麼樣的變化？如果你能為我拆開它，我會很高興。

Yes. Thanks, Erik. So to your point, we anticipate slight growth in constant currency is what we are expecting as kind of the low single digits to mid-single digits as we came into Q1. We did actually see a negative impact from currency of about $5 million in the quarter on our cloud ARR as our mix with regards to our international business continues to grow. So we did see that low single-digit growth in constant currency to your point then net of currency on a reported basis. It was a slight decline. It's slightly below a few million dollars below what we were expecting coming in. And given that Q1 is always anticipated to be our lowest growth quarter, we don't believe that, that will materially impact our overall ability to hit the midpoint of the guide.

是的。謝謝，埃里克。因此，就您的觀點而言，我們預計，當我們進入第一季時，固定匯率的小幅成長就是我們所預期的低個位數到中個位數的成長。事實上，隨著我們的國際業務組合不斷增長，我們確實看到本季約 500 萬美元的貨幣對我們的雲端 ARR 產生了負面影響。因此，我們確實看到以固定匯率計算的單位數成長率較低，然後按報告的淨值計算。略有下降。它比我們的預期略低幾百萬美元。

And as Steve mentioned, we have a strong pipeline to support that. So that's what enables us to be able to keep that midpoint. We always anticipate an acceleration of that growth. So we see that. We expect acceleration in Q2, Q3, Q4 with Q4 remaining our biggest growth quarter in line with our historical seasonality and approximately 50% is what we've seen in Q4, historically, so we're anticipating the same in 2024.

正如史蒂夫所提到的，我們有強大的管道來支持這一點。這就是我們能夠保持中點的原因。我們始終預期這種成長會加速。所以我們看到了這一點。我們預計第二季、第三季、第四季將加速成長，其中第四季仍然是我們最大的成長季度，與我們的歷史季節性相符，並且歷史上我們在第四季所看到的大約為50%，因此我們預期2024 年也會出現同樣的情況。

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)。

Yes. I was wondering maybe, Claire, just to go down this point again on the cloud ARR sequential trends. Obviously, FX, you called out as an impact. But I think in your prepared statements, you also said sequential growth from migration expansion activity was slightly below expectations. Now when I look at sort of your comments around confidence in reacceleration, you do point to migration and expansion. So could you maybe just give us some sense of what's driving that confidence that the pipeline that you see, you will be able to convert and that there won't be more kind of maybe hesitancy or pause with spending in that area? Why should we feel more comfortable about the conversion of that pipeline as we go through the course of the year?

是的。 Claire，我想知道也許只是為了再次了解雲端 ARR 連續趨勢。顯然，FX，你認為這是一種影響。但我認為在您準備好的聲明中，您也表示遷移擴張活動的連續成長略低於預期。現在，當我看到您對重新加速信心的評論時，您確實指出了遷移和擴張。那麼，您能否讓我們了解一下是什麼推動了您所看到的管道的信心，您將能夠進行轉換，並且在該領域的支出不會有更多的猶豫或暫停？為什麼當我們經歷這一年的過程時，我們應該對該管道的轉換感到更加放心？

Wamsi, it's Steve. Thanks for the question. I'll take it and then hand it to Claire if she's got any other color to add. I think as we take a step back, it's important to recognize that in 2023, we grew our cloud ARR faster than the broader market. And our 2024 outlook says that we're going to do the same. So we have great confidence in our business and our ability to cloud. A couple of things that lead us to that conclusion. One is that once customers are in the cloud with us, they tend to expand with Teradata once they've migrated. And then we're going to get the base of that cloud business growing over time, and that's going to be a more substantial impact to our overall growth rate.

瓦姆西，我是史蒂夫。謝謝你的提問。如果克萊爾需要添加任何其他顏色，我會把它交給她。我認為，當我們退後一步時，重要的是要認識到，到 2023 年，我們的雲端 ARR 成長速度快於更廣泛的市場。我們對 2024 年的展望表明我們也會這樣做。因此，我們對我們的業務和雲端能力充滿信心。有幾件事讓我們得出了這個結論。一是，一旦客戶使用我們的雲端服務，他們在遷移後往往會使用 Teradata 來擴展。然後，隨著時間的推移，我們的雲端業務基礎將會不斷成長，這將對我們的整體成長率產生更重大的影響。

The other thing is we've got a great migration pipeline in terms of major enterprises migrating to the cloud with us. There's still a great recognition that we are the best path to the cloud for our customers for the lease cost, lease risk, quickest path so that if they want to take advantage of these new AI/ML capabilities in the cloud, we're definitely the best way to do that. And I think that's building our pipeline in terms of our overall pipeline and execution. As Claire pointed out, Q4 is always our -- seasonally our largest quarter. We always tend to do more than 50% of our business in that Q4. But we're seeing a good pipeline as we move into the second half of the year and a good market environment to execute it.

另一件事是，我們有一個很棒的遷移管道，主要企業可以與我們一起遷移到雲端。人們仍然高度認識到，就租賃成本、租賃風險和最快路徑而言，我們是客戶通往雲端的最佳路徑，因此，如果他們想利用雲端中的這些新的 AI/ML 功能，我們絕對是最好的方法就是做到這一點。我認為這正在我們的整體管道和執行方面建立我們的管道。正如克萊爾指出的那樣，第四季度始終是我們季節性最大的季度。我們總是傾向於在第四季完成 50% 以上的業務。但隨著進入下半年，我們看到了良好的管道和良好的市場環境來執行它。

Okay. Thank you, Steve. Appreciate the comments. In your prepared remarks, you also noted you've seen well over 100 new logos added to your pipeline. Can you give us some sense of sort of where you're seeing this traction? Should we expect continued traction of net new logos? And in sort of your bridge to getting to the $1 billion, is now the new logo part any more important or any more larger size than what you had anticipated previously?

好的。謝謝你，史蒂夫。感謝您的評論。在您準備好的評論中，您還指出您已經看到超過 100 個新徽標添加到您的管道中。您能否告訴我們您在哪裡看到了這種吸引力？我們是否應該期待新標誌的持續吸引力？作為通往 10 億美元的橋樑，現在新徽標部分是否比您之前預期的更重要或尺寸更大？

Yes, we continue to win new logos in the quarter, and it was really great to see our demand generation activities, but over 100 new logos added into the pipeline in the last few months, we're not seeing any change in shape to those new logos. They tend to be small to start with and they grow over time. If we dig into that a little bit, we've seen some great traction in our international business by partners, and we think there's a lot of lessons that we can learn there in terms of bringing that to global sales motions and using partner relationships in the Americas as an example to drive more new logos as we move forward.

是的，我們在本季度繼續贏得新徽標，很高興看到我們的需求生成活動，但在過去幾個月中添加了 100 多個新徽標，我們沒有看到這些徽標有任何形狀變化新標誌。它們一開始往往很小，隨著時間的推移它們會逐漸長大。如果我們深入研究這一點，我們將看到合作夥伴對我們的國際業務產生了巨大的吸引力，我們認為，我們可以從中學到很多經驗教訓，將其引入全球銷售活動並利用合作夥伴關係以美洲為例，隨著我們的前進，推動更多新標誌的誕生。

I think the new logo pipeline with offers like AI Unlimited, which we refer to on the prepared remarks, gives us an ability to interact with a new set of buying and a new set of users for the Teradata platform. I think being integrated -- being one of the only ISPs with a query engine being natively integrated into the Microsoft fabric offering is going to be really exciting in terms of generating new logos. From a materiality perspective, though, our business from a cloud perspective in 2024 is still going to be driven by expansions and migration activity.

我認為新的徽標管道以及諸如 AI Unlimited 之類的優惠（我們在準備好的評論中提到）使我們能夠與 Teradata 平台的一組新購買者和新用戶進行互動。我認為整合——成為唯一將查詢引擎原生整合到 Microsoft Fabric 產品中的 ISP 之一，在生成新標誌方面將非常令人興奮。不過，從實質角度來看，2024 年我們的雲端業務業務仍將由擴張和遷移活動驅動。

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

下一個問題來自古根漢的霍華德馬。

Claire, I want to ask you about your guidance, which implies that you need to add about $200 million of cloud ARR in about 3 quarters. And as you and Steve just mentioned that mostly in the second half and in Q4, so I was hoping you could comment in terms of expansion versus migration. On the expansion side, are you expecting an acceleration in expansion rates maybe? Or maybe any pricing benefits as contracts renew? And then on the migration side, should we essentially assume that subscription ARR will then be flat at best this year and then become a material contributor to cloud growth perhaps starting next year?

Claire，我想問您的指導，這意味著您需要在大約 3 個季度內增加約 2 億美元的雲端 ARR。正如您和史蒂夫剛剛提到的，主要是在下半年和第四季度，所以我希望您能就擴張與遷移進行評論。在擴張方面，您是否預期擴張速度會加快？或者合約續約時可能會帶來定價優勢嗎？然後在遷移方面，我們是否應該假設今年訂閱 ARR 充其量將持平，然後可能從明年開始成為雲端成長的實質貢獻者？

Yes. Thanks for the question, Howard. So just to confirm, we're not modeling an acceleration in our net expansion rate. We saw a good net expansion rate again this quarter of 123%. We continue to model approximately 120% as we model out to get to the midpoint of our 2024 guide and also as we model out to get to the $1 billion in 2025. The rest we then would expect to come from migration. And as we mentioned in our prepared remarks, we are seeing a really strong pipeline and even increasing pipeline of the number of large existing enterprise customers that want to migrate with us to the cloud. So that's why we feel comfortable about those assumptions, we're not anticipating an acceleration.

是的。謝謝你的提問，霍華德。因此，為了確認這一點，我們沒有對淨擴張率的加速進行建模。本季我們再次看到了 123% 的良好淨擴張率。我們繼續對大約 120% 進行建模，以達到 2024 年指南的中點，並在 2025 年達到 10 億美元。正如我們在準備好的演講中所提到的，我們看到了一個非常強大的管道，甚至有越來越多現有的大型企業客戶希望與我們一起遷移到雲端。這就是為什麼我們對這些假設感到滿意，我們預計不會加速。

To your point with regards to subscription, with regards to subscription, once you take into account, obviously, the impact of migrations from subscription to the cloud, we still anticipate expansions to be positive. So we still expect growth in the low single digits with regards to subscriptions, but once you've taken out the impact of migrations.

就您關於訂閱的觀點而言，顯然，一旦您考慮到從訂閱遷移到雲端的影響，我們仍然預期擴張將是正面的。因此，我們仍然預期訂閱量會出現低個位數的成長，但一旦消除了遷移的影響。

Okay. And I just have a quick follow-up either for you or for Steve. I wanted to ask about the strategic collaboration agreement with AWS. Are there any changes in terms of the economic terms of that agreement worth calling out that would impact either revenue or gross margins?

好的。我只是為你或史蒂夫做一個快速跟進。我想問一下與AWS的戰略合作協議。該協議的經濟條款是否有任何值得關注的變化，會影響收入或毛利率？

Yes. Thanks, Howard. Yes, we're really happy with our relationship with AWS. It continues to go from strength to strength, and it's felt really upon that growing cloud business in the AWS environment. One of the things that we have always discussed is that as we continue to scale up and scale out our cloud business, it will give us the opportunity to have better strategic relationships and strategic agreements with the hyperscalers and thus the AWS agreement is one of those. And we see it as another element in terms of how we continue to expand our cloud margins going forward.

是的。謝謝，霍華德。是的，我們對與 AWS 的關係非常滿意。它不斷發展壯大，並且在 AWS 環境中不斷成長的雲端業務上得到了切實的體現。我們一直討論的一件事是，隨著我們不斷擴大和擴展我們的雲端業務，這將使我們有機會與超大規模企業建立更好的策略關係和策略協議，因此 AWS 協議就是其中之一。我們將其視為我們未來如何繼續擴大雲端利潤的另一個因素。

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。

I do have 2 questions. First one is that, Claire, can you give a little bit more detail on why migration and expansion activity was slightly below expectations?

我有兩個問題。第一個是，克萊爾，您能否更詳細地說明為什麼遷移和擴張活動略低於預期？

Yes, certainly. So yes, as I mentioned, we weren't expecting a significant growth in Q1. It was slightly below our expectations by a few million dollars, and that was kind of split equally between migrations and expansions. As you can see, we do continue to see a strong net expansion rate. So that doesn't cause us any concern, and it's not anything that is -- we believe is going to be an issue as we accelerate our growth throughout the year.

是的，當然了。所以，是的，正如我所提到的，我們預計第一季不會顯著成長。它比我們的預期略低幾百萬美元，並且在遷移和擴展之間平均分配。正如您所看到的，我們確實繼續看到強勁的淨擴張率。因此，這不會引起我們任何擔憂，我們相信，隨著我們全年加速成長，這將成為一個問題。

So just a couple -- a few deals here and there that potentially sort of we were expecting potentially to close in Q1, but no issues from an overall outlook standpoint and no changes with regards to competitive environment or anything. So just kind of the usual puts and takes as we would see in the quarter, driving a few million dollars lower in Q1 compared to our expectations.

因此，只有幾筆交易——我們預計可能在第一季完成的一些交易，但從整體前景的角度來看沒有問題，競爭環境或任何方面都沒有變化。因此，就像我們在本季看到的那樣，這就是我們在本季看到的通常的看跌期權和看跌期權，與我們的預期相比，第一季的收入減少了數百萬美元。

Okay. And then sticking with you, Claire, you mentioned multiple levers give you confidence in continuing to drive free cash flow growth into calendar '25. You listed 4 levers. What are those 4 levers do you have greatest confidence in actually being the biggest driver of that being the top line growth with gross margin expansion, operating expense optimization or working capital improvement?

好的。然後，克萊爾，您提到多種槓桿讓您有信心在 25 日曆年繼續推動自由現金流成長。您列出了 4 個槓桿。您最有信心透過毛利率擴張、營運費用優化或營運資本改善來真正成為營收成長的最大推動力的這 4 個槓桿是什麼？

Yes. No, actually, we're going to expect -- in terms of my confidence, I'm confident across all of those drivers. I mentioned for 2 of them linked to how we can improve our operating margins. And so as I mentioned, with regards to 2025, I have very good confidence to get -- to increase our operating margins and be in the low 20% range and that is driven by cloud margin expansion. As we continue to see as we increase our scale and size within cloud, we continue to see that margin expansion. So that gives me good confidence with that.

是的。不，實際上，我們會期待——就我的信心而言，我對所有這些車手都充滿信心。我提到其中兩個與我們如何提高營業利潤率有關。正如我所提到的，對於 2025 年，我非常有信心提高我們的營運利潤率並保持在 20% 的低水平，這是由雲端利潤率擴張推動的。隨著我們繼續擴大雲端業務的規模和規模，我們將繼續看到利潤率的擴張。這讓我對此充滿信心。

We have a great track record with regards to optimizing OpEx, especially as we grow. We -- the top line growth is going to be driven by the continued growth we see in cloud, which gives me confidence in that. And then with regards to working capital dynamics, we have a very strong cash conversion cycle. I still see a small opportunity with regards to improving, for example, our DSOs. They're kind of in the low 60 days' range. I think we can still get a few days improvement over time in our DSOs as well. So I would say the biggest drivers do come from the operating margin expansions and top line growth, but also have great confidence across all of those drivers.

我們在優化營運支出方面擁有良好的記錄，尤其是隨著我們的成長。我們的營收成長將由雲端運算的持續成長所推動，這讓我對此充滿信心。然後就營運資本動態而言，我們有一個非常強大的現金轉換週期。我仍然看到了改進 DSO 等方面的小機會。它們大約在 60 天的範圍內。我認為隨著時間的推移，我們的 DSO 仍然可以得到幾天的改進。因此，我想說，最大的驅動因素確實來自營業利潤率擴張和營收成長，但我們對所有這些驅動因素也充滿信心。

The next question is from 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. I first wanted to ask about some of your newer announcements, AI Unlimited, open table format support, the expanded AWS partnership. Are any of these impacts embedded in the reacceleration in guidance? Or is it more what you're seeing in your existing pipeline for existing workloads that's giving you confidence?

我是雷莫的謝爾頓·麥克米恩斯。我首先想詢問你們的一些新公告、AI Unlimited、開放式表格式支援、擴大的 AWS 合作夥伴關係。這些影響是否包含在指導中的重新加速中？還是您在現有工作負載的現有管道中看到的更多內容給了您信心？

Yes. Thank you for the questions. Yes, we are most super excited about our announcements around AI Unlimited and support for open table format. We really believe there is a differentiated capability in the industry, supporting both Iceberg and Delta Lake formats from an open table format perspective. The AI Unlimited is certainly a facility that's going to enable us to attract new workloads into the Teradata ecosystem and new users into the Teradata ecosystem.

是的。謝謝你的提問。是的，我們對 AI Unlimited 和開放式表格式支援的公告感到非常興奮。我們確實相信業界存在差異化的能力，從開放式表格式的角度支持 Iceberg 和 Delta Lake 格式。 AI Unlimited 無疑是一種工具，它將使我們能夠吸引新的工作負載進入 Teradata 生態系統，並將新用戶吸引到 Teradata 生態系統。

In terms of creating an impact or a meaningful impact to our total ARR and total cloud ARR, we see these as fueling the pipeline and I think is a catalyst for us so that we can discuss with those customers a move into VantageCloud offers that we have and accelerate that overall expansion of VantageCloud environment for our existing customers, but also when those new logos. And as was pointed out, we had over 100 new logos added to the pipeline in the last few months. It's the strength of our technology and the strength of our road map that's enabling us to have those conversations and put across our uniquely differentiated value proposition. So really excited about the technology landscape that we have and the offers that we've made available over the last couple of months.

就對我們的總ARR 和總雲ARR 產生影響或有意義的影響而言，我們認為這些為管道提供了動力，我認為這對我們來說是一種催化劑，以便我們可以與這些客戶討論轉向我們擁有的VantageCloud 服務並加速我們現有客戶的 VantageCloud 環境的整體擴展，而且還包括那些新徽標。正如所指出的，我們在過去幾個月中添加了 100 多個新徽標。正是我們的技術優勢和路線圖優勢使我們能夠進行這些對話並提出我們獨特的差異化價值主張。我們對我們擁有的技術前景以及過去幾個月提供的優惠感到非常興奮。

Great. And then a quick follow-up. Did the headwinds from a couple of large on-prem erosions fully play out in Q1? Or is there still some impact expected to fall in Q2? And is that expected -- is that why ARR is expected to be relatively flat quarter-over-quarter in Q2?

偉大的。然後快速跟進。幾次大規模的本地侵蝕帶來的阻力是否在第一季完全發揮了？或者說第二季的影響預計還會下降嗎？這是預期的嗎？

Yes. So from a total ARR perspective for Q1, we executed pretty much as we expected. From an overall ARR in the -- what we saw in terms of our customer base, we are -- we will see some impacts in Q2. As we noted in last quarter's call, it's pretty consistent. There's been no change in the last 90 days in terms of the overall landscape, and we still have good faith in terms of our full year guide.

是的。因此，從第一季的總 ARR 角度來看，我們的執行情況與預期基本一致。從我們在客戶群方面看到的整體 ARR 來看，我們將在第二季度看到一些影響。正如我們在上個季度的電話會議中指出的那樣，情況非常一致。過去 90 天的整體情況沒有變化，我們對全年指南仍然充滿信心。

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。

Good to hear from you. So as we continue through the initial stages of this AI cycle, many companies today want to start incorporating new GenAI capabilities. We've heard that many of these companies don't have the modernized data stack required to support AI implementation today. I just wanted to get your thoughts on whether there was some level of data quality issue in the market overall, how companies were making inroads on addressing this and whether you view these market dynamics as a tailwind for Teradata looking ahead?

很高興聽到你的消息。因此，當我們繼續經歷這個人工智慧週期的初始階段時，今天許多公司希望開始整合新的 GenAI 功能。我們聽說其中許多公司不具備支援當今人工智慧實施所需的現代化資料堆疊。我只是想了解您對整個市場是否存在某種程度的數據品質問題的看法，公司如何在解決這一問題上取得進展，以及您是否認為這些市場動態是 Teradata 未來的推動力？

Yes. Thanks for the question. So I think the way that we see the AI marketplace playing out is that organizations that have a modern data stack and can leverage their enterprise data warehouse, which is where the most trusted data from an enterprise exists, but also combine that with data that is in a late construct and also a lake house construct, that is really going to be the winning formula for data platforms going forward, and it certainly underpins our technology strategy in terms of having a data platform with the broadest choice of deployment options.

是的。謝謝你的提問。因此，我認為我們看到人工智慧市場發展的方式是，擁有現代資料堆疊並可以利用其企業資料倉儲（這是企業最值得信賴的資料的地方）的組織，而且還可以將其與以下資料結合起來：在後期構建和湖屋構建中，這確實將成為未來數據平台的製勝公式，並且它肯定會支撐我們的技術戰略，即擁有一個具有最廣泛部署選項選擇的數據平台。

The other really important thing is in those analytics environments to be able to deploy those advanced analytics AI and GenAI models at scale very efficiently without letting costs run out of control. That is something in that financial governance is something that Teradata is very accustomed to. Our platform has unique differentiated capabilities in terms of moving some of these most complex models into production at scale. Some examples of that from the prepared remarks, we're really looking at health care organizations that were at a massive scale, improving patient outcomes by running multiple models against all of the patients that they have in their ecosystem. And to do that effectively, we have to combine data from multiple sources to enable them to do that.

另一件真正重要的事情是在這些分析環境中能夠非常有效地大規模部署這些進階分析 AI 和 GenAI 模型，而不會讓成本失控。 Teradata 非常習慣財務治理。我們的平台在將一些最複雜的模型大規模投入生產方面具有獨特的差異化能力。從準備好的發言中可以看到一些例子，我們真正關注的是大規模的醫療保健組織，透過針對其生態系統中的所有患者運行多個模型來改善患者的治療結果。為了有效地做到這一點，我們必須結合多個來源的數據，使他們能夠做到這一點。

And then just from a governance and data governance perspective, that's something that Teradata has always been strong in with our added capabilities, looking at data lineage and trust in the data that we have in, say, the organization, it really does enable Teradata to be a trusted AI solution for our customers and that's getting some great traction in terms of the discussions that we're having across all industries just now actually. So really well placed from a technology perspective. I think to the point that you brought up, I think that's what customers are looking for from a solution and is what Teradata can deliver today.

然後，僅從治理和資料治理的角度來看，這是 Teradata 一直以來的強項，我們的附加功能包括資料沿襲和對組織中資料的信任，這確實使 Teradata 能夠成為我們客戶值得信賴的人工智慧解決方案，這在我們剛才在所有行業進行的討論中得到了極大的關注。從技術角度來看，確實處於有利位置。我認為就您提出的觀點而言，我認為這就是客戶希望從解決方案中獲得的東西，也是 Teradata 今天可以提供的東西。

The next question is from Tyler Radke with Citi.

下一個問題來自花旗銀行的泰勒拉德克 (Tyler Radke)。

This is (inaudible) for Tyler. We have a lot of questions around ARR already, so I'm not going to go there. My question is around on-track erosion. Good to hear that the erosion was as expected and we have an outlier for this year. But for investors, they're trying to seek some comfort is if this a onetime event? Could you provide some of the actions that you've taken and what was already accounted for on this erosion?

這是泰勒的（聽不清楚）。我們已經有很多關於 ARR 的問題，所以我不會去那裡。我的問題是關於賽道侵蝕。很高興聽到侵蝕符合預期，而今年我們有一個異常值。但對投資人來說，他們試圖尋求一些安慰：這是否是一次性事件？您能否提供一些您已採取的行動以及對這種侵蝕已經採取的措施？

Yes. Thanks for the question. As we look at the erosions for full year, we don't see any changes to our outlook today versus 90 days ago, and that is all factored into our outlook for the year. As we take a step back, we absolutely run the most complex and mission-critical workloads for the world's largest enterprises. And we do have a very detailed understanding of what's going on inside those customers. We created a customer success function a few years ago. And they have a really disciplined approach that says I can help, what's going on inside the customer, our level of engagement, we have telemetry now in terms of understanding what's going on for the environment, how we're engaging partners and save that organization. So we really do have a great 360-degree view of the customer and what's happening. And so we do see 2024 as being an outlier to our renewal rates, and we anticipate that to improve into 2025, and we've got a handle on all of the levers to do that.

是的。謝謝你的提問。當我們審視全年的侵蝕情況時，我們認為今天的前景與 90 天前相比沒有任何變化，而這一切都已納入我們今年的前景中。退一步來說，我們絕對是為世界上最大的企業運作最複雜和關鍵任務的工作負載。我們確實非常詳細地了解這些客戶內心的想法。幾年前，我們創建了客戶成功職能部門。他們有一種非常嚴格的方法，說我可以提供幫助，客戶內部發生了什麼，我們的參與程度，我們現在有遙測來了解環境發生了什麼，我們如何與合作夥伴合作並拯救該組織。因此，我們確實對客戶和正在發生的事情有 360 度的全方位了解。因此，我們確實認為 2024 年是我們續訂率的異常值，我們預計這種情況會在 2025 年有所改善，並且我們已經掌握了實現這一目標的所有槓桿。

Got it. That makes sense. I have a follow-up for Claire around your confidence on the renewal for like the back half of the year, specifically excluding some of the slipped deals for '23, how does that aged renewal looks like versus the same time from a year ago?

知道了。這就說得通了。我有一個關於克萊爾的後續行動，圍繞著你對下半年續約的信心，特別是排除 23 年的一些下滑交易，與一年前同期相比，老化的續約情況如何？

Yes. So as Steve just mentioned, we are seeing a strong traction with regards to the transparency and visibility that we have with renewals. We've especially seen that in Q1, we were pleased with the renewals that we saw, and we're expecting that to continue throughout the year. And net expansion rate remains strong at 123%. So that also gives us a good indication as we're moving out the year. And we're modeling, as I mentioned, kind of in the approximate 120% range, which factors in obviously all of our assumptions from a renewal standpoint. So I don't think we're seeing any significant changes or -- and I think we're modeling fairly conservatively from a cloud ARR standpoint, considering that we're currently running at 123% and we're modeling approximately at 120%. So happy with that, and that kind of gives us that confidence in the midpoint for the range for the full year.

是的。正如史蒂夫剛才所提到的，我們看到續約的透明度和可見性具有強大的吸引力。我們特別看到，在第一季度，我們對所看到的續約感到滿意，我們預計這種情況將持續全年。淨擴張率仍維持在123%的強勁水準。因此，這也為我們即將迎來這一年提供了一個很好的跡象。正如我所提到的，我們正在大約 120% 的範圍內進行建模，這顯然從更新的角度考慮了我們所有的假設。因此，我認為我們沒有看到任何重大變化，或者- 我認為從雲ARR 的角度來看，我們的建模相當保守，考慮到我們目前的運行率為123%，並且我們的建模大約為120 % 。對此感到非常高興，這讓我們對全年範圍的中點充滿信心。

The next question is from Cole Erskine with TD Cowen.

下一個問題來自 Cole Erskine 和 TD Cowen。

This is Cole on for Derrick. Steve, I want to talk about sales execution and just see if there's any changes that Rich is making to kind of drive better rep execution and make sure that deals get across the finish line as we move towards the second half of the year and don't see a repeat of last year?

這是科爾替補德瑞克。史蒂夫，我想談談銷售執行，看看里奇是否正在做出任何改變，以推動更好的代表執行，並確保隨著我們進入下半年，交易能夠越過終點線，並且不'沒有看到去年的重演嗎？

Yes. So thanks for that, and thanks for bringing up Rich. We were delighted to appoint Rich Petley as our CRO. He joined Teradata over 2 years ago to lead our EMEA region. Given the growth that we've had in EMEA and the success we had in EMEA, we actually promoted him to run all of international sales. And during that time, he's delivered results meaningfully ahead of all of our overall growth rate as a company over the last 2 years.

是的。所以謝謝你，也謝謝你養育了里奇。我們很高興任命 Rich Petley 為我們的 CRO。他於 2 年前加入 Teradata，領導我們的 EMEA 地區。鑑於我們在歐洲、中東和非洲地區的成長以及我們在歐洲、中東和非洲地區的成功，我們實際上提拔他負責所有國際銷售。在那段時間裡，他所取得的成果顯著領先於我們公司過去兩年的整體成長率。

Rich as the sales executives brings us super disciplined approach to deal management. He has demonstrated success in terms of driving predictability in the business. But not only that, in terms of executing in marketplace, his adoption of partners, the growth in new logos, the execution of expansions and migrations inside his region has been fantastic. We're looking forward to bringing that capability to the entirety of our global sales execution. He really does know our business, knows our technology, knows our people and we're delighted to have him in this role.

富有的銷售主管為我們帶來了超級嚴格的交易管理方法。他在推動業務可預測性方面取得了成功。但不僅如此，在市場執行、合作夥伴的採用、新標誌的成長、區域內擴張和遷移的執行方面都非常出色。我們期待著將這種能力引入我們的整個全球銷售執行中。他確實了解我們的業務、我們的技術、我們的員工，我們很高興讓他擔任這個角色。

Great. And then just one follow-up. On the open table format, on Iceberg, it's good to see. Do you guys anticipate any headwind on storage revenue from that?

偉大的。然後只有一個後續行動。在開放表格式上，在冰山上，很高興看到。你們預計儲存收入會因此受到影響嗎？

Yes. I think what we see is there's going to be a requirement to utilize and deploy lots of different storage technologies and storage capabilities. So for certain workloads, open table format, it's going to be absolutely the right choice. And for certain workloads, high-performance storage built right into the Teradata platform is going to be the right choice. We see the capability of open and support an open table format. It gives us the ability to access and utilize even more data than we could previously. And that will drive a source of expansion for us as we move forward, as we increase the utilization of the Teradata platform to query massively more amount of data inside our customer ecosystem.

是的。我認為我們看到的是，將需要利用和部署許多不同的儲存技術和儲存功能。因此，對於某些工作負載，開放式表格式絕對是正確的選擇。對於某些工作負載，內建於 Teradata 平台的高效能儲存將是正確的選擇。我們看到了開放的能力並支援開放的表格式。它使我們能夠存取和利用比以前更多的數據。隨著我們不斷提高 Teradata 平台的利用率來查詢客戶生態系統內的大量數據，這將為我們的發展提供擴展的來源。

I was talking to one of the banks up in Canada a couple of weeks ago, and they have an order of magnitude, more data stored in native object store than they do inside their structured enterprise data warehouse. By combining the power of Teradata and the query engine that we have in Teradata, to look at these open table format data stores and native object stores, it's going to massively increase the ability for our customers to get insights from the data no matter where it is. So we see it as something that's going to expand our total addressable market and something that we can leverage to grow our overall cloud ARR and ARR in total.

幾週前，我與加拿大的一家銀行交談，他們在本機物件儲存中儲存的資料比​​在結構化企業資料倉儲中儲存的資料多一個數量級。透過將 Teradata 的強大功能與 Teradata 中的查詢引擎相結合，查看這些開放表格式資料儲存和本機物件存儲，將大大提高我們的客戶從資料中獲取洞察的能力，無論資料位於何處。因此，我們認為它將擴大我們的整體潛在市場，並且我們可以利用它來增加我們的整體雲端 ARR 和總 ARR。

The next question is from the line of [Oliver Crookenden with Citizens JMP].

下一個問題來自 [Oliver Crookenden 與 Citizens JMP]。

Great. I'm on for Pat. So I just wanted to touch on one of the customer examples you gave. You noted a major financial institution that selected VantageCloud. I'm wondering is that a new logo or an existing customer migration? And then are they considering competitors heavily? Like what were the main selling points in that deal competitively?

偉大的。我是為了帕特。所以我只想談談您提供的一個客戶範例。您注意到一家大型金融機構選擇了 VantageCloud。我想知道這是新商標還是現有客戶遷移？然後他們是否認真考慮競爭對手？該交易的主要競爭賣點是什麼？

That was an existing customers migrating to the cloud with us. And they -- it was a competitive situation where they did choose VantageCloud as their solution. And the reason that they did it was because they saw the migration of the Teradata environment would be least cost, least risk and the lowest complexity from a migration perspective. They also saw that the real value of ClearScape Analytics and our QueryGrid functionality, which are truly differentiated compared to the competition.

那是與我們一起遷移到雲端的現有客戶。他們在競爭激烈的情況下選擇了 VantageCloud 作為他們的解決方案。他們之所以這樣做，是因為他們看到從遷移的角度來看，Teradata 環境的遷移成本最低、風險最小、複雜性最低。他們還看到了 ClearScape Analytics 和我們的 QueryGrid 功能的真正價值，與競爭對手相比，它們確實與眾不同。

We also used that to actually do some briefings with their executive team in terms of the value that the Teradata platform can bring to their business. We took a number of different use cases from -- across banks in the world to bring the very best that Teradata to them and our understanding of the industry combined with our technology platform really was a differentiating capability there.

我們也利用它向他們的執行團隊介紹了 Teradata 平台可以為他們的業務帶來的價值。我們從世界各地的銀行中獲取了許多不同的用例，為他們帶來 Teradata 的最佳功能，我們對行業的理解與我們的技術平台相結合確實是一種差異化能力。

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

下一個問題來自加拿大皇家銀行 (RBC) 的 Matt Hedberg。

This is Simran on for Matt Hedberg. Just one from me. I just wanted to double-click on 2025 total ARR and revenue targets being pushed out. Do you still expect to achieve these targets in the back half of 2025? Or could they be delayed further out? And what are the assumptions that are embedded in these targets? And then on achieving $1 billion in cloud ARR, what are you seeing in 2024 and beyond that gives you the confidence to achieve this target on time?

這是西姆蘭（Simran）為馬特·赫德伯格（Matt Hedberg）代言。只有我的一份。我只想雙擊 2025 年總 ARR 和推出的收入目標。您仍然希望在 2025 年下半年實現這些目標嗎？或者他們可以進一步推遲嗎？這些目標包含哪些假設？然後，在實現 10 億美元的雲端 ARR 後，您認為 2024 年及以後會發生什麼，讓您有信心按時實現這一目標？

Yes. Thank you. I'll start with the second part of your question, and then I'll go back to the first part. So with regards to the $1 billion in cloud ARR, what we've done there is assumed, as I mentioned, a net expansion rate of approximately 120% that roll forward from 2024 into 2025 and now we're running slightly above that, but we think it's prudent to assume approximately 120%, especially as we move out to 2025. I think given that and the fact that we have a strong pipeline in '24 and also pipeline going into 2025, a strong migration gives us that confidence to be able to deliver the $1 billion in terms of cloud ARR.

是的。謝謝。我將從你問題的第二部分開始，然後回到第一部分。因此，對於10 億美元的雲端ARR，我們所做的假設是，正如我所提到的，從2024 年滾動到2025 年，淨擴張率約為120%，現在我們的運行速度略高於該數字，但是我們認為假設大約為120% 是謹慎的做法，特別是當我們邁向2025 年時。的遷移使我們有信心提供 10 億美元的雲端 ARR。

With regards to our total ARR, as I mentioned in 2024, and we're kind of expecting a similar trend in 2025, we're seeing total ARR growth slightly lower and at the lower end of our '24 guidance, and we expect this trend to continue out. And the main driver for that is because of these stronger and larger migrations from existing on-prem customers. So with that, we're kind of seeing maybe lower on-prem expansion activity. But we know that over the longer term, as we get out from '25 and into '26, given that net expansion rate as we migrate those on-prem customers to the cloud, that continues to give us much more growth opportunity, but looking further out into the future. So we'll see that additional expansion coming from those migrations in '24 and '25 as we progress out an exit '25 into 2026.

關於我們的總 ARR，正如我在 2024 年提到的，我們預計 2025 年會出現類似的趨勢，我們看到總 ARR 增長略低，處於我們 24 年指導的下限，我們預計這一點趨勢繼續向外。其主要驅動力是來自現有本地客戶的更強大、更大規模的遷移。因此，我們看到本地擴展活動可能會減少。但我們知道，從長遠來看，隨著我們從 25 年進入 26 年，考慮到我們將這些本地客戶遷移到雲端時的淨擴張率，這將繼續為我們帶來更多的成長機會，但更遠的未來。因此，隨著我們從「25 年退出」進入 2026 年，我們將看到「24 年」和「25 年」的遷移帶來額外的擴張。

I think the other factor to remember when you're thinking about our overall total growth rate as you look out into the future is the fact that we've always said that as cloud becomes scale and becomes more than 50% of our total ARR, which we expect as we exit 2025, that is going to help our growth rate accelerate and increase as we look to '26 and beyond. So that still applies. And so we're looking forward to seeing that total growth uplift from '26 and beyond.

我認為，當您展望未來並考慮我們的整體總成長率時，要記住的另一個因素是，我們總是說，隨著雲規模不斷擴大並占我們總 ARR 的 50% 以上，我們預計，當我們退出2025 年時，這將有助於我們的成長率在我們展望26 年及以後時加快和提高。所以這仍然適用。因此，我們期待看到 26 年及以後的整體成長有所提升。

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

目前沒有其他問題。我想將電話轉回給史蒂夫·麥克米倫，聽他最後的演講。

Thank you very much, operator, and thank you, everyone, for joining us today. We're looking ahead with confidence as we build on our healthy cloud growth rate and expand our customer base in the cloud. We absolutely believe we've got a differentiated position with our enterprise scale platform for trusted AI. And as the conversation rotates to data and analytics and also about AI, we have the right solution for our customers. We're going to build on that reputation of driving value for our customers as we accelerate cloud and total ARR growth throughout the year. Thank you very much for joining us today.

非常感謝您，接線員，也感謝大家今天加入我們。隨著我們健康的雲端成長率並擴大我們的雲端客戶群，我們充滿信心地展望未來。我們絕對相信我們的企業級可信任人工智慧平台擁有差異化的地位。隨著對話轉向數據和分析以及人工智慧，我們為客戶提供了正確的解決方案。隨著全年雲端運算和總 ARR 的成長，我們將鞏固為客戶創造價值的聲譽。非常感謝您今天加入我們。

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。