Teradata Corp (TDC) 2024 Q2 法說會逐字稿

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Good afternoon. My name is Matt, and I will be your conference operator today. At this time, I would like to welcome everyone to the Teradata Second Quarter 2024 Earnings Call. (Operator Instructions). I would like to hand the conference over to your host today, Chad Bennett, Senior Vice President of Investor Relations and Corporate Development. You may begin your conference.

午安.我叫馬特，今天我將擔任你們的會議操作員。此時，我謹歡迎大家參加 Teradata 2024 年第二季財報電話會議。 （操作員說明）。我想將今天的會議交給主持人，投資者關係和企業發展高級副總裁查德·貝內特 (Chad Bennett)。您可以開始您的會議了。

Good afternoon, and welcome to Teradata's 2024 second-quarter earnings call. Steve McMillan, Teradata's President and Chief Executive Officer, will lead our call today. Followed by Claire Bramley, Teradata's Chief Financial Officer, who will discuss our financial results and outlook. Our discussion today includes forecasts and other information that are considered forward-looking statements.

下午好，歡迎參加 Teradata 2024 年第二季財報電話會議。 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。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。

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 our SEC filings, including our most recent Form 10-K and in the Form 10-Q for the quarter ended June 30, 2024, and 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. On today's call, we will be discussing certain non-GAAP financial measures, which exclude such items as stock-based compensation expense, other special items described in our earnings release.

雖然這些陳述反映了我們當前的前景，但它們受到許多風險和不確定性的影響，可能導致實際結果出現重大差異。這些風險因素在今天的財報和我們向 SEC 提交的文件中進行了描述，包括我們最新的 10-K 表格和截至 2024 年 6 月 30 日的季度的 10-Q 表格，預計將在接下來的幾天。這些前瞻性陳述是截至今天作出的，我們不承擔更新這些陳述的責任或義務。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酬費用以及我們的收益發布中描述的其他特殊項目等項目。

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 in today's call are on a non-GAAP basis. A reconciliation of non-GAAP to GAAP measures is included in our earnings release which is accessible on the Investor Relations page of our website at investor.teradata.com. A replay of this conference call will be available our website. And now, I will turn the call over to Steve.

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，否則今天電話會議中討論的所有數字和結果均基於非公認會計原則。我們的收益發布中包含非 GAAP 與 GAAP 衡量指標的對賬，可透過我們網站 Investor.teradata.com 的投資者關係頁面造訪該收益發布。我們的網站將提供本次電話會議的重播。現在，我將把電話轉給史蒂夫。

Thanks, everyone, for joining us today. As we get started, I'd like to welcome Chad to the Teradata team. Chad joined us after years of covering software and SaaS companies at Craig-Hallum Capital. We're excited to have Chad adding his expertise to Teradata and keeping you up to date on our company. Our Q2 results demonstrate our ongoing strong performance in cloud with Cloud ARR growth of 32% in constant currency.

謝謝大家今天加入我們。在我們開始之前，我謹歡迎 Chad 加入 Teradata 團隊。 Chad 在 Craig-Hallum Capital 從事軟體和 SaaS 公司工作多年後加入我們。我們很高興 Chad 將他的專業知識添加到 Teradata 中，並讓您隨時了解我們公司的最新資訊。我們第二季的業績證明了我們在雲端領域持續強勁的表現，以固定匯率計算，雲端 ARR 成長了 32%。

This reflects the increasing interest in our differentiated hybrid cloud capabilities. Also, when customers choose Teradata in the cloud, they are expanding with us as they see the value. Our cloud net expansion rate remained strong at 123%, and we have doubled the number of eight-figure cloud ARR customers year-over-year. Despite the clarity of our growth, total ARR declined by 3% year-over-year.

這反映出人們對我們的差異化混合雲功能越來越感興趣。此外，當客戶選擇雲端中的 Teradata 時，他們會因為看到其中的價值而與我們一起擴展。我們的雲端淨擴張率保持在 123% 的強勁水平，並且我們的八位數雲端 ARR 客戶數量比去年同期增加了一倍。儘管我們的成長顯而易見，但總 ARR 年比下降了 3%。

Additionally, we generated non-GAAP earnings per share of $0.64 and delivered $39 million of free cash flow. Looking at our results overall, our performance continues to be challenged by the industry macro environment and longer customer decision cycles. We fully recognize we need to improve our execution. We have undergone a comprehensive review and are taking actions to improve our results, including bringing increased focus on cost reduction.

此外，我們還實現了 0.64 美元的非 GAAP 每股收益，並實現了 3,900 萬美元的自由現金流。從整體業績來看，我們的業績持續受到產業宏觀環境和更長的客戶決策週期的挑戰。我們充分認識到我們需要提高執行力。我們進行了全面審查，並正在採取行動改善我們的業績，包括更加重視降低成本。

This has led to a reset of our financial outlook for the rest of this year and into 2025. Let's start with actions in our go-to-market organization. Last quarter, I introduced Rich Petley, our new Chief Revenue Officer. Rich has worked with speed and has brought new management discipline to the global team, building upon the results he generated from EMEA which meaningfully outperformed the other regions during his tenure. The sales function has been realigned to drive increased effectiveness, led best practices that resonate globally, while also creating structural and cost efficiencies.

這導致我們重新調整了今年剩餘時間和 2025 年的財務前景。上個季度，我介紹了我們新任首席營收長 Rich Petley。 Rich 工作速度快，為全球團隊帶來了新的管理紀律，以他在歐洲、中東和非洲的成果為基礎，在他任職期間，歐洲、中東和非洲地區的表現顯著優於其他地區。銷售職能進行了重新調整，以提高效率，引領全球共鳴的最佳實踐，同時創造結構和成本效率。

In the pipeline review, we are encouraged about the large deal opportunities for the second half of 2024. Our pipeline of large eight-figure ARR deals has also increased to three times what it was in Q2 of last year. In our new logo pipeline, we continued to see momentum, in the second half, we anticipate ARR for new logos, doubling over the prior year. However, we believe that is consistent with what others are experiencing in the industry.

在管道審查中，我們對 2024 年下半年的大型交易機會感到鼓舞。在我們的新標誌管道中，我們繼續看到勢頭，在下半年，我們預計新標誌的 ARR 將比去年翻倍。然而，我們相信這與業內其他人的經驗是一致的。

As I've noted in prior calls, with the strategic nature of our analytics, we are seeing more decision makers on IT and affords us the opportunity to help more departments understand what is possible with our hybrid cloud platform and best-in-class analytics, yet it does lengthen deal cycles. We expect deal elongation to continue. And just one example in Q2 we closed the 8 bigger transactions that set out of Q4 2023. Our revised outlook reflects the uncertain macro environment or additional scrutiny of the pipeline and as well at accounts for the rest we see with longer deal cycles and less on-prem expansions.

正如我在之前的電話會議中指出的那樣，由於我們分析的戰略性質，我們看到越來越多的IT 決策者，並讓我們有機會幫助更多部門了解我們的混合雲平台和一流分析的可能性，但它確實延長了交易週期。我們預計交易將繼續延長。僅以第二季的一個例子為例，我們完成了2023 年第四季開始的8 筆較大交易。我們看到的其他交易週期較長和交易減少的情況。

As we move ahead, we are addressing factors that we believe will accelerate growth and deliver increased value for customers. We're taking proactive measures to reduce operating expenses across all aspects of the business. We're focusing on reducing expenses in nonrevenue-generating areas, including a reduction in headcount of approximately 9% to 10%. We remain committed to protecting earnings and free cash flow, and we will continue to invest in areas where we can accelerate revenue growth. Claire will cover the revised outlook and our financial results in more detail.

隨著我們的前進，我們正在解決我們認為將加速成長並為客戶提供更高價值的因素。我們正在採取積極措施來減少業務各個方面的營運費用。我們專注於減少非創收領域的開支，包括減少約 9% 至 10% 的員工人數。我們仍然致力於保護收益和自由現金流，並將繼續投資於可以加速收入成長的領域。克萊爾將更詳細地介紹修訂後的前景和我們的財務表現。

As we look ahead, we remain confident in our opportunity with AI and Gen AI is catalysts for innovation in all industries. Teradata has been trusted by leading companies for years to provide secure, trusted and well-governed data. The enterprise of the future will be built on trusted data and trusted AI, ensuring that accountability, transparency and oversight every business needs to empower faster decision-making, improve their customers' experience and continuously create value. Our expertise and technology of what the market needs now. We've surveyed a broad range of C-suite executives and AI decision makers and in areas where they are looking for support and successfully navigating new AI initiatives.

展望未來，我們對人工智慧的機會仍然充滿信心，而新一代人工智慧是所有產業創新的催化劑。 Teradata 多年來一直受到領先公司的信賴，可提供安全、可信賴且管理良好的數據。未來的企業將建立在可信任數據和可信任人工智慧的基礎上，確保每個企業都需要問責制、透明度和監督，以加快決策速度、改善客戶體驗並持續創造價值。我們的專業知識和技術正是市場現在所需要的。我們廣泛調查了高階主管和人工智慧決策者，以及他們尋求支援並成功實施新人工智慧計畫的領域。

We're confident that our hybrid cloud platform is ideal to help companies align their AI goals to their business strategy and help them lead in their industries with trusted data and trusted AI. In Q2, we advanced our open and connected approach that is designed to allow enterprises to employ modern data strategies and deliver value from trusted AI at scale. Furthering our innovations, we unveiled Teradata Vantage Cloud Lake on Google Cloud. Together, we are combining the advanced data and analytics capabilities of Vantage cloud like with the scalability and flexibility of Google Cloud.

我們相信，我們的混合雲平台非常適合幫助公司將其人工智慧目標與其業務策略結合起來，並幫助他們透過可信任數據和可信任人工智慧在行業中處於領先地位。在第二季度，我們推進了開放和互聯的方法，旨在讓企業能夠採用現代資料策略並大規模地從可信任人工智慧中提供價值。為了進一步創新，我們在 Google Cloud 上推出了 Teradata Vantage Cloud Lake。我們將 Vantage 雲端的先進數據和分析功能與 Google Cloud 的可擴展性和靈活性相結合。

This launch is expected to enable enterprises that rely on Google Cloud to efficiently scale their AI initiatives, empower new generative AI use cases. One of our first customers for this lake offering is OY SA, a leading Brazilian telephone operator who will leverage Vantage Cloud Lake on Google Cloud for revenue assurance. With this release, our powerful beta Lake solution is now on all three major CSP platforms, Amazon Web Services, Google Cloud, and Microsoft Azure. Teradata will continue to innovate on our open and connected ecosystem by embracing open table format with first-party support for Apache Spark and Delta Lake, driving new analytic workloads and enabling broader AI access to data.

此次發布預計將使依賴 Google Cloud 的企業能夠有效擴展其 AI 計劃，支援新的生成式 AI 使用案例。我們該 Lake 產品的首批客戶之一是 OY SA，這是一家領先的巴西電話營運商，它將利用 Google Cloud 上的 Vantage Cloud Lake 來保證收入。透過此版本，我們強大的 beta Lake 解決方案現已在所有三個主要 CSP 平台（Amazon Web Services、Google Cloud 和 Microsoft Azure）上運行。 Teradata 將繼續在開放互聯的生態系統上進行創新，採用開放表格式以及對 Apache Spark 和 Delta Lake 的第一方支持，推動新的分析工作負載並實現更廣泛的人工智慧對資料的存取。

Our open table format support is designed to enable customers to both access and store data in an open and standard way that's easily shared across different analytic engines and tools. This allows us to capture more compute power and provide more comprehensive analytics solutions to our customers. solidifying our position as a leader in data and analytics. In the quarter, we also announced that Teradata AI Unlimited, our first on-demand AI/ML engine in the cloud is integrated into Microsoft fabric and OneLake fabrics unified multi-cloud data lake. Teradata AI Unlimited and Microsoft Fabric can extend user freedom to elevate with section with frictionless on-demand access to ClearScape analytics.

我們的開放表格式支援旨在使客戶能夠以開放和標準的方式存取和儲存數據，並且可以在不同的分析引擎和工具之間輕鬆共享。這使我們能夠獲得更多的運算能力，並為客戶提供更全面的分析解決方案。鞏固我們作為數據和分析領域領導者的地位。在本季度，我們也宣布我們的第一個雲端按需 AI/ML 引擎 Teradata AI Unlimited 已整合到 Microsoft Fabric 和 OneLake Fabrics 統一多雲資料湖中。 Teradata AI Unlimited 和 Microsoft Fabric 可以擴展使用者的自由度，讓使用者可以自由地按需存取 ClearScape 分析，從而提升部分功能。

It is designed to enable developers, data scientists and engineers to maximize our performance by providing access to vast amounts of data and unlimited flexibility to explore, create and experiment. We can seamlessly explore data conduct experiments and operationalize AI use cases without rest to mission-critical production environments. For example, our data scientists may use AI unlimited to experiment with advanced geospatial functions to address root delivery and improve the supply chain. Alternatively, an analyst might explore innovative churn models using AI Unlimited advanced analysis capabilities, coupled with fabric native data and business intelligence tools.

它旨在透過提供對大量資料的存取以及探索、創建和實驗的無限靈活性，使開發人員、資料科學家和工程師能夠最大限度地提高我們的效能。我們可以在任務關鍵型生產環境中無縫地探索資料、進行實驗並實施人工智慧用例。例如，我們的資料科學家可以使用無限的人工智慧來試驗先進的地理空間功能，以解決根交付問題並改善供應鏈。或者，分析師可以使用 AI Unlimited 高級分析功能以及結構本機資料和商業智慧工具來探索創新的客戶流失模型。

Multiple life science companies could even collaborate together on deep research, leveraging radiant boosting capabilities of AI Unlimited against data sets and fabric on like. The opportunities are exciting, both for our customers and for us. AI Unlimited is now in public preview in both AWS and Microsoft marketplaces. Now, I will share a few more examples of wins from the quarter.

多家生命科學公司甚至可以合作進行深度研究，利用 AI Unlimited 的輻射增強功能來對抗資料集和類似結構。對於我們的客戶和我們來說，這些機會都是令人興奮的。 AI Unlimited 現已在 AWS 和 Microsoft 市場提供公開預覽版。現在，我將分享本季更多勝利的例子。

A US-based multinational health care company is expanding its Teradata hybrid ecosystem to include Vantage Cloud Lake on AWS. This is expected to accelerate the development of health care innovation and new services to improve customer health outcomes and health care affordability. As best long-standing cloud customer is expanding, it becomes one of our top five cloud accounts. We're also pleased that Teradata as now the official cloud analytics partner of the LA Clippers and the Intuit Dome, the Clippers' new home.

一家美國跨國醫療保健公司正在擴展其 Teradata 混合生態系統，將 AWS 上的 Vantage Cloud Lake 納入其中。預計這將加速醫療保健創新和新服務的發展，以改善客戶的健康結果和醫療保健負擔能力。隨著最佳長期雲端客戶的不斷擴大，它已成為我們排名前五的雲端客戶之一。我們也很高興 Teradata 現在成為洛杉磯快艇隊和快艇隊新主場 Intuit Dome 的官方雲端分析合作夥伴。

And this new logo wins, the team and Arena will leverage Vantage Cloud Lake with the AI technologies among the suite of services prevented. In addition, Shoyo Bank in Japan will leverage Vantage Cloud on Azure as its analytics and data platform for digital transformation, integrating customer and marketing data and advanced analytics such as AI to maximize its value to customers. As customers select Teradata, we were recognized by Gartner as a customer's choice for cloud DBMS and its peer's insights Voice of the Customer report. Data was one of only five vendors leading the way as a customer's choice. That voice of the customer report evaluate companies based on verified use experiences and implementing and operating cloud issues.

這個新標誌獲勝後，團隊和 Arena 將利用 Vantage Cloud Lake 以及封鎖的服務套件中的 AI 技術。此外，日本 Shoyo 銀行將利用 Vantage Cloud on Azure 作為數位轉型的分析和數據平台，整合客戶和行銷數據以及人工智慧等進階分析，以最大限度地為客戶提供價值。隨著客戶選擇 Teradata，我們被 Gartner 認可為客戶選擇的雲端 DBMS 及其同儕見解客戶之聲報告。 Data 是僅有的五家領先客戶選擇的供應商之一。客戶之聲報告根據經過驗證的使用體驗以及實施和營運雲端問題對公司進行評估。

Along with our advances in our technology and with customers, we made strides with partnerships in the quarter. We announced that we are bringing open source support for trusted AI innovation in partnership with Anaconda. The integration of ClearScape Analytics and Anaconda's piping in our packages is expected to help enterprises deploy large-scale data science, AI/ML and Gen AI cases. We also recently announced a new integration of Richtech Robots, AI platform with ClearScape analytics and Vantage Cloud.

隨著我們技術的進步以及與客戶的合作，我們在本季度的合作夥伴關係方面取得了長足的進步。我們宣布與 Anaconda 合作，為可信人工智慧創新提供開源支援。 ClearScape Analytics 和 Anaconda 管道在我們的軟體包中的整合預計將幫助企業部署大規模資料科學、AI/ML 和 Gen AI 案例。我們最近也宣布了 Richtech Robots、人工智慧平台與 ClearScape 分析和 Vantage Cloud 的新整合。

This integration provides enterprises the ability to and operationalized data robots AI models at scale inside our platform. This functionality is available through ClearScape's analytics, bringing your own model capability and is designed to enable customers to unlock data and results faster and accelerate AI innovation. Also in the quarter, we expanded our strategic collaboration agreement with AWS to help customers accelerate modernizing their data analytics ecosystems, further support them as they migrate to the cloud and maximize the value of AI opportunities with improved data-driven insights. As I hand the call to Claire, we are taking actions and are committed to executing.

這種整合使企業能夠在我們的平台內大規模操作資料機器人人工智慧模型。此功能可透過 ClearScape 的分析獲得，帶來您自己的模型功能，旨在使客戶能夠更快地解鎖數據和結果並加速人工智慧創新。同樣在本季度，我們擴大了與AWS 的戰略合作協議，以幫助客戶加速其數據分析生態系統的現代化，在他們遷移到雲端時進一步為他們提供支持，並透過改進的數據驅動洞察力最大化人工智能機會的價值。當我向克萊爾發出電話時，我們正在採取行動並致力於執行。

We remain confident in delivering solid cloud growth and in maintaining our enduring commitment as a trusted partner to our customers. With trusted data and trusted AI, rapidly becoming table stakes. Our technology is in the sweet spot of opportunity. Our attention will remain on delivering innovations that keep Teradata at the forefront of data and analytics. We are equally dedicated to maintaining our momentum on strong partnerships that drive value for customers, and we remain steadfast in protecting profitability, free cash flow. Now, let's pass the call to Claire.

我們仍然有信心實現雲端的穩健成長，並維持我們作為客戶值得信賴的合作夥伴的持久承諾。憑藉可信賴數據和可信任人工智慧，迅速成為賭注。我們的技術正處於機會的最佳位置。我們的注意力將繼續放在提供創新上，使 Teradata 保持在數據和分析領域的前沿。我們同樣致力於維持強大的合作關係，為客戶創造價值，並堅定不移地保護獲利能力和自由現金流。現在，讓我們把電話轉給克萊爾。

Thank you, Steve, and good afternoon, everyone. In the second quarter, cloud ARR growth remained healthy at 32% year-over-year in constant currency, supported by a cloud net expansion rate of 123%. ClearScape Cloud ARR grew $19 million sequentially in constant currency, and we closed the 8-figure deal that had slipped from 2023. Total ARR declined year-over-year, driven by previously disclosed large on-prem erosions and lower expansion activity.

謝謝史蒂夫，大家下午好。第二季度，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 32%。以固定匯率計算，ClearScape Cloud ARR 連續成長了 1900 萬美元，我們完成了自 2023 年以來下滑的 8 位數交易。

We believe this will be the lower quarter of impact from these erasions and we continue to view the first half of 2024 as an outlier when compared to our forward-looking retention rates. While our pipeline and large deal activity remains strong, we continue to experience elongated deal cycles driven by higher levels of strategic engagement with our customers. We are seeing expansion activity being pushed out which leads to an even more pronounced back-end weighting in 2024. To reflect a more prudent stance on timing of large deal closures and conversion of our pipeline, we are lowering the outlook.

我們認為，這將是這些刪除影響較低的季度，與我們的前瞻性保留率相比，我們仍然認為 2024 年上半年是異常值。儘管我們的管道和大型交易活動仍然強勁，但由於與客戶的策略合作水平提高，我們的交易週期繼續延長。我們看到擴張活動被推遲，這導致 2024 年後端權重更加明顯。

As we mentioned, we are taking proactive measures to reduce nonrevenue generating costs and improve go-to-market productivity and efficiency. I will quantify these measures later in my remarks. Let me now share more details on our quarterly financial results, starting with revenue. Second quarter recurring revenue was $368 million, down 1% year-over-year as reported and 2% growth year-over-year in constant currency.

正如我們所提到的，我們正在採取積極措施來減少非收入成本並提高進入市場的生產力和效率。我將在稍後的發言中量化這些措施。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。第二季經常性營收為 3.68 億美元，年減 1%，以固定匯率計算年增 2%。

We saw strong growth in cloud revenue and a small positive impact from upfront revenue led by the anticipated on-prem erosions and currency. Net upfront revenue was a positive $5 million. Recurring revenue as a percentage of total revenue was 84%, up from 80% from the prior year period. Second quarter total revenue was $436 million, down 6% year-over-year as reported and down 3% in constant currency. The year-over-year change is primarily due to lower perpetual and consulting revenues.

我們看到雲端收入的強勁成長，以及預期的本地侵蝕和貨幣帶來的預付費用帶來的小幅正面影響。預付淨收入為正 500 萬美元。經常性收入佔總收入的比例為 84%，高於去年同期的 80%。第二季總營收為 4.36 億美元，年減 6%，以固定匯率計算下降 3%。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 continue to be pleased with our profitability. Total gross margin was 62.2%, up 150 basis points year-over-year, driven by a strong expansion in cloud gross margins and lower perpetual and consulting revenues. Operating margin was 22%, up 640 basis points year-over-year. We generated $39 million of free cash flow in the quarter, which is an $18 million increase sequentially. The year-over-year decline is driven by the linearity of ARR.

轉向盈利能力和自由現金流，我們仍然對我們的盈利能力感到滿意。受雲毛利率強勁擴張以及永續收入和諮詢收入下降的推動，總毛利率為 62.2%，較去年同期成長 150 個基點。營業利益率為 22%，較去年同期成長 640 個基點。本季我們產生了 3,900 萬美元的自由現金流，比上一季增加了 1,800 萬美元。年比下降是由 ARR 的線性驅動的。

In the second quarter, we repurchased approximately $47 million or 1.2 million shares. We remain committed to returning at least 75% of free cash flow to shareholders in the form of share repurchases. Before turning to the outlook, let me cover the cost reduction actions that we are implementing over the next 6 to 12 months. In total, we anticipate reducing operating expenses by approximately $75 million to $80 million, on an annualized run rate basis.

第二季度，我們回購了約 4,700 萬美元或 120 萬股股票。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。在展望前景之前，讓我先介紹一下我們在未來 6 到 12 個月內實施的成本削減行動。總體而言，以年化運行率計算，我們預計營運費用將減少約 7,500 萬至 8,000 萬美元。

While some of the sales to the bottom line, we also plan to invest a portion of this amount back into revenue-generating growth areas. The total cash impact from associated severance payments is anticipated to be $45 million to $50 million, of which approximately $30 million to $35 million is expected to be paid in 2024. We estimate $15 million to $20 million of non-GAAP and other benefit in 2024 from these cost reductions. Moving to our full year 2024 outlook, as a reminder, our outlook ranges are in constant currency for the ARR and metrics.

雖然部分銷售額達到了盈利，但我們也計劃將其中的一部分投資回創收成長領域。相關遣散費的現金影響總額預計為 4,500 萬至 5,000 萬美元，其中預計在 2024 年支付約 3,000 萬至 3,500 萬美元。這些成本降低中。轉向我們的 2024 年全年展望，提醒一下，我們的展望範圍是按 ARR 和指標的固定匯率計算的。

Our revised for 2024 outlook is as following: Total ARR declined 2% to 4%. Cloud ARR growth of 28% to 32%. Total revenue declined 2% to 4%, recurring revenue to be flat to down 2%. Free cash flow of $270 million to $290 million, non-GAAP earnings per share of $2.20 to $2.26. A breakdown of the 700 basis point change to total ARR is as follows: approximately 100 basis points point impact due to deal timing.

我們對 2024 年前景的修訂如下：總 ARR 下降 2% 至 4%。雲 ARR 成長 28% 至 32%。總收入下降 2% 至 4%，經常性收入持平至下降 2%。自由現金流為 2.7 億至 2.9 億美元，非 GAAP 每股盈餘為 2.20 至 2.26 美元。總 ARR 700 個基點變化的細目如下：交易時機造成約 100 個基點影響。

Regarding the free cash flow revision, the primary drivers are lower billings due to ARR reduction second half severance payments, which are partially offset by lower operating expenses. Additional full year outlook assumptions include: the currency using the end of June currency rates, we anticipate year-over-year headwinds of approximately 210 basis points on revenue, 125 basis points on total ARR and 170 basis points on Cloud ARR. weighted average shares outstanding of approximately $98.4 million, other expense of approximately $50 million, we project a non-GAAP tax rate of approximately 24.5%.

關於自由現金流的修正，主要驅動因素是由於下半年遣散費減少，導致帳單減少，但營運費用下降部分抵消了這一影響。其他全年展望假設包括：以 6 月底的貨幣匯率計算，我們預期營收將年減約 210 個基點，總 ARR 下降 125 個基點，雲端 ARR 下降 170 個基點。加權平均已發行股票約為 9,840 萬美元，其他費用約為 5,000 萬美元，我們預計非 GAAP 稅率約為 24.5%。

Regarding our outlook for the third quarter of 2024, we anticipate non-GAAP diluted earnings per share to be in the range of $0.54 to $0.58. We project the non-GAAP tax rate to be approximately 23% and the weighted average shares outstanding of 97.8 million. We expect total ARR to be flat sequentially in Q3. We anticipate sequential acceleration of cloud ARR dollar growth in Q3.

關於我們對 2024 年第三季的展望，我們預計非 GAAP 攤薄每股收益將在 0.54 美元至 0.58 美元之間。我們預期非 GAAP 稅率約為 23%，加權平均流通股數為 9,780 萬股。我們預計第三季總 ARR 將持平。我們預計第三季雲端 ARR 美元成長將連續加速。

We expect the fourth quarter to be the strongest quarter of the year and deliver 60% or more of the annual cloud growth, supported by the strength of our large deal pipeline, which is three times larger than this time last year. With regards to 2025, while we remain burden in the opportunity we have in front of us, given the changes to our 2024 cloud ARR outlook, our 2025 target of $1 billion will push into 2026. We continue to anticipate our cloud ARR growth rate in 2025 will be similar to 2024. The proactive measures we have taken should result in low to mid-single-digit year-over-year growth in total ARR.

我們預計第四季度將成為一年中最強勁的季度，並在我們的大型交易管道（比去年同期大三倍）的支持下實現 60% 或更多的年度雲端成長。就2025 年而言，雖然我們仍然對眼前的機會感到負擔，但考慮到2024 年雲ARR 前景的變化，我們2025 年10 億美元的目標將推遲到2026 年。將在2025 年實現。

Operating margin in the low 20% range and free cash flow of approximately $320 million to $370 million. In closing, we continue to see strong growth in our cloud business. both in migrations and expansions. The adjustments to our outlook reflect deals taking longer to close and a more prudent stance on the conversion of our pipeline, which remains strong and no change in our competitive position. Thank you very much for your time today. Let's please open the call for questions.

營業利潤率低至 20%，自由現金流約 3.2 億至 3.7 億美元。最後，我們的雲端業務持續強勁成長。無論是遷移還是擴張。我們對前景的調整反映了交易需要更長的時間才能完成，並且對我們的管道轉換採取了更加謹慎的立場，管道轉換仍然強勁，我們的競爭地位沒有變化。非常感謝您今天抽出時間。讓我們打開提問電話。

(Operator Instructions) Erik Woodring, Morgan Stanley.

（操作指示）Erik Woodring，摩根士丹利。

Steve, maybe I'll start with you. I know your cloud ARR growth forecast or within that, you model 120% net expansion rate. You're obviously outperforming that at, call it, 123%, 124% in the last handful of quarters, but you are falling short on cloud ARR, which means either net migration expansions at the point of migrations or new logos are underperforming. What's the biggest headwind as we think about outside of net expansion where you might be falling short on cloud ARR and how deal elongation is impacting those three categories? And then I have a follow-up, please.

史蒂夫，也許我會從你開始。我知道您的雲端 ARR 成長預測，或在該預測內，您模擬了 120% 的淨擴張率。在過去幾季中，您的表現顯然超過了 123%、124%，但您在雲端 ARR 方面卻表現不佳，這意味著遷移時的淨遷移擴張或新徽標表現不佳。我們認為，除了淨擴張之外，雲 ARR 可能達不到的最大阻力是什麼？然後我有一個後續行動，請。

Yes. Thanks for the question, Erik. Yes, you're absolutely right. But on cloud ARR, on a sequential basis, we did grow by $19 million in constant currency in Q2, but we did see some of those deals push into second half and that was clearly below our expectations. We're not losing deals in the pipeline. The pipeline has remained strong, but we are seeing that change in customer buying behavior where the are holding off on making that decision to migrate to the cloud.

是的。謝謝你的提問，艾瑞克。是的，你說得完全正確。但在雲端 ARR 上，以固定匯率計算，我們在第二季度確實增長了 1900 萬美元，但我們確實看到其中一些交易推遲到下半年，這顯然低於我們的預期。我們不會失去正在進行中的交易。管道仍然強勁，但我們看到客戶購買行為發生變化，他們推遲做出遷移到雲端的決定。

So in terms of the migration pipeline, we are seeing some of those deals pushed and deal elongation continues. And I think our observation would be that it excited during second quarter, and that is leading us to be more prudent, as we said, our overall ARR guidance for the year. From an expansion perspective, as you said, we're doing really well. Our cohort of customers that we had 12 months ago expanded at 123%. And as we look at the business, we think about having at least 120% expansion rate as we move forward.

因此，就遷移管道而言，我們看到其中一些交易被推進，交易仍在延長。我認為我們的觀察結果是，第二季的情況令人興奮，這導致我們更加謹慎，正如我們所說，我們今年的整體 ARR 指導。從擴張的角度來看，正如您所說，我們做得非常好。 12 個月前，我們的客戶群擴大了 123%。當我們審視業務時，我們認為在前進過程中至少要有 120% 的擴張率。

New logos, I mentioned new logos in the earnings call last quarter in terms of the strength of the new pipeline. We won new logos, both on-prem and in the cloud in the second quarter, there were some really great wins in there. I mentioned in the prepared remarks. And as we look to the second half of the year, we believe that our new logo in second half will be able to double the new logo activity that we had in the second half last year. So as we are seeing that deal elongation is putting a pressure on our cloud ARR, and that's why we have altered our year guidance accordingly.

新標誌，我在上個季度的財報電話會議上提到了新標誌的新管道的實力。第二季度，我們在本地和雲端中贏得了新徽標，其中有一些非常偉大的勝利。我在準備好的發言中提到過。展望今年下半年，我們相信下半年的新標誌將能夠使去年下半年的新標誌活動增加一倍。因此，正如我們所看到的，交易延長給我們的雲端 ARR 帶來了壓力，這就是為什麼我們相應地改變了我們的年度指導。

Okay. Maybe if I follow up with you. Obviously, it's been a very volatile year. Macro is very challenging and uneven. I'm just curious, as you think about not only guiding to 2024, but providing some of the commentary you provided in 2025, after some of the performance this year, which was unforeseen three, six, nine months ago, what gives you the confidence to give us some of those metrics for 2025 and really give those metrics with confidence understanding that you can't undershoot those. Where does that confidence stem from, again, given a lot of the volatility in performance deal elongation, et cetera?

好的。也許如果我跟進你的話。顯然，這是非常動盪的一年。宏觀是非常具有挑戰性和不平衡的。我只是很好奇，當你想到不僅要指導2024 年，還要提供你在2025 年提供的一些評論時，在今年的一些表現之後，這是三、六、九個月前無法預見的，是什麼讓你我們有信心向我們提供 2025 年的一些指標，並真正充滿信心地提供這些指標，並且了解您不能低於這些指標。考慮到業績交易延長等因素存在很大波動性，這種信心又從何而來？

Thanks, Erik. So let me start with 2024, it will give us confidence in our current outlook, right on that deal pipeline. And we're attracting senior leadership and executive sponsorship on all of our large deals. So there's a number of things that we've done in 2024. As Steve said, we do see that change in customer behavior as we've gone through Q2.

謝謝，埃里克。因此，讓我從 2024 年開始，這將使我們對當前的交易前景充滿信心。我們正在為所有大型交易吸引高階領導和高階主管的贊助。因此，我們在 2024 年做了很多事情。

We factored that into the outlet and we are using heavily discounting close assumptions and low-end of our conversion deal pipeline assumptions, that's what gives us the confidence in our 2024. As we look out to 2025, some of the things that we have as a tailwind as we move into 2025. Clearly, the cloud business is still growing strongly. Even with our new outlook, the midpoint of our guide is a 30% cloud ARR growth in the year.

我們將這一點考慮到了出口中，並且我們正在使用大幅貼現的接近假設和低端轉換交易管道假設，這讓我們對 2024 年充滿信心。年，這將是一個順風車。即使我們有新的展望，我們指南的中點仍然是今年雲端 ARR 成長 30%。

And as we continue to grow cloud and we continue to maintain the approximate 120% net expansion rate, that mix benefit helps us as we move into 2025. The other headwind that we have going into 2025 is the improvement in our retention rate. So we have seen a lower retention rate in the first half of 2024 due to the large on-prem erosions that we saw. We're seeing that improve as we go through the year and as we exit of 2024, we're anticipating that retention rate to continue to improve in 2025, so that's another headwind.

隨著我們繼續發展雲端運算並繼續保持大約120% 的淨擴張率，這種混合效益在我們進入2025 年時對我們有所幫助。 。因此，由於我們看到了大規模的本地侵蝕，我們發現 2024 年上半年的保留率較低。隨著這一年的過去，我們看到這種情況有所改善，隨著 2024 年的結束，我們預計保留率將在 2025 年繼續提高，所以這是另一個阻力。

And then finally, as we mentioned in our remarks, we are taking a number of cost reduction activities. We anticipate to reinvest some of those cost savings back into reinvestment to help accelerate growth in certain areas.

最後，正如我們在發言中提到的，我們正在採取一些降低成本的活動。我們預計將部分節省的成本重新投入再投資中，以幫助加速某些領域的成長。

Tyler Radke, Citi.

泰勒·拉德克，花旗銀行。

Yes. Steve, so we've been talking about the tough macro environment for Teradata for a few quarters now. And I guess with this latest push out of some of the targets. I'm curious like what is different now about the deal elongation conversations that you're having now versus three to six months ago? And how much is sort of the conversation involving kind of future architecture shifts as it relates to iceberg tables. If you could just comment on that piece. Obviously, that's been very topical in the space to whether that's holding up decisions here at all.

是的。 Steve，我們幾個季度以來一直在討論 Teradata 嚴峻的宏觀環境。我想隨著最新的一些目標的推出。我很好奇，你們現在正在進行的延長交易的對話與三到六個月前相比有何不同？涉及未來架構轉變的對話有多少與冰山桌相關。如果你能評論那篇文章就好了。顯然，這在該領域是非常熱門的話題，是否會阻礙這裡的決策。

Yes. Thanks, Tyler, for the question. We definitely are seeing an exacerbated change in customer buying behavior as their scrubber budgets and making sure that they are making the right decision from a spend perspective. Again, I've really got really big change in terms of the competitive environment, and we're working on. And we're not seeing major losses in terms of our opportunities.

是的。謝謝泰勒提出這個問題。我們確實看到客戶購買行為隨著他們的洗滌器預算而急劇變化，並確保他們從支出角度做出正確的決定。再說一次，我在競爭環境方面確實發生了很大的變化，我們正在努力。我們的機會並沒有出現重大損失。

In fact, one of the things we said in our prepared remarks was, we've got a really strong pipeline of eight-figure deals. It's three times the size of what we had in Q2 of last year. But those big deals, as you can imagine, in these large corporations are coming under a lot of scrutiny from an execution perspective. And so I think that those are combining together to impact that from a close perspective. Thanks for asking the question around the open table format.

事實上，我們在準備好的發言中所說的一件事是，我們有一個非常強大的八位數交易管道。這是去年第二季規模的三倍。但正如你可以想像的那樣，這些大公司的大型交易從執行的角度受到了嚴格的審查。因此，我認為這些因素結合在一起，會從近距離的角度產生影響。感謝您提出有關開放表格式的問題。

We can do a lot of work to embrace the open table formats, our open and connected data platform supports multiple OTAs. We do not believe that the war has been bought or one from an open table format, and our strategy from a Teradata technology perspective is to support multiple OTFs or native object store to enable our customers to have the most flexible and dynamic solution from a data and analytics platform perspective. We're applying the same kind of technology approach to large language models, AI models and Gen AI models, where our customers can bring their own models into the Teradata ecosystem so that they can use the data that they trust and say the enterprise to get trusted outputs. And we all know that trusted AI is one of the bigger themes in the industry today. And we believe that we're super well placed in terms of when that business from an open and connected data and analytics platform.

我們可以做很多工作來接受開放式表格式，我們的開放式連網資料平台支援多種 OTA。我們不認為戰爭是買來的，也不相信開放式表格式是一場戰爭，從Teradata 技術的角度來看，我們的策略是支援多個OTF 或本機物件存儲，使我們的客戶能夠從資料中獲得最靈活、最動態的解決方案。我們將同樣的技術方法應用於大型語言模型、AI 模型和 Gen AI 模型，我們的客戶可以將自己的模型引入 Teradata 生態系統，以便他們可以使用他們信任的數據，並表示企業可以獲得可信賴的輸出。我們都知道，可信人工智慧是當今產業的更大主題之一。我們相信，就何時透過開放且互聯的資料和分析平台開展業務而言，我們處於非常有利的位置。

Great. And then maybe a follow-up for Claire, just on the restructuring here. Pretty significant, I think, about 10% of the workforce. If I just take 10% of your operating expenses that gets you to about $70 million of savings. I guess is that the right way to think about the savings from this? And is that sort of the right way to bridge the difference between this year's free cash flow guide and next year? Just help us understand the moving pieces there on the cash flow as it relates to restructuring.

偉大的。然後也許是克萊爾的後續行動，只是關於這裡的重組。我認為相當重要，大約佔勞動力的 10%。如果我只扣除您營運費用的 10%，您就可以節省約 7000 萬美元。我想這是考慮由此節省的正確方法嗎？這是彌合今年自由現金流指南與明年之間差異的正確方法嗎？只需幫助我們了解與重組相關的現金流的變化因素即可。

Yes, of course, Tyler. So absolutely, so our total annualized run rate savings expected from headcount reductions is $75 million to $80 million, of which $15 million to $20 million is expected in 2024. As I mentioned, some of this is going to happen over the next 6 to 12 months. So not all of these actions will take place in '24. So I would assume of that $75 million to $80 million of annualized run rate are prior to reinvestment, 75% of that will flow into fiscal '25. (technical difficulty)

是的，當然，泰勒。因此，絕對如此，我們預計因裁員而節省的年化運行費用總額為7500 萬至8000 萬美元，其中預計2024 年將節省1500 萬至2000 萬美元。 6 至12 年內發生幾個月。因此，並非所有這些行動都會在 24 年發生。因此，我假設再投資之前的年化運作率為 7,500 萬至 8,000 萬美元，其中 75% 將流入 25 財年。 （技術難度）

Howard Ma, Guggenheim.

霍華德·馬，古根漢。

Maybe to dovetail off of Tyler's question on restructuring. So one for Steve, and then I have a follow-up for Claire. So Steve, what is the impact of the restructuring efforts on account coverage. And just given the more pronounced back-end weighting, what gives you the confidence that you've taken the appropriate measures to close the deals that you need to close in Q4 to achieve guidance?

也許是為了契合泰勒關於重組的問題。這是史蒂夫的一個，然後是克萊爾的後續。史蒂夫，重組工作對帳戶覆蓋率有何影響？考慮到更明顯的後端權重，是什麼讓您相信您已經採取了適當的措施來完成您需要在第四季度完成的交易以實現指導？

Yes. Thanks for the question. From a go-to-market perspective, our new Chief Revenue Officer, I take the time to review the overall organization. We actually took the opportunity to reduce a layer of management and I think that has enabled us all to be closer to the customer. We've also streamlined that global go-to-market organization, taking out our regional structure and having a more industry and geographical base around that. We've taken the opportunity as well to promote some top talent into those key leadership positions in the company.

是的。謝謝你的提問。從進入市場的角度來看，我們新任首席營收官，我花時間審查整個組織。實際上，我們藉此機會減少了管理層，我認為這使我們所有人都能夠更加貼近客戶。我們也簡化了全球市場進入組織，取消了我們的區域結構，並圍繞該結構建立了更多的行業和地理基礎。我們也利用這個機會提拔一些頂尖人才擔任公司的關鍵領導職位。

And Rich's new team as I said, proven leader is on Teradata who have got a great track record of delivering on their commitments. We continue to see that traction and momentum in our largest customers. I mentioned the 8-figure deals in the pipeline. Those deals are more difficult to close but we've got the right team and the right talent focused on that.

正如我所說，Rich 的新團隊是 Teradata 久經考驗的領導者，他們在履行承諾方面擁有良好的記錄。我們繼續在我們最大的客戶中看到這種吸引力和動力。我提到了正在進行中的 8 位數交易。這些交易更難完成，但我們有合適的團隊和合適的人才專注於此。

In terms of the restructuring activity, all of that restructured from a go-to-market perspective and putting that new structure in place is being executed already. The deal ownership is incredibly clear from an execution perspective. As we look at further restructuring NSA company, we're going to focus on our nonrevenue-generating areas but whilst maintaining advance to make sure that we are continuing to invest in the growth areas of the business.

就重組活動而言，所有從進入市場的角度進行的重組以及新結構的落實都已經在執行中。從執行的角度來看，交易所有權非常清晰。當我們考慮進一步重組 NSA 公司時，我們將專注於非創收領域，但同時保持領先，以確保我們繼續投資於業務成長領域。

Okay. And for Claire, it sounds like there may have been additional unaffected large customer churn in Q2. Is that factored, you called out the 100 basis points as part of the guidance reduction? Or could there be more large customer churn similar to what happened in Q1 to come for the balance of the year?

好的。對於克萊爾來說，聽起來第二季度可能會有更多未受影響的大型客戶流失。您是否將 100 個基點作為指導下調的一部分考慮在內？或者今年剩餘時間是否會出現類似於第一季發生的情況的更大規模的客戶流失？

No, we didn't see any unexpected churn in Q2. We were still seeing the final impact of those large on-prem erosions that we talked about back at the end of 2023. So some of the impact there hit in Q2 as expected. To your point, we have updated our churn assumptions for the full year and are expecting an additional 100 basis points of churn in fiscal '24.

不，我們在第二季度沒有看到任何意外的流失。我們仍在看到我們在 2023 年底討論過的那些大規模本地侵蝕的最終影響。就您的觀點而言，我們已經更新了全年的客戶流失假設，並預計 24 財年的客戶流失率將增加 100 個基點。

Actually, a customer that we have highlighted as at risk as a couple of customers high risk and the timing of that activity has been accelerated into 2024. So no surprises in Q2, but we have, as you mentioned, updated our full year assumption by 100 basis points.

實際上，我們強調的一個客戶與幾個高風險客戶一樣面臨風險，並且該活動的時間已加速到2024 年。年假設： 100個基點。

Chirag Ved, Evercore ISI.

Chirag Ved，Evercore ISI。

So just on the erosions front, what are some of the steps that you're taking to mitigate potential future erosion and incentivize existing customers leverage Vantage Cloud as opposed to potentially migrating credit, incentives, partner support. I mean how are you thinking about this opportunity? And are you seeing incremental success in customer retention quarter-over-quarter?

因此，就侵蝕問題而言，您正在採取哪些措施來減輕未來潛在的侵蝕並激勵現有客戶利用 Vantage Cloud，而不是潛在地遷移信貸、激勵措施、合作夥伴支援。我的意思是你如何看待這個機會？您是否看到客戶保留率逐季度增加？

Thanks for the question. Yes, you're absolutely right, we got a whole of activities undergoing in terms of our customer success function. Just taking a little step back. We did know and have known that 2024 was going to be an outlier from an erosion perspective in terms of us having more on-prem erosion than other years. And we are expecting that, as Claire said earlier, to normalize as we move back into 2025 to a more normalized erosion rate.

謝謝你的提問。是的，您完全正確，我們在客戶成功職能方面正在進行一整套活動。只是後退了一小步。我們確實知道並且已經知道，從侵蝕的角度來看，2024 年將是一個異常值，因為我們的本地侵蝕比其他年份更多。正如克萊爾早些時候所說，我們預計，隨著我們回到 2025 年，侵蝕率將趨於正常化。

Just reflecting back, if you think about the erosion pattern that we have from a Teradata perspective, it's usually customers that have made the decision to migrate off Teradata many years ago. So four-plus years ago when we did not have the cloud offering that we have in place today. So the key strategy for us in terms of ensuring that we are remaining relevant and tighter customer base as to execute a cloud-first strategy, that's to get our cloud platform deployed and save these customers. And we've had some great success that our cloud business getting up to being 37% of our total ARR at the end of Q2 as a significant indication that many, many of our customers are committing to us and committing to their future from a Teradata perspective.

回想一下，如果您從 Teradata 的角度考慮我們的侵蝕模式，通常是客戶多年前就決定遷移出 Teradata。四年前，當我們還沒有今天擁有的雲端產品。因此，為了確保我們保持相關性和更緊密的客戶群以執行雲端優先策略，我們的關鍵策略是部署我們的雲端平台並拯救這些客戶。我們取得了一些巨大的成功，我們的雲端業務在第二季末達到了總 ARR 的 37%，這表明我們的許多客戶正在向我們做出承諾，並透過 Teradata 致力於他們的未來看法。

Over the last couple of years, we've grown a very successful customer success management function with some great leadership around the company to ensure that we understand what's going on and take our customers and we have proactive safe plans in place that we are continuously demonstrating the value of the new technology developments that we're deploying. And in some cases, that would also include some commercial motivation for our customers to move to the cloud business. We see, however, that our cloud business is being super successful. Most of our customers when they move to the cloud also grow with us.

在過去的幾年裡，我們已經建立了非常成功的客戶成功管理職能，公司內部有一些出色的領導層，以確保我們了解正在發生的事情並帶領我們的客戶，並且我們制定了積極主動的安全計劃，我們正在不斷展示這些計劃我們正在部署的新技術開發的價值。在某些情況下，這也包括我們的客戶轉向雲端業務的一些商業動機。然而，我們看到我們的雲端業務非常成功。我們的大多數客戶在遷移到雲端時也與我們一起成長。

And that's been a great testimony to taking the customer from that trend based into the cloud. A number of different actions in place around the organization, and we're confident in terms of the customer base that we have and the visibility that we've got into that base as we move forward.

這是將客戶從基於雲端的趨勢帶入雲端的一個很好的證明。整個組織採取了許多不同的行動，我們對我們擁有的客戶群以及我們在前進過程中對該基礎的可見性充滿信心。

Maybe just one more quick one on my end. Have you seen any changes in the competitive environment or has it remained pretty consistent over the course of the last few quarters?

也許我這邊再快一點。您是否看到競爭環境發生任何變化，或者在過去幾季中競爭環境是否保持相當穩定？

Yes. We've seen the competitive environment to be fairly consistent. We are super delighted from a Teradata perspective, now that we've got our new Vantage Cloud Lake launched on the Google platform. That's going to enable us to start addressing with our most modern technologies, all of our customers that utilize the GCP platform as their cloud provider. And also from a new product release or Teradata AI Unlimited product, integrated and Microsoft Fabric enables us to partner at a very close level with Microsoft in terms of their most advanced technologies and their new technology announcements.

是的。我們發現競爭環境相當一致。現在，我們在 Google 平台上推出了新的 Vantage Cloud Lake，從 Teradata 的角度來看，我們感到非常高興。這將使我們能夠開始使用最現代的技術來滿足所有使用 GCP 平台作為雲端提供者的客戶的需求。此外，從新產品發布或 Teradata AI Unlimited 產品來看，整合和 Microsoft Fabric 使我們能夠在 Microsoft 最先進的技術和新技術發布方面與 Microsoft 進行非常密切的合作。

So at the macro level, we don't see any major changes in the competitive environment. But certainly, from a Teradata perspective, we're putting new technologies out there, which enable us to compete more and more effectively as we move forward.

所以從宏觀層面來看，我們沒有看到競爭環境有任何重大變化。但當然，從 Teradata 的角度來看，我們正在推出新技術，這使我們能夠在不斷前進的過程中越來越有效地競爭。

Nehal Chokshi, Northland Capital Markets.

Nehal Chokshi，北國資本市場。

Two questions for Claire. First question, calendar '24 free cash flow. It looks like about 40--.

有兩個問題要問克萊爾。第一個問題，24 年曆自由現金流。看起來大約有40--。

Yes, that's right. Now you need to say to your point, a lower billing assumption from lower ARR and revenue in the year. Also remember, we are guided to the low end. So is lower ARR and revenue, which impacts both '24 and '25. The other impact, obviously, is a higher cash payments that we're making from severance, partially offset by cost reduction.

恩，那就對了。現在您需要闡述您的觀點，即由於當年較低的 ARR 和收入而提出較低的計費假設。也要記住，我們被引導到低端。較低的 ARR 和收入也是如此，這會影響 '24 和 '25。顯然，另一個影響是我們因遣散費而支付的現金增加，但部分被成本削減所抵消。

Okay. And then you're also providing some initial thoughts on calendar '25 on the free cash flow, and you're projecting it to increase $65 million year-over-year. So $40 million is due to no additional restructuring payments, presumably. And then the other $25 million would be basically from the projected overall ARR and billings growth that you're projecting?

好的。然後，您還就 25 日曆年的自由現金流提供了一些初步想法，並預計將比去年同期增加 6,500 萬美元。因此，4000 萬美元大概是由於沒有額外的重組付款所致。然後另外 2500 萬美元基本上來自您預計的整體 ARR 和帳單增長？

Yes. So actually, there will be $15 million to $20 million expected of severance payments in 2025. So we do see a benefit from lower severance payments, but those severance payments of $45 million to $50 million are split with $30 million to $35 million being in fiscal '24 and $15 million to $20 million to '25 to be a benefit, but we do still have some severance payments being paid in 2025. To your point, we are anticipating to also see a benefit from cost reductions. And we also anticipate improvement in ARR growth billings, which is what you mentioned.

是的。因此，實際上，預計到2025 年將有1500 萬至2000 萬美元的遣散費。 因此，我們確實看到了較低遣散費的好處，但4500 萬至5000 萬美元的遣散費與3000 萬至3500 萬美元的財政支出分開了。到成本削減帶來的好處。我們也預計 ARR 成長帳單會有所改善，這就是您提到的。

Matt Hedberg, RBC.

馬特‧赫德伯格，加拿大皇家銀行。

Steve, one for you. Can you talk about the linearity in the quarter? I'm curious, did things deteriorate as the quarter went on? Or was it kind of consistent throughout Q2?

史蒂夫，給你一個。能談談本季的線性嗎？我很好奇，隨著本季的持續，情況是否惡化了？還是整個第二季的情況都保持一致？

Yes, Matt, thanks for the question. We can as many enterprise software companies are to be kind of back-end loaded towards the end of a particular quarter. And so as we look at execution, a lot of our linearity always skewed to the back end of the quarter. So it doesn't give us a lot of visibility as we go through the quarter of, of course, actually happening. And we clearly were getting messages from our customer base about the decisions that we're making around the spend patterns, and we saw that impact in terms of our overall results from a Q2 perspective.

是的，馬特，謝謝你的提問。我們可以看到，許多企業軟體公司將在特定季度末進行後端加載。因此，當我們審視執行情況時，我們的許多線性總是偏向季度末。因此，當我們經歷實際發生的季度時，它並沒有為我們帶來很多可見性。我們顯然從客戶群收到了有關我們圍繞支出模式做出的決策的信息，並且從第二季度的角度來看，我們看到了這種影響對我們整體業績的影響。

Got it. Okay. And to be clear, on the 9% to 10% reduction in head count, I think in the prepared remarks, you said you're reducing, I think expenses across all areas of the business. I think you noted also a focus maybe on some revenue-generating areas. I guess maybe a little bit more detail on where some of these reductions are coming? And then secondarily, it sounds like you're planning to reinvest some of that savings. I guess, is there a way to think about like net of the reductions and the rehiring, what like the total targeted headcount would be on a net basis?

知道了。好的。需要明確的是，關於員工人數減少 9% 到 10%，我認為在準備好的演講中，您說您正在減少，我認為是業務所有領域的費用。我想你也注意到了可能對某些創收領域的關注。我想也許可以更詳細地了解其中一些減少的具體情況？其次，聽起來您正計劃將部分儲蓄進行再投資。我想，有沒有一種方法可以考慮扣除裁員和重新僱用後的淨目標員工總數？

Yes. So to your point, we've made some changes and done a reorganization in the go-to-market, teams of benefits so taking out additional layers of management, focusing more on geographic and industry verticals rather than the regional setup we have previously. So there have been a number of changes in the go-to-market organization. We have tried to prioritize nonrevenue-generating activities, but we are looking across the board to ensure that we have prioritized our investments across everywhere so including products, including marketing, go-to-market and non-revenue generating. But obviously, we are trying to maximize the savings in the non-revenue-generating areas.

是的。因此，就您的觀點而言，我們已經做出了一些改變，並在進入市場、福利團隊方面進行了重組，因此刪除了額外的管理層級，更專注於地理和行業垂直領域，而不是我們之前的區域設定。因此，上市組織發生了一些變化。我們試圖優先考慮非創收活動，但我們正在全面考慮，以確保我們優先考慮各個地方的投資，包括產品，包括行銷、上市和非創收活動。但顯然，我們正在努力最大限度地節省非創收領域的費用。

When it comes to reinvestment, we are still finalizing our plans with us the exact number of reinvestments because this will be over the next 6 to 12 months. So we'll give further details on that as we give a guide on 2025 at the end of the year. But what we do anticipate is will be where we see areas that can help us accelerate our growth in 2025 and beyond, we do see the opportunity to be able to reinvest some of those savings that we're taking out over the next 6 to 12 months.

在再投資方面，我們仍在與我們最終確定再投資的確切數量，因為這將在未來 6 至 12 個月內進行。因此，我們將在年底提供 2025 年指南時提供更多詳細資訊。但我們確實預計，我們會看到能夠幫助我們在 2025 年及以後加速成長的領域，我們確實看到了能夠將我們在未來 6 到 12 年中節省的部分資金進行再投資的機會。

Patrick Walravens, Citizens JMP.

Patrick Walravens，公民 JMP。

Great. I guess what I would start with is do you see that Fortune 500 companies in general as they're determining their data strategy are anchoring that on selecting a primary or single data warehouse vendor?

偉大的。我想我首先要說的是，您是否認為財富 500 強公司在確定其資料策略時普遍將其錨定在選擇主要或單一資料倉儲供應商上？

Pat, thanks very much for the question. Look, I think as we look at the market, we certainly see there's like lots of room for lots of different players in the marketplace. From our perspective, we know that we are the best path to the cloud for the world's largest organizations that are executing complex mixed workloads at scale. And we can deliver that solution to them in the most cost-effective, most cost-efficient way.

帕特，非常感謝你的提問。聽著，我認為當我們審視市場時，我們當然會看到市場上有很多不同的參與者的空間。從我們的角度來看，我們知道對於大規模執行複雜混合工作負載的全球最大組織來說，我們是通往雲端的最佳途徑。我們可以以最具成本效益、最具成本效益的方式向他們提供此解決方案。

And then as we're looking at the new capabilities that we're bringing out in terms of having the platform support not just an enterprise data warehouse and being able to compete in the enterprise data warehouse perspective, but also being able to compete in the for deployments like Wake or Wake House, and also compete from an end database analytics for high-performance analytics, which really plays well into AI and Gen AI solutions. I think many customers, many of our customers are looking at multiple solutions across that entire solution set. It's our objective in Teradata to provide the best possible engine to address each one of those workloads and patterns we see in those customers.

然後，當我們看到我們正在推出的新功能時，平台不僅支援企業資料倉儲並能夠在企業資料倉儲方面競爭，而且還能夠在適用於Wake 或Wake House 等部署，還可以從終端資料庫分析中競爭高性能分析，這在AI 和Gen AI 解決方案中發揮了很好的作用。我認為許多客戶，我們的許多客戶正在尋找整個解決方案集中的多種解決方案。我們 Teradata 的目標是提供盡可能最佳的引擎來解決我們在這些客戶中看到的每種工作負載和模式。

Okay. I mean everyone on this call and you guys as well have heard that example of the bank in Asia Pac that decided to go to Databricks and listen to everyone else that they're replacing in the process, you were one of several other vendors, other data warehouse vendors. So I'm just wondering how common is that, Steve? Is that something that most large organizations are deciding to do, pick one, and replace the others? Or is it not that common?

好的。我的意思是，參加這次電話會議的每個人以及你們也都聽說過亞太地區銀行的例子，該銀行決定前往Databricks 並聽取他們在此過程中替換的其他所有人的意見，您是其他幾家供應商之一，其他資料倉儲供應商。所以我只是想知道這種情況有多常見，史蒂夫？這是大多數大型組織決定要做的事情，選擇一個，然後取代其他嗎？或者說這種情況不常見？

Pat, I would say that vendor is never a good thing for any customer. But what we look at from a Teradata perspective, is we know what our customers are doing. We've got a great conversation with them. In some cases, if they're running a very old version of the Teradata ecosystem on-premise, and they've made decisions before we had the advanced cloud technologies available that we now have, then they tend to make decisions to move away from Teradata.

帕特，我想說供應商對任何客戶來說都不是一件好事。但從 Teradata 的角度來看，我們知道我們的客戶在做什麼。我們與他們進行了愉快的交談。在某些情況下，如果他們在本地運行非常舊版本的 Teradata 生態系統，並且他們在我們擁有現有的先進雲技術之前就已經做出了決定，那麼他們往往會做出放棄的決定泰拉數據。

What we see in the marketplace now is that we have a key place in our customers' ecosystems, to address some of their most mission-critical workloads, especially at enterprise scale and our massively parallel computing architecture that's been with us has been the core of our systems for years is absolutely fantastic at running AI and Gen AI workloads and a parallel structure. So we are really well placed to compete for the right workloads and into our customers. And I think most customers are going to start looking at the best engines to address their workload requirements as we move into the future.

我們現在在市場上看到的是，我們在客戶的生態系統中佔據著關鍵地位，可以解決他們的一些最關鍵的任務工作負載，特別是在企業規模上，而我們一直以來的大規模並行計算架構一直是我們的核心。因此，我們確實處於有利地位，可以競爭合適的工作負載和客戶。我認為，隨著我們走向未來，大多數客戶將開始尋找最好的引擎來滿足他們的工作負載需求。

Or does the need from a storage perspective, do they need high-performance block storage? Or can they run the workload in a lower-cost open table format or native object store or objective to be able to address all of those patterns.

或者從儲存的角度來說，是否需要高效能的區塊儲存？或者他們可以以較低成本的開放式表格式或本機物件儲存或目標運行工作負載，以便能夠解決所有這些模式。

Wamsi Mohan, Bank of America.

萬西·莫漢，美國銀行。

So Claire, on the restructuring benefit of $15 million to $20 million net benefit in 2024 in EBIT. Is there incremental EBIT benefit that flows into...

因此，克萊爾的重組收益將在 2024 年息稅前利潤中實現 1500 萬至 2000 萬美元的淨收益。是否有增量的息稅前利潤流入…

Yes, Wamsi. So to your point, we are anticipating in annualized run rate of $75 million to $80 million. So assuming about prior to reinvestment, about 75% hit fiscal '25. So we will see an incremental benefit. As we mentioned, we are looking at when we want to reinvest, looking at opportunities that will ultimately drive long-term growth. So there should be benefit in fiscal '25, but we're still finalizing the modeling on how much do we invest based on obviously our high governance of return on investment approach.

是的，瓦姆西。因此，就您而言，我們預計年化運作率為 7,500 萬至 8,000 萬美元。因此，假設在再投資之前，大約 75% 的資金會在 25 財年實現。因此，我們將看到增量效益。正如我們所提到的，我們正在考慮何時進行再投資，尋找最終將推動長期成長的機會。因此，25 財年應該會帶來好處，但我們仍在最終確定我們投資多少的模型，這顯然是基於我們對投資回報方法的高度治理。

So clear, I guess, like the question is really that is there going to be an organic EBIT increase going into next year? Because if you are looking at sort of your preliminary thoughts on 2025 with low single-digit top line and 20% EBIT margin. It's about 50 basis points of margin expansion. Is that contemplating a net level of investment that supersedes this cost savings? Or is the organic EBIT actually declining? And how would you bridge that with cash flow then if organic EBIT is declining for the north of $50 million improvement year-on-year.

我想，問題很清楚，明年的息稅前利潤是否會有機成長？因為如果你看一下你對 2025 年的初步想法，營收將低至個位數，息稅前利潤率為 20%。利潤率擴大約 50 個基點。這是在考慮取代這種成本節約的淨投資水準嗎？或者有機息稅前利潤實際上正在下降嗎？如果有機息稅前利潤年減 5,000 萬美元以上，您將如何將其與現金流聯繫起來。

Yes. So good question, Wamsi. Thank you. So as we look at in terms of our low 20% range and when we look at it from a dollar standpoint, because we are continuing to be able to expand our cloud gross margin and we are taking these proactive measures from a cost reduction we do anticipate to grow year-over-year from '24 into '25. And that's factored in to your point, in terms of our fiscal '25 cash flow assumptions, where we'll see top line growth, the growth in billings plus benefit from the EBIT offset by and also an improvement, sorry, from lower severance. So that's what's driving the year-over-year benefit from the cash impact. So we have factored some of that in. But we anticipate that's how we get to that low 20% operating margin and anticipate to see dollar growth as we move into 2025.

是的。問得好，瓦姆西。謝謝。因此，當我們從美元的角度來看 20% 的低範圍時，因為我們能夠繼續擴大我們的雲毛利率，並且我們正在從降低成本的角度採取這些積極措施預計從24 年到25 年將逐年增長。這已考慮到您的觀點，就我們的25 財年現金流假設而言，我們將看到營收成長、帳單成長加上息稅前利潤的成長，以及（抱歉）較低遣散費帶來的改善。這就是現金影響帶來的年比收益的推動因素。因此，我們已經考慮了其中的一些因素。

Derrick Wood, TD Cowen.

德里克·伍德，TD·考恩。

I guess for Steve or Claire, just in terms of the reduction in the ARR outlook, can you couch how much of this is coming from what you're seeing in your pipeline and sales cycles today versus how much of this is from anticipated disruption from the restructuring. Just wondering whether you're anticipating much disruption from go-to-market motions due to the real.

我想對於史蒂夫或克萊爾來說，就 ARR 前景的減少而言，您能否說明其中有多少來自您今天在管道和銷售週期中看到的情況，以及其中有多少來自預期的中斷重組。只是想知道您是否預計由於真實情況而導致進入市場的動議會受到很大干擾。

No. Thanks for the question, Darren. We don't anticipate any disruption from, in terms of go-to-market execution, as we said, we've got a great pipeline of great kind of deal that's got some of our best sales folks on it. The leadership team that we've put into the go-to-market organization, I have absolute laid on. They've taken up that drumbeat without missing a bit. What we do, though, see, as I pointed to, as a continued elongation of the deal cycle, we have seen that exacerbated in 2Q in terms of customer decision-making cycles, especially for these really large deals.

不，謝謝你的提問，達倫。正如我們所說，我們預計不會對上市執行造成任何干擾，我們擁有大量優秀的交易管道，其中包括我們最優秀的銷售人員。我絕對信任我們進入市場組織的領導團隊。他們毫不遺漏地接受了這一鼓點。不過，正如我所指出的，我們所做的事情是，隨著交易週期的持續延長，我們發現第二季客戶決策週期的情況加劇，尤其是對於這些真正的大型交易。

Got it. Understood. In your prepared remarks, you mentioned the -- you're seeing less on-prem expansions. I think you had been kind of running in a framework of flat to slightly positive growth in on-prem excluding migrations, I guess, how does this framework change in light of your updated guidance and just what you're seeing on expansion activity?

知道了。明白了。在您準備好的發言中，您提到了—您看到的本地擴展越來越少。我認為您一直在本地部署（不包括遷移）持平到略微正增長的框架中運行，我想，根據您更新的指導以及您在擴展活動中看到的情況，這個框架會如何變化？

Yes. I'll just take the first part of that question and let Claire comment in terms of what we're seeing is as customers are expanding their budget, and they're also thinking about that shift to the cloud. They are delaying on-prem expansion. There's no point in expanding their on-prem footprint and then moving it to the cloud and then expanding in the cloud. So as those cloud migrations are being considered and some of them are shipped into the right.

是的。我只回答這個問題的第一部分，讓克萊爾根據我們所看到的情況發表評論，因為客戶正在擴大預算，他們也在考慮向雲端的轉變。他們正在推遲本地擴展。擴大他們的本地足跡，然後將其轉移到雲端中，然後在雲端擴展是沒有意義的。因此，隨著這些雲端遷移的考慮，其中一些已被運送到正確的位置。

That does have an impact on our total ARR, both in terms of the expansions, we typically see at the point of migration from on-prem to the cloud, but also customers are pushing out those on-prem expansions as they consider their future strategy in terms of moving to the cloud with us. And I'd just reecho the point that we talked about before. We're not seeing these opportunities lost code protection. We're seeing the commitment to the Teradata technology and technology set. This is a deal elongation and slippage of these deals into subsequent quarters.

這確實對我們的總 ARR 產生了影響，無論是在擴展方面，我們通常會在從本地遷移到雲端時看到，而且客戶在考慮未來策略時也會推出這些本地擴展與我們一起遷移到雲端。我只是重複我們之前討論過的觀點。我們沒有看到這些機會失去了代碼保護。我們看到了對 Teradata 技術和技術集的承諾。這是交易的延長和這些交易滑入後續季度的情況。

Yes. And I'll just jump in to your point, because of the reduction in on-prem expansion, we now would not anticipate to grow be flat or slightly up, excluding ratio, we'd actually expect that to decline. But we do believe that, that's an opportunity, as Steve mentioned, over time as we move these large accounts to the cloud, and then we tend to see larger expansion with us once they migrate to the cloud.

是的。我只想談談你的觀點，由於本地擴張的減少，我們現在預計成長不會持平或略有上升，排除比率，我們實際上預計會下降。但我們確實相信，正如史蒂夫提到的那樣，隨著時間的推移，當我們將這些大型帳戶遷移到雲端時，這是一個機會，一旦它們遷移到雲端，我們往往會看到更大的擴張。

Raimo Lenschow, Barclays.

雷莫‧倫肖 (Raimo Lenshow)，巴克萊銀行。

The pipeline that you talked about, like the double new logo pipeline for the second half versus the second half of 2023 and then the 3x the pipeline of the 8-figure deals. Where are these -- especially on the new logo side, where are they coming in? Like, there obviously, we clearly must be kind of participating more in the market, again, like what are the people looking for? What's the size? Or what's the typical profile of the customers there?

您談到的管道，例如下半年與 2023 年下半年相比的雙新標誌管道，然後是 8 位數交易的 3 倍管道。這些在哪裡——特別是在新標誌方面，它們來自哪裡？就像，顯然，我們顯然必須更多地參與市場，再說一次，就像人們在尋找什麼？尺寸是多少？或者那裡的客戶的典型特徵是什麼？

Yes. Thanks, Raimo. I think we're seeing a very balanced view, we're seeing new logos across all of the geographies and across all industries. So most of the new logos are buying a use case. I mentioned that bank in Japan as an example, who are using Vantage Cloud Lake revenue assurance. And so it's really interesting because we've got that whole history of industry experience at Teradata and how the biggest enterprises in the world use data and advanced analytics for business value we can actually take those use cases on our new technology and take those to new customers.

是的。謝謝，雷莫。我認為我們看到了一個非常平衡的觀點，我們看到所有地區和所有行業的新標誌。所以大多數新標誌都是購買用例。我提到日本的一家銀行正在使用 Vantage Cloud Lake 收入保證。這真的很有趣，因為我們擁有Teradata 的整個行業經驗歷史，以及世界上最大的企業如何使用數據和高級分析來實現業務價值，我們實際上可以將這些用例應用到我們的新技術上，並將它們帶到新的領域。

The other thing I would point out, Raimo, is the strength of our hybrid platform. So we're seeing new logos, both from an on-prem perspective and in the cloud. So it's very balanced across definite deployment models, different use cases, different industries and define geographies. And I think that gives us a breadth of operations to actually execute and generate that new logo success, which we think in second half is going to be double what we did in the second half last year from a new logo results perspective.

Raimo，我要指出的另一件事是我們混合平台的優勢。因此，無論是從本地角度還是在雲端，我們都看到了新的標誌。因此，它在特定的部署模型、不同的用例、不同的行業和定義的地理位置之間非常平衡。我認為這為我們提供了廣泛的業務來實際執行和產生新標誌的成功，我們認為從新標誌結果的角度來看，下半年的業績將是去年下半年的兩倍。

Austin Dietz, UBS.

奧斯汀‧迪茨，瑞銀。

Steve, nice to connect. I'm looking at your views on where the data analytics industry is headed over the next few years. From your response to Tyler's question, change in architectures don't appear to be impacting deal cycles yet. But there seems to be just real changes around the open table formats like iceberg and shifting towards a more open architecture in the industry.

史蒂夫，很高興聯繫。我正在研究您對數據分析行業未來幾年發展方向的看法。從您對泰勒問題的回答來看，架構的變化似乎還沒有影響交易週期。但圍繞冰山之類的開放表格格式似乎發生了真正的變化，並轉向了行業中更開放的架構。

So yes, I guess, how do you see the data analytics market evolving over the next few years? How do you think open table format changes the competitive landscape in the data analytics market? Does it become about query performance on iceberg tables at some point? I would just love your thoughts on where the data analytics industry side over the next few years?

所以，是的，我想，您如何看待未來幾年資料分析市場的發展？您認為開放表格式如何改變資料分析市場的競爭格局？在某些時候，它是否會涉及冰山表的查詢效能？我很想知道您對未來幾年數據分析產業的看法？

Yes. Thanks for the question. I think we covered some of Lu's points. So I think from an open table format, I don't think the battle is complete there. So our approach is to have an open and connected ecosystem that supports multiple open table formats. And as those technologies advance, we enable our customers to take advantage of those open table formats are here today, but also the new ones that are coming out in the future.

是的。謝謝你的提問。我想我們已經涵蓋了盧的一些觀點。所以我認為從開放表的形式來看，我認為戰鬥還沒結束。所以我們的方法是擁有一個開放且互聯的生態系統，支援多種開放式表格式。隨著這些技術的進步，我們使我們的客戶能夠利用今天的開放表格格式以及未來出現的新格式。

I think that as we look forward, our customers are going to want to deploy workloads on the most appropriate storage tier. That might be in the cloud on an elastic block high-performance storage for super complex supermesh critical real-time solutions use less performance storage for workloads, which are less mission-critical the battles will be, to your point, and the query engine, who's got the best PV engine. And it's great from our perspective to see we really carried an AI Unlimited. It's got all of our analytics capabilities built right into the database.

我認為，展望未來，我們的客戶將希望將工作負載部署在最合適的儲存層上。這可能是在雲端中的彈性塊高效能存儲上，用於超級複雜的超級網格關鍵實時解決方案，為工作負載使用較少的性能存儲，就您而言，這些戰鬥的任務關鍵性較低，並且查詢引擎，誰擁有最好的光伏引擎。從我們的角度來看，很高興看到我們確實擁有 AI Unlimited。它將我們所有的分析功能內建在資料庫中。

It's a high performance. We've got a high-performance creamy engine that we deploy in vast enables us to address lots of different use cases. So that open and connected approach to make sure that our customers can take advantage of the most advanced analytic capabilities, be it Gen AI or AI and analytic models is something that we're absolutely focused on.

這是一個很高的性能。我們擁有一個大規模部署的高效能奶油引擎，使我們能夠解決許多不同的用例。因此，透過開放和互聯的方法來確保我們的客戶能夠利用最先進的分析功能，無論是 Gen AI 還是人工智慧和分析模型，都是我們絕對關注的重點。

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

目前沒有其他問題。現在我將把電話轉回給史蒂夫·麥克米倫 (Steve McMillan) 作結束語。

Thank you, everybody, for joining us today. Look, as we end the call, I'd like to emphasize that we are confident that we've got a fantastic market opportunity in front of us. We've got a great technology, and we've got the team to win. We've got our plans in place for execution, and we are absolutely committed to moving forward successfully.

謝謝大家今天加入我們。聽著，當我們結束通話時，我想強調的是，我們相信我們面前有一個絕佳的市場機會。我們擁有出色的技術，我們也擁有能夠獲勝的團隊。我們已經制定了執行計劃，並且絕對致力於成功向前邁進。

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

今天的電話會議到此結束。現在您可以斷開線路。