Teradata Corp (TDC) 2024 Q4 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 2024 Fourth Quarter and Full Year Earnings Call. (Operator Instructions) I would now 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.我叫喬，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Teradata 2024 年第四季和全年財報電話會議。（操作員指示）現在，我想將會議交給今天的主持人、投資者關係和企業發展高級副總裁 Chad Bennett。您可以開始您的會議了。

Good afternoon, and welcome to Teradata's Fourth Quarter and Full Year 2024 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 年第四季和全年財報電話會議。Teradata 總裁兼執行長 Steve McMillan 將主持今天的電話會議。接下來是 Teradata 財務長 Claire Bramley，她將討論我們的財務表現和前景。

Our discussion today includes forecasts and other information that are considered forward-looking statements. While these statements reflect our current outlook, they are subject to a number of risks and uncertainties that could cause actual results to differ materially. These risk factors are described in today's earnings release and in our SEC filings.

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。雖然這些聲明反映了我們當前的觀點，但它們受到許多風險和不確定因素的影響，可能導致實際結果有重大差異。這些風險因素在今天的收益報告和我們的美國證券交易委員會文件中均有描述。

Please note that Teradata intends to file the Form 10-K for the year ended December 31, 2024, later this month. 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 excludes such items as stock-based compensation expense, 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 2025 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.

請注意，Teradata 計劃於本月稍後提交截至 2024 年 12 月 31 日的 10-K 表。這些前瞻性陳述是截至今天所做的，我們不承擔更新它們的義務或責任。在今天的電話會議上，我們將討論某些非公認會計準則財務指標，其中不包括股票薪酬費用以及收益報告中描述的其他特殊項目。我們還將討論其他非 GAAP 項目，例如自由現金流、固定匯率比較以及 2025 年收入和 ARR 成長前景（以固定匯率計算）。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 GAAP 基礎。

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.

非 GAAP 與 GAAP 指標的對帳表包含在我們的收益報告中，您可以在我們網站 investor.teradata.com 的投資者關係頁面上查閱。本次電話會議的重播將於今天稍晚在我們的網站上提供。

And now I will turn the call over to Steve.

現在我將電話轉給史蒂夫。

Thanks, Chad, and hello, everyone. Thanks for joining us today. In 2024, we delivered $609 million in Cloud ARR and $1.474 billion of total ARR as we advanced in our strategy with our hybrid cloud platform for trusted AI. As we discussed on the last call, we see that companies everywhere are exploring how to best leverage the potential of AI and gen AI and they are realizing the requirement for managing massive volumes of data that will grow exponentially.

謝謝，查德，大家好。感謝您今天加入我們。2024 年，隨著我們可信賴 AI 混合雲平台策略的推進，我們實現了 6.09 億美元的雲端 ARR 和 14.74 億美元的總 ARR。正如我們在上次電話會議上討論的那樣，我們看到世界各地的公司都在探索如何最好地利用人工智慧和新一代人工智慧的潛力，並且他們意識到管理指數級增長的大量數據的必要性。

Before we get into the details of our results, we also announced that Claire Bramley is moving on from Teradata to take a Chief Financial Officer position at another company outside of our industry. We have a search process on (inaudible) and Charles Smitherman, our Chief Accounting Officer, will assume the interim CFO position. Charles will continue to work closely with Claire to ensure a seamless transition until her departure on March 31. Claire has been instrumental in supporting the company's transformation to a cloud leader. We're grateful for her operational excellence and outstanding financial leadership and driving durable profitability and free cash flow during her tenure.

在我們了解業績細節之前，我們還宣布，克萊爾·布拉姆利 (Claire Bramley) 將離開 Teradata，到我們行業以外的另一家公司擔任財務長。我們正在進行 (聽不清楚) 的搜尋流程，我們的首席會計官查爾斯·史密瑟曼 (Charles Smitherman) 將擔任臨時首席財務官職位。在克萊爾 3 月 31 日離職前，查爾斯將繼續與克萊爾密切合作，確保順利過渡。克萊爾在支持公司轉型為雲端運算領導者方面發揮了重要作用。我們感謝她卓越的營運能力和傑出的財務領導力，以及在任職期間推動的持久盈利能力和自由現金流。

Claire, on behalf of everyone at Teradata, we wish you the best in your new role. Shifting back to our results. This been a challenging year. We took significant actions in 2024 that position us to return to total ARR growth this year. We named a new CRO, restructured go-to-market organization and executed cost actions that reduced expenses across the business.

克萊爾，我代表 Teradata 的全體員工祝福您在新的職位上一切順利。回到我們的結果。這是充滿挑戰的一年。我們在 2024 年採取了重大行動，使我們能夠在今年恢復整體 ARR 成長。我們任命了一位新的 CRO，重組了行銷組織，並採取了成本行動來降低整個業務的開支。

We also reoriented the organization to win with AI and introduced a sweeping set of innovations designed to strongly position us with our hybrid trusted AI platform. As we pivoted to AI, we also launched new partnerships with, for example, NVIDIA and strengthened partnerships with the major CSPs. We are firmly focused on returning the company to growth in 2025 and execution is job #1.

我們也重新定位了組織，以人工智慧取勝，並推出了一系列創新，旨在透過我們的混合可信任人工智慧平台讓我們佔據強勢地位。隨著我們轉向人工智慧，我們也與 NVIDIA 等建立了新的合作夥伴關係，並加強了與主要 CSP 的合作夥伴關係。我們堅定地致力於在 2025 年讓公司恢復成長，而執行是我們的首要任務。

Our go-to-market organization has settled in from the midyear restructuring, and we are expecting continued improvement in execution from our go-to-market teams. As an example, the financial services team we created is allowing us to pursue emerging AI-based industry use cases that we believe our technology best enables. We also have proof of concepts underway for generative AI for CX, a major gen AI use case. Additionally, we are releasing a series of customer experience AI use cases that customers can quickly implement and are designed to drive improved results around customer churn, next best action, customer journey and hyper personalization. Our customer success team is doubling down on delivering innovation days curated to each customer's needs and helping to extend the deployment of technology across our base.

我們的行銷組織已經從年中重組中穩定下來，我們期待我們的行銷團隊的執行力繼續提高。例如，我們創建的金融服務團隊使我們能夠探索我們認為我們的技術最能實現的新興人工智慧產業用例。我們也正在對 CX 的生成式 AI（一個主要的生成式 AI 用例）進行概念驗證。此外，我們還發布了一系列客戶體驗 AI 用例，客戶可以快速實施，旨在推動客戶流失、下一步最佳行動、客戶旅程和超個人化方面的改善結果。我們的客戶成功團隊正在加倍努力，根據每個客戶的需求策劃創新日，並協助在我們的基地擴展技術部署。

In 2025, we are expecting a meaningful improvement in retention rates over 2024 for both total and on-prem ARR. We started to see improvement in retention rates in the second half of 2024 and are looking to carry that forward this year. With these initiatives taking hold, we believe we are well positioned to execute and return to growth this year. Just as we made a pivot in 2020 to cloud first, we started the pivot in 2024 towards being the [TRID] hybrid AI platform at enterprise scale. Companies have data, both in the cloud and on-prem, and we see them becoming more sophisticated in how they think about leveraging and balancing hybrid capabilities.

到 2025 年，我們預計整體和本地 ARR 的留存率將比 2024 年有顯著提升。我們在 2024 年下半年開始看到留存率的提高，並希望今年能繼續保持這種勢頭。隨著這些措施的實施，我們相信我們已做好準備，在今年恢復成長。正如我們在 2020 年首先轉向雲端運算一樣，我們在 2024 年開始轉向成為企業級的 [TRID] 混合 AI 平台。公司在雲端和本地都擁有數據，我們發現他們在利用和平衡混合功能的思維方式變得更加複雜。

It's not about choosing between environments anymore, is about effectively operating across both in order to meet diverse business needs and drive faster decision-making at the scale they require.

這不再是在環境之間進行選擇的問題，而是要在兩者之間有效地運作，以滿足不同的業務需求，並在所需的規模上推動更快的決策。

Our teams are taking our hybrid cloud platform and trusted AI positioning to our customers. We believe our hybrid capabilities of cloud and on-prem, along with our open and connected approach are unatched. We are continuing our disciplined approach to managing our financial plan, investing and extending our technology strengths and promoting Teradata as a leader in data analytics, trusted AI and hybrid cloud technology, prudently managing costs. In 2025, we are adding to our strong tech stack, building upon a broad set of innovations we delivered in 2024. As more companies look to hybrid compute environments of both cloud and on-prem increasingly adopt technologies to support AI and embrace the industry move to open table formats, we believe we are well positioned.

我們的團隊正在將我們的混合雲平台和可信賴的人工智慧定位帶給我們的客戶。我們相信，我們的雲端和本地混合功能以及開放和連接的方式是無與倫比的。我們將繼續採取嚴謹的方式管理我們的財務計劃，投資和擴展我們的技術優勢，並將 Teradata 打造為資料分析、可信任人工智慧和混合雲端技術的領導者，審慎地管理成本。2025 年，我們將在 2024 年實現的廣泛創新基礎上進一步增強我們強大的技術堆疊。隨著越來越多的公司尋求雲端和本地的混合運算環境，越來越多地採用支援人工智慧的技術，並順應產業向開放桌面格式的轉變，我們相信我們已做好準備。

On our last call, I talked about the innovation we introduced last quarter. Among those were new bring-your-own large language model capabilities designed to help customers take advantage of small or midsized open LLMs, including domain-specific models to deploy gen AI use cases or minimizing expensive data movement, integration of NVIDIA's AI accelerated compute platform to accelerate AI workloads.

在我們上次電話會議中，我談到了我們上個季度推出的創新。其中包括新的自帶大型語言模型功能，旨在幫助客戶利用小型或中型開放式 LLM，包括用於部署新一代 AI 用例或最大限度地減少昂貴的數據移動​​的領域特定模型，以及集成 NVIDIA 的 AI 加速計算平台以加速 AI 工作負載。

And our current complaint analyzer solution designed to help companies (inaudible) AI to improve customer experiences. We introduced rapid start gen AI use cases with the integration of our Vantage Cloud platform with Amazon Bedrock. With this integration, comers gain access to more than 60 gen AI use cases that can help them deliver exceptional customer experiences, boost productivity and streamline business processes.

我們目前的投訴分析解決方案旨在幫助公司（聽不清楚）人工智慧改善客戶體驗。我們透過將 Vantage Cloud 平台與 Amazon Bedrock 集成，推出了快速啟動一代 AI 用例。透過這種整合，新進者可以存取 60 多個代 AI 用例，幫助他們提供卓越的客戶體驗、提高生產力並簡化業務流程。

Additionally, Teradata was one of the early vendors with AI solutions offered in the new Microsoft fabric [Load] Hub. We also announced API integration with Google Cloud Gemini models designed to take advantage of more data for better gen AI outcomes.

此外，Teradata 是最早在新 Microsoft Fabric [Load] Hub 中提供 AI 解決方案的供應商之一。我們還宣布了與 Google Cloud Gemini 模型的 API 集成，旨在利用更多數據獲得更好的 AI 結果。

As we start 2025, our focus is on the future as we work to bring out significant new capabilities designed to help companies bring trusted AI to enterprise scale in the cloud and in the hybrid environments customers need.

隨著 2025 年的到來，我們的重點是未來，我們致力於推出重要的新功能，旨在幫助公司在雲端和客戶所需的混合環境中將值得信賴的 AI 擴展到企業規模。

Let's look at our new enterprise vector store as one example. To get the most value out of generative AI and the genetic AI applications enterprises are looking to extract insights from both structured and unstructured data. Unstructured data has been difficult to leverage in traditional data management practices, yet is growing 3x faster than other data types. Teradata supports vectors in our Vantage system today for AI applications that are built on our bring your own large language model capabilities. Now we are bringing it to full enterprise scale.

讓我們以我們的新企業向量儲存為例。為了從生成式人工智慧和遺傳式人工智慧應用中獲得最大價值，企業正在尋求從結構化和非結構化資料中提取見解。非結構化資料在傳統資料管理實務中很難利用，但其成長速度卻是其他資料類型的 3 倍。目前，Teradata 在我們的 Vantage 系統中支援向量，適用於基於我們自帶的大型語言模型功能建構的 AI 應用程式。現在我們正在將其推廣到整個企業規模。

Our Teradata enterprise vector store is in private preview this quarter and brings a scalable and data-based solution that supports the full life cycle of vector data management at enterprise scale. From embedding generation and indexing to metadata management and intelligent search, all processes are seamlessly integrated within our existing Vantage environment. Here, we are also partnering with [NVIDIA] to provide GPU accelerated document processing or autonomous AI agent use cases such as augmented call centers. You'll be hearing more in the coming weeks of this exciting addition that we believe will kick start lag and a genetic AI applications. Then come shortly afterwards, we are planning to bring our on-prem customers new ways to accelerate the opportunities providing them with an easy way to enable AI ML capabilities, including large-scale AI [bag] pipelines while honoring data solvency requirements.

我們的 Teradata 企業向量儲存本季處於私人預覽階段，並帶來了可擴展且基於資料的解決方案，支援企業規模向量資料管理的全生命週期。從嵌入生成和索引到元資料管理和智慧搜索，所有流程都無縫整合到我們現有的 Vantage 環境中。在這裡，我們也與 [NVIDIA] 合作，提供 GPU 加速文件處理或自主 AI 代理程式用例，例如增強呼叫中心。在接下來的幾週內，您將聽到更多關於這項令人興奮的消息，我們相信它將啟動滯後和遺傳 AI 應用。隨後不久，我們計劃為我們的內部部署客戶提供新的方式來加速機遇，為他們提供一種簡單的方式來實現 AI ML 功能，包括大規模 AI [bag] 管道，同時滿足數據償付能力要求。

We have many customers in regulated industries that have strict requirements for data security, and our new capabilities are designed to enable independent AI without impacting their EDW service levels. we believe our deep analytics, our open and connected platform and bring your own model integrations are the foundation enterprises will demand, and we have these now.

我們的許多客戶都處於受監管的行業中，對資料安全有嚴格的要求，我們的新功能旨在實現獨立的 AI，而不會影響他們的 EDW 服務水準。我們相信，我們的深度分析、開放和互聯平台以及自帶模型整合是企業所需的基礎，而我們現在擁有了這些。

Our strong capabilities were recently recognized in the 2025 Gartner Critical Capabilities report for cloud database management systems for analytic use cases we placed among the top 5 companies across reevaluated use case. Now I'll walk you through a few examples that illustrate how customers are investing in Teradata to help address new AI and analytics use cases. One of the largest life insurance companies in India paying a multiyear deal for our platform and consulting services. This new customer selected Teradata because of the comprehensive AI capabilities included in ClearScape analytics such as model life cycle management with model ops, the enterprise feature store and in database language models as well as our strongly additive pricing.

我們的強大能力最近在 2025 年 Gartner 雲端資料庫管理系統關鍵能力報告中得到了認可，在分析用例方面，我們在重新評估的用例中位列前 5 名公司之列。現在，我將向您介紹幾個範例，說明客戶如何投資 Teradata 來協助解決新的 AI 和分析案例。印度最大的人壽保險公司之一與我們的平台和諮詢服務簽訂了多年的協議。這位新客戶之所以選擇 Teradata，是因為 ClearScape 分析包含全面的 AI 功能，例如具有模型操作的模型生命週期管理、企業特徵儲存和資料庫語言模型，以及我們強大的附加定價。

A large Japanese bank has shown it can successfully reduce costs and improve processing times by replacing our legacy HPC cluster used to perform Monte Carlo simulations at huge scale with a system that relies on the native massive parallelism of our Vantage platform in conjunction with NVIDIA GPUs. We A global technology leader spent significant time and millions of dollars trying to implement competitive offerings. After demonstrating our Vantage cloud and ClearScape capabilities, this large enterprise decided to focus on a hybrid environment of cloud and on-prem. We have a fast start in 2025 and to help them establish their new data and AI capabilities, including taking advantage of our gen AI capabilities.

一家大型日本銀行已證明，它可以用依賴於我們的 Vantage 平台與 NVIDIA GPU 相結合的原生大規模並行性的系統取代用於大規模執行蒙特卡洛模擬的傳統 HPC 集群，從而成功降低成本並縮短處理時間。我們作為全球技術領導者花費了大量的時間和數百萬美元嘗試提供有競爭力的產品。在展示了我們的 Vantage 雲端和 ClearScape 功能之後，這家大型企業決定專注於雲端和本地的混合環境。我們在 2025 年快速起步，並幫助他們建立新的數據和 AI 能力，包括利用我們的新一代 AI 能力。

As I close, I want to emphasize that we are laser-focused on returning to total ARR growth. Building upon our technology and innovation foundation in the cloud, we [believe] we have the trusted hybrid AI platform at the enterprise scale that the world's leading organizations require. We're excited about our capabilities in delivering AI and a [genetic AI] solutions at scale, especially in the hybrid environments customers need now. We are seeing positive traction from our go-to-market restructuring and improvement in pipeline quality. The pace of technology innovations, both organically and with partners has increased, and we look forward to monetizing these advancements this year.

最後，我想強調的是，我們全心全意致力於恢復整體 ARR 成長。基於我們在雲端的技術和創新基礎，我們（相信）我們擁有世界領先組織所需的企業級可信賴混合人工智慧平台。我們對大規模提供人工智慧和（基因人工智慧）解決方案的能力感到非常興奮，特別是在客戶現在需要的混合環境中。我們看到了市場重組和通路品質改善的積極進展。無論是內部創新還是與合作夥伴共同創新，技術創新的步伐都在加快，我們期待今年將這些進步轉化為現實。

In 2025, we expect to achieve cloud ARR growth of 14% to 18% and flat to 2% growth in total ARR as we build our future.

到 2025 年，我們預計雲端 ARR 將成長 14% 至 18%，總 ARR 將成長 2% 至 3%，我們正在建立未來。

Now I'll turn the call over to Claire.

現在我將電話轉給克萊爾。

Thank you, Steve, and good afternoon, everyone. In Q4, Teradata met its guidance ranges for cloud ARR and total ARR. Cloud ARR grew 18% year-over-year, and total ARR declined 4% year-over-year, both in constant currency. The cloud net expansion rate was 117% in Q4 '24. Non-GAAP earnings per share exceeded our guidance range, primarily driven by continued cost optimization efforts implemented in the second half of the year.

謝謝你，史蒂夫，大家下午好。在第四季度，Teradata 達到了其雲端 ARR 和總 ARR 的指導範圍。以固定匯率計算，雲端 ARR 年增 18%，總 ARR 年減 4%。24年第四季雲淨擴張率為117%。非公認會計準則每股收益超過了我們的預期範圍，這主要得益於下半年持續實施的成本優化措施。

While fiscal year 2024 presented charges in terms of ARR growth, we continue to demonstrate the free cash flow and earnings durability of the business by exceeding our non-GAAP EPS guidance that we gave at the beginning of the year.

雖然 2024 財年在 ARR 成長方面提出了費用，但我們繼續透過超越我們在年初給出的非 GAAP EPS 指引來展示業務的自由現金流和盈利持久性。

Fiscal year 2024 free cash flow of $277 million represents a healthy 16% margin. We also returned 78% of free cash flow to investors in the form of share repurchases. As Steve mentioned, we took swift actions last year that we believe will improve execution in 2025. We see multiple drivers that can enable a return to total ARR growth this year. These include last year's go-to-market changes that are designed to bring additional rigor to our pipeline and sales cycles giving us greater visibility into sales productivity improvements.

2024 財年的自由現金流為 2.77 億美元，代表 16% 的健康利潤率。我們也以股票回購的形式將78%的自由現金流返還給投資者。正如史蒂夫所說，我們去年採取了迅速行動，相信這將提高 2025 年的執行效果。我們看到有多個驅動因素可以推動今年總 ARR 恢復成長。其中包括去年的行銷變革，旨在使我們的銷售管道和銷售週期更加嚴格，讓我們更清楚地了解銷售效率的提高。

We also expect improved full year retention rates.

我們也預計全年留存率將有所提高。

Lastly, we anticipate monetizing all the innovation we introduced in 2024 and plan to deliver in 2025. As we exit 2024, cloud ARR is over 40% of total ARR and should approach close to 50% at the end of 2025. We continue to expect healthy cloud ARR growth of approximately 16% this year. We also see increasing interest in our hybrid AI differentiation, which should lead to higher on-prem expansion net of migrations. Let me now share more details on our quarterly and fiscal year financial results, starting with revenue.

最後，我們預計在 2024 年推出的所有創新都將實現貨幣化，並計劃在 2025 年實現。到 2024 年結束時，雲 ARR 已佔總 ARR 的 40% 以上，並將在 2025 年底接近 50%。我們繼續預計今年雲端運算 ARR 將健康成長約 16%。我們也看到人們對混合 AI 差異化的興趣日益濃厚，這將帶來更高的內部部署擴展網路遷移。現在，讓我從收入開始，分享更多有關我們季度和財年財務表現的詳細資訊。

Fourth quarter recurring revenue was $351 million, down 6% year-over-year as reported and down 4% year-over-year in constant currency. The year-over-year growth rate was negatively impacted by 3 points from upfront revenue. Recurring revenue as a percentage of total revenue was 86%, up from 81% from the prior year period.

第四季經常性收入為 3.51 億美元，按報告計算年減 6%，以固定匯率計算年減 4%。預付收入對年成長率產生了 3 個百分點的負面影響。經常性收入佔總收入的百分比為 86%，高於去年同期的 81%。

Fourth quarter total revenue was $409 million, down 11% year-over-year as reported and 9% in constant currency. For the full year, recurring revenue exceeded the high end of our outlook range at [$1.479 billion] a decrease of 1% as reported and an increase of 1% in constant currency. Total revenue was also within our outlook range at [$1.750] billion down 5% as reported and 3% in constant currency. Moving to profitability and free cash flow. Total gross margin for the quarter was [60.9%], down 100 basis points year-over-year.

第四季總營收為 4.09 億美元，年減 11%，以固定匯率計算下降 9%。全年經常性收入超過了我們預期範圍的高端，達到 [14.79 億美元]，按報告數字下降了 1%，按固定匯率計算則增長了 1%。總收入也在我們的預期範圍內，為 17.5 億美元，以報告價格計算下降 5%，以固定匯率計算下降 3%。轉向獲利能力和自由現金流。本季總毛利率為 [60.9%]，較去年同期下降 100 個基點。

Operating margin was 17.6%, down 190 basis points year-over-year. Both gross margin and operating margin year-over-year changes were primarily driven by upfront revenue impact.

營業利益率為17.6%，較去年同期下降190個基點。毛利率和營業利益率的年比變動主要受前期收入的影響。

Non-GAAP diluted earnings per share were $0.53, exceeding the top end of our guidance range. We generated $148 million of free cash flow in the quarter, which is a $79 million increase sequentially and a $20 million decrease on a year-over-year basis. In the fourth quarter, we repurchased approximately $29 million or approximately 1 million shares. For the full year, we repurchased $215 million or 5.8 million shares. Before I provide our annual financial outlook for 2025, I'd like to provide some additional context.

非公認會計準則攤薄每股收益為 0.53 美元，超出我們的預期範圍最高限。我們本季產生了 1.48 億美元的自由現金流，比上一季增加 7,900 萬美元，比去年同期減少 2,000 萬美元。第四季度，我們回購了約 2,900 萬美元或約 100 萬股。全年我們回購了價值 2.15 億美元的股票，共回購了 580 萬股。在提供 2025 年年度財務展望之前，我想提供一些額外的背景資訊。

In line with historical seasonality, Q1 is our largest renewal, highest evasion and lowest growth quarter. As such, we expect both total and cloud ARR decline sequentially in Q1. And anticipate a significant weighting of growth to the second half of 2025. In the first half, we expect the growth rate for total ARR to be below our guidance range and cloud ARR to be at the low end of our range before both accelerate in the second half. We expect to return to total ARR growth in the fourth quarter.

根據歷史季節性，第一季是我們更新量最大、逃脫量最高、成長最低的季度。因此，我們預計第一季整體 ARR 和雲端 ARR 都會季減。預計 2025 年下半年的成長權重將顯著增加。我們預計，上半年總 ARR 的成長率將低於我們的指導範圍，而雲端 ARR 的成長率將處於我們範圍的低端，然後在下半年兩者均加速成長。我們預計第四季度整體 ARR 將恢復成長。

Our 2024 total ARR growth rate is a primary driver for our 2025 recurring revenue outlook. We anticipate a 1% headwind in 2025 related to upfront recurring revenue. With respect to total revenue, we anticipate consulting revenue will decline in the high single-digit range on a constant currency basis. Using the currency rates at the end of December 2024, we anticipate a [negative] currency impact year-over-year of 150 to 200 basis points to our 2025 revenue outlook. Compared to 3 months ago, the currency exchange rate movements created an approximately $20 million headwind on 2025 operating income.

我們 2024 年的總 ARR 成長率是我們 2025 年經常性收入前景的主要驅動力。我們預計，2025 年前期經常性收入將遭遇 1% 的逆風。就總收入而言，我們預期諮詢收入將以固定匯率計算下降約個位數。根據 2024 年 12 月底的匯率，我們預計 2025 年營收前景將受到年比 150 至 200 個基點的 [負面] 貨幣影響。與 3 個月前相比，匯率變動對 2025 年營業收入造成了約 2,000 萬美元的阻力。

On total gross margin, we expect approximately 100 basis points decline due to currency and cloud mix partially offset by cloud rate improvements. Regarding expenses, we remain on track with our previously announced cost actions. On operating margin, we expect to maintain our 2024 rate as we benefit from last year's cost actions and continue to optimize expenses across the company while continuing to prioritize key investments. Regarding free cash flow, our fiscal year free cash flow is being impacted by FX headwinds and total ARR exit rate in 2024. These items have negatively impacted our free cash flow by approximately $25 million since last quarter.

就總毛利率而言，我們預計由於貨幣和雲端組合的影響，總毛利率將下降約 100 個基點，但雲端費率的增加將部分抵消這一影響。至於費用，我們仍以先前宣布的成本行動進行。在營業利潤率方面，我們預計將維持 2024 年的利潤率，因為我們受益於去年的成本行動，並繼續優化整個公司的支出，同時繼續優先考慮重點投資。關於自由現金流，我們財年的自由現金流受到外匯逆風和 2024 年總 ARR 退出率的影響。自上個季度以來，這些項目已對我們的自由現金流產生了約 2500 萬美元的負面影響。

We anticipate Q1 free cash flow to be slightly negative due to the lower Q4 '24 bookings and 2025 ARR linearity.

我們預計第一季的自由現金流將略為負值，原因是第四季的 24 年預訂量較低且 2025 年的 ARR 線性。

Our annual outlook for 2025 was on a constant currency basis for ARR and revenue is as follows: Cloud ARR is anticipated to grow year-on-year in the range of 14% to 18%. Total ARR is projected to grow year-on-year in the range of flat to 2%. Total recurring revenue is expected to be in the range of minus 3% to minus 5% year-over-year. Total revenue is anticipated to be in the range of minus 4% to minus 6% year-over-year. Non-GAAP diluted earnings per share is expected to be in the range of $2.15 to $2.25.

我們對 2025 年的年度展望是按照固定匯率計算的 ARR 和收入，如下所示：預計雲端 ARR 將年增 14% 至 18%。預計總 ARR 將年增在 2% 至 3% 之間。預計總經常性收入年減在-3%至-5%之間。預計總收入將年減在-4%至-6%之間。非公認會計準則攤薄每股收益預計在 2.15 美元至 2.25 美元之間。

Free cash flow is anticipated to be in the range of $250 million to $280 million. Here are some modeling assumptions for 2025. A non-GAAP tax rate of approximately 23%, weighted average shares outstanding of $97.4 million, other expense of approximately $43 million.

預計自由現金流在 2.5 億美元至 2.8 億美元之間。以下是針對 2025 年的一些建模假設。非公認會計準則稅率約為 23%，加權平均流通股數為 9,740 萬美元，其他費用約為 4,300 萬美元。

On capital allocation, we are pleased with the progress we have made on our share repurchase program to date. Our weighted average shares outstanding is at an all-time low, and our balance sheet remains solid. Our first priority for 2025 is a return to ARR growth. Based on our guidance of revenue decline, which presents a headwind to free cash flow, we plan to balance growth investments and capital return to shareholders. We are targeting a return of over 50% of free cash flow to shareholders in the form of share repurchases, which we expect will more than offset dilution and continue to improve our net debt position in 2025.

在資本配置方面，我們對迄今為止股票回購計畫所取得的進展感到滿意。我們的加權平均流通股數處於歷史最低水平，資產負債表依然穩健。我們 2025 年的首要任務是恢復 ARR 成長。根據我們對收入下降的預期，這對自由現金流來說是一個阻力，我們計劃平衡成長投資和股東資本回報。我們的目標是以股票回購的形式向股東返還 50% 以上的自由現金流，我們預計這將足以抵消稀釋，並在 2025 年繼續改善我們的淨債務狀況。

For the first quarter of 2025, we anticipate recurring revenue to be in the range of minus 4% to minus 6% year-over-year on a constant currency basis. We expect total revenue to be in the range of minus 6% to minus 8% year-over-year on a constant currency basis. We anticipate a negative timing impact year-over-year of approximately 200 basis points. We anticipate non-GAAP diluted earnings per share to be in the range of $0.55 to $0.59. We project the non-GAAP tax rate to be approximately 24.3% and the weighted average shares outstanding to be [97.9 million].

對於 2025 年第一季度，我們預計經常性收入以固定匯率計算年比將在-4% 至-6% 之間。我們預計，以固定匯率計算，總收入將年減 6% 至 8% 之間。我們預期時間效應將年比產生約 200 個基點的負面影響。我們預計非 GAAP 稀釋每股收益在 0.55 美元至 0.59 美元之間。我們預計非公認會計準則稅率約為 24.3%，加權平均流通股數為[9790萬]

As I prepare to transition from my role as CFO, I want to express my heartfelt gravity to our dedicated team, loyal customers and our supportive shareholders. It has been an honor to be part of the transformation journey over the past 4 years. Teradata has a strong foundation to build from driven by the strategic initiatives we have set in motion and continued innovation. The company is well positioned to return to ARR growth in 2025 and and end the year with cloud ARR of paying 50% of total ARR. I have no doubt that the upcoming year will bring new opportunities and achievements for the company.

在我準備辭去財務長職務之際，我想向我們敬業的團隊、忠實的客戶和支持我們的股東表達我衷心的敬意。我很榮幸能夠成為過去四年轉型之旅的一部分。在我們發起的策略性舉措和持續創新的推動下，Teradata 擁有堅實的基礎。該公司預計在 2025 年恢復 ARR 成長，並在年底實現雲端 ARR 佔總 ARR 的 50%。我堅信，新的一年一定會為公司帶來新的機會和成就。

Thank you all for your time today. Now let's open the call for questions.

感謝大家今天的寶貴時間。現在讓我們開始提問。

(Operator Instructions)

（操作員指令）

Chirag Ved with Evercore ISI.

Chirag Ved 與 Evercore ISI 合作。

Claire congratulations on the new job. It's been a pleasure partnering with you and your team over the last several quarters. Steve, maybe first for you. Are you able to comment on how your customers and prospective customers are thinking about cloud migrations at this point? And cloud growth from the hyperscalers came in a little lower than, I think, a lot of investors anticipated.

祝賀克萊爾找到新工作。過去幾個季度以來，我很榮幸與您和您的團隊合作。史蒂夫，也許你先來吧。您能否評論一下您的客戶和潛在客戶目前對雲端遷移有何看法？我認為，超大規模雲端運算的成長略低於許多投資者的預期。

Just wondering if you could double click on what you're seeing internally with data platforms?

只是想知道您是否可以雙擊您在數據平台內部看到的內容？

Chirag, yes, thanks for the question. We did see a deal elongation process for Q4 2024, along with, as you pointed out, some more stage migrations in terms of customers looking at how they balance their on-prem footprint with their cloud footprint.

Chirag，是的，謝謝你的提問。我們確實看到了 2024 年第四季的交易延長過程，以及正如您所指出的，客戶在研究如何平衡其本地部署和雲端部署方面的一些階段性遷移。

I think you're right that plays into a real opportunity area for us from our hybrid technology capabilities, and we are starting to see the conversations what their customers change. For example, even as I look at the portfolio today, we've got around 30 different gen AI POCs in place and executing today. And these customers are looking at what's the best way to take these into production.

我認為您說得對，這為我們混合技術能力帶來了真正的機遇，而且我們開始看到客戶在對話中發生了哪些變化。例如，當我今天查看投資組合時，我們已經擁有大約 30 個不同的一代 AI POC，並且正在執行中。這些客戶正在尋找將其投入生產的最佳方法。

And a number of the different innovations that we delivered in Q4 of 2024, are helping our customers progress those gen AI projects but they are balancing that between executing in the cloud and executing it on-prem. And clearly, the Teradata technology set being consistent across all of those environments gives us what we believe is a unique capability in the marketplace.

我們在 2024 年第四季推出的許多不同創新正在幫助我們的客戶推進這些新一代人工智慧項目，但他們正在雲端執行和本地執行之間取得平衡。顯然，Teradata 技術集在所有這些環境中都是一致的，這為我們提供了我們認為在市場上獨一無二的能力。

Got it. And Claire, one for you. Can you speak to the factors that give you confidence in the ARR guide, which is stable and slightly deselling Cloud ARR growth. You've seen improved return rates in the back half of 2024. But at the same time, cloud [NRR] has dealed -- so would appreciate any clarity you can provide here?

知道了。克萊爾，給你一個。您能否談談讓您對 ARR 指南充滿信心的因素？您已經看到 2024 年下半年的回報率有所提高。但與此同時，雲端 [NRR] 已經處理好了——因此，您能否在這裡提供任何澄清？

Yes, absolutely, Chirag. Thank you for your kind work as well regarding my transition. It's been a pleasure on my side, too. So just with regards to the Cloud ARR guidance that we gave, so let me give you a little bit of perspective about how we set the guidance in 2025, we took a slightly different approach to this time last year in the fact that because we learn from those trends, and the patterns that we're seeing in 2024. So the stage migrations that we were just talking about the deal timing.

是的，絕對是，奇拉格。也感謝您為我的轉變所做的努力。對我來說這也是一件非常高興的事。因此，就我們給出的雲端 ARR 指導而言，讓我給你一點關於我們如何在 2025 年制定指導的觀點，我們採取了與去年此時略有不同的方法，因為我們從這些趨勢和我們在 2024 年看到的模式中吸取了教訓。因此，我們剛才討論的階段遷移與交易時機有關。

We factored that in. And what we've also done is limited the reliance on large 8-figure deals. So we've made sure that the fact that our guide can be met without those large 8-figure deals, obviously, once they don't happen, they're very difficult to replace.

我們已將這一點考慮在內。我們也限制了對大型 8 位數交易的依賴。因此，我們確保即使沒有那些 8 位數的大額交易，我們的指南也能得到滿足，顯然，一旦沒有達成這些交易，就很難被取代。

So a little bit of a different approach that gives me confidence drivers that we're seeing include an improved retention rate across both on-premise and total ARR and also some of the changes that we made within the go-to-market organization is giving us really good visibility in terms of our pipeline, in terms of our erosion, which significantly improved at the beginning of the year as well.

因此，稍微不同的方法讓我對我們看到的信心驅動因素包括內部部署和總 ARR 的保留率提高，以及我們在行銷組織中所做的某些更改，這使我們能夠很好地了解我們的管道，了解我們的侵蝕情況，這在年初也得到了顯著改善。

Tyler Radke with Citi.

花旗銀行的泰勒拉德克 (Tyler Radke)。

This is it for Tyler here. Good luck Claire on your future endeavorers it's been pleasure working with you. And I guess, for Claire, thanks for providing all the incremental color on the growth of '25, I guess, could you give us some find great details on how to help us understand the mix of the pipeline that gives you the better confidence? Is it more new logos expansion? And then if there's also any other impacts from open paper formats that you're expecting?

這是泰勒的全部。祝你好運，克萊爾，在未來的事業中，我很高興與你共事。我想，對於克萊爾來說，感謝您提供有關 25 年增長的所有增量信息，我想，您能否給我們提供一些詳細信息，以幫助我們了解管道組合，從而讓您更有信心？這是否有更多新標誌的擴展？那麼，您是否仍預期開放紙張格式還會帶來其他影響？

Yes, absolutely. So yes, so first of all, from an expansion migration standpoint, we're anticipating approximately 50-50 approach. I think it will be more migrations at the beginning of the year with expansions coming as we progress throughout the year. With regard to new logos, we continue to see a good pipeline of new logos, but we still anticipate new logos in 2025, specifically to be a small contributor to our overall growth. then I think, as I mentioned in my prepared remarks, some of the innovations that we saw in 2024, again, we'll start to see the benefit of that as we progress through 2025.

是的，絕對是如此。是的，首先，從擴展遷移的角度來看，我們預期大約是 50-50 的方法。我認為年初會有更多的遷移，隨著全年的進展，將會有更多的擴展。關於新標識，我們繼續看到大量新標識的推出，但我們仍預計 2025 年將推出新標識，這將對我們的整體成長做出小小貢獻。然後我認為，正如我在準備好的演講中提到的那樣，我們在 2024 年看到的一些創新，隨著 2025 年的到來，我們將再次開始看到它的好處。

And maybe I'll just pass over to Steve to talk a little bit more about the 2025 innovation.

也許我會把話題轉到史蒂夫身上，讓他進一步談 2025 年的創新。

Yes. Thanks, Wasi. Thanks for the question. As we look at the gen AI and AI marketplace, we see some real opportunity for Teradata to open up a new target addressable market for us in terms of the AI solutions that we're delivering to our customers.

是的。謝謝，Wasi。謝謝你的提問。當我們審視新一代人工智慧和人工智慧市場時，我們看到 Teradata 在我們向客戶提供人工智慧解決方案方面為我們開闢新的目標市場的一些真正機會。

That's why I highlighted, for example, or an enterprise vector store capability, a number of our partners in [VIA] and AWS have actually said that our capabilities from an enterprise vector store perspective are unique in the marketplace and taking those capabilities to our customers, enabling them to have real gen AI and AI solutions operate and inside their environment would be a unique differentiation delivered by Teradata.

這就是為什麼我強調企業向量儲存功能，我們在 [VIA] 和 AWS 的許多合作夥伴實際上已經表示，從企業向量儲存角度來看，我們的能力在市場上是獨一無二的，並將這些功能帶給我們的客戶，使他們能夠擁有真正的一代人工智慧和人工智慧解決方案，並在他們的環境中運行，這將是 Teradata 提供的獨特差異化。

So we're super excited about that. But as we look at the outlook for 2025, we haven't factored in a lot of that new business and new business opportunity. So we see that aside as we execute through the year.

因此我們對此感到非常興奮。但當我們展望2025年時，我們還沒有將許多新業務和新商機納入考量。因此，我們在全年執行過程中將這一點放在一邊。

Thanks -- that was actually going to be my next question. So I'm good here.

謝謝——這實際上是我下一個問題。所以我在這裡很好。

Thanks, (inaudible). Thanks for the kind words.

謝謝，（聽不清楚）。謝謝你的好意。

Erik Woodring with Morgan Stanley.

摩根士丹利的艾瑞克‧伍德林 (Erik Woodring)。

And Claire I'll echo everyone's comments. Well -- well, great good luck with everything. Steve, if we take a step back, I appreciate the work you and the team have done here. There's been a lot of work kind of across the stack, both from a technology, go-to-market, people, personnel, approach, et cetera. for the better part of 10 years, Teradata has been in the period of transformation.

克萊爾，我同意大家的評論。好吧——好吧，祝你一切順利。史蒂夫，如果我們退一步考慮，我很欣賞你和團隊在這裡所做的工作。從技術、市場進入、人員、人員、方法等方面來看，我們已經做了很多工作。近十年來，Teradata一直處於轉型時期。

And I would argue, as we look into 2025 it's nice to see some expectations for a bit of growth on the total ARR side, but recurring revenue is still down, Cloud ARR growing, I think, below some expectations.

我想說，展望 2025 年，我們很高興看到整體 ARR 方面會有所成長，但經常性收入仍然下降，我認為雲端 ARR 的成長低於一些預期。

And so I guess my broad question is just -- does there need to be more kind of divisive action taken to accelerate this company turnaround and kind of get back to a regular cadence of growth. Just as I think about the backdrop of probably the most prolific AI spending environment, that we're going to see in our lifetime. Just help me understand what needs to get done to move on from transformation to? This is the normal Teradata kind of growing consistently, et cetera? And then I have a quick follow-up.

所以我想我的問題是——是否需要採取更多分裂行動來加速公司的轉型並恢復正常的成長節奏。正如我在思考我們一生中將會見到的最豐富的人工智慧支出環境的背景一樣。只是幫助我了解需要做什麼才能從轉型走向成功？這是 Teradata 正常的持續成長嗎？然後我有一個快速的後續問題。

Okay. What I would say is, over the last 4 years, we have pivoted the company considerably. Taking the business from essentially a nice and close to 0 cloud business to over $0.5 billion in the focus that cloud first focus has really laid at the foundation of the turnaround of the company. And having that presence in the cloud in a high-growth marketplace, we'll start to -- as that becomes a more and more meaningful part of our overall ARR picture contribute more and more dollars from that perspective. But every company has to continue that transformation journey.

好的。我想說的是，在過去的四年裡，我們對公司進行了巨大的轉型。將業務從本質上不錯的、接近 0 的雲端業務提升到超過 5 億美元的水平，而雲端優先的重點確實為公司的轉型奠定了基礎。在高成長市場的雲端運算中擁有這樣的存在，我們將開始——隨著這成為我們整體 ARR 狀況中越來越有意義的一部分，從這個角度來看，我們將貢獻越來越多的資金。但每家公司都必須繼續這趟轉型之旅。

And I think we are in the next pivot in terms of how we address the AI and gen AI opportunity that's in front of us. And I think some of the capabilities that we delivered in 2024, highlighted by their partnerships with NVIDIA, orientation with AWS Bedrock our integrations with Google Gemini and also being native into the Microsoft Fabry from an AI perspective really starts to set apart the Teradata technology set and gives us a foundation to build on in the new AI and gen AI marketplace as we move forward.

我認為，就如何應對我們面前的人工智慧和新一代人工智慧機會而言，我們正處於下一個轉折點。我認為我們在 2024 年提供的一些功能，突出了與 NVIDIA 的合作、與 AWS Bedrock 的定位、與 Google Gemini 的集成，以及從 AI 角度融入 Microsoft Fabry，真正開始讓 Teradata 技術集脫穎而出，並為我們在新 AI 和新一代 AI 市場中前進奠定了基礎。

What we're doing is continuing to transform our sales capability and sales execution so that they can take those messages to the marketplace, capture this new TAM for Teradata and utilize technologies either our new AI on-prem offering that we're looking to release this year or our enterprise vector store, which allows customers to manage vectors on an end-to-end basis is a very new market and a very new sales motion, but we believe will underpin some very strong growth as we move into the future.

我們正在做的是繼續轉變我們的銷售能力和銷售執行，以便他們可以將這些信息帶到市場，為 Teradata 捕獲新的 TAM，並利用技術，無論是我們希望在今年發布的新 AI 本地產品還是我們的企業矢量存儲，它都允許客戶以端到端的方式管理矢量，這是一個非常新的市場和非常新的銷售動態，隨著我們相信，隨著未來增長的增長，這是一個非常強勁的市場和非常新的銷售驅動我們，但隨著未來增長，這是一個非常強勁的市場和非常新的銷售驅動我們，但隨著未來增長，這是一個非常強勁的市場和非常新的銷售驅動我們，但隨著未來增長，這是一個非常強勁的市場和非常新的銷售動態，隨著未來增長，這是一個非常強勁的市場和非常新的銷售動態。

Okay. I appreciate all that feedback. And then Claire, you're guiding to for cash flow and EPS at the midpoint, that's down slightly year-over-year. I understand FX has become an incremental headwind. But you've also gone through a period of kind of cost cutting and cost transformation.

好的。我非常感謝你們所有的回饋。然後克萊爾，您指導的現金流和每股收益中間值同比略有下降。我知道外匯已經成為一種漸進的阻力。但你們也經歷了一段成本削減和成本轉型的時期。

And so can you maybe just help me understand why it might not be paying off as much next year, kind of the building blocks to how you get to slight declines in those metrics and especially if you believe you've embedded some conservatism in there? Just how we should be thinking about that?

那麼，您能否幫助我理解，為什麼明年的回報可能不會那麼多，這是什麼導致這些指標略有下降的原因，特別是如果您認為其中嵌入了一些保守主義？我們究竟該如何思考這個問題？

Yes. Thanks, Erik. So yes, with regards to both EPS and free cash flow, to your point, I think the 2 big headwinds that we see year-over-year, first of all, is the FX impact I talked about, which is approximately $20 million, so fairly sizable year-over-year, and that did actually materialize in the last 3 months or so. The other area I would say is naturally as we finish 2024 with negative ARR, that means a decline in revenue in 2025. So that impacts from a free cash flow standpoint, obviously, our billings and from a P&L standpoint, our revenue and profitability.

是的。謝謝，埃里克。是的，關於每股收益和自由現金流，正如您所說，我認為我們同比看到的兩大阻力首先是我談到的外匯影響，約為 2000 萬美元，因此同比來看相當可觀，而且這確實在過去 3 個月左右實現了。我想說的另一個方面是，由於 2024 年我們的 ARR 為負，這意味著 2025 年的收入將下降。因此，從自由現金流的角度來看，這顯然會影響我們的帳單，從損益表的角度來看，這會影響我們的收入和獲利能力。

Now, the actions that we took last year are helping us to offset any negative headwinds coming from lower revenue. They're also helping us to offset any negative impact from our mix, so cloud mix impact.

現在，我們去年採取的行動正在幫助我們抵消因收入下降而帶來的任何負面阻力。他們還幫助我們抵消混合帶來的任何負面影響，即雲端混合的影響。

So we're definitely offsetting that. What we're not able to offset in our EPS guide is the full impact of the currency. And the reason that we've not decided to do that is we want to really make sure that we can reinvest some of those savings back into growth. As you mentioned, really important for us in 2025 to get total ARR back to growth. So we want to make sure that we keep that availability of investment Naturally, we've got a lot of learnings from 2024.

所以我們肯定會抵消這一點。我們的每股盈餘指南無法抵銷貨幣的全部影響。我們尚未決定這麼做的原因是我們想確保能夠將部分儲蓄重新投資於成長。正如您所說，對我們來說，2025 年讓總 ARR 恢復成長確實非常重要。因此，我們希望確保保持投資的可用性，當然，我們從 2024 年學到了很多東西。

So we would like to think that we're being prudent as we set this guidance, but most of the reason is so that we can reinvest some of those savings back to get to total 2025 ARR growth.

因此，我們認為在製定該指導方針時是謹慎的，但主要原因是為了能夠將部分儲蓄重新投資，以實現 2025 年 ARR 總成長。

Nehal Chokshi with Northland Capital Markets.

北國資本市場 (Northland Capital Markets) 的 Nehal Chokshi。

Claire, you mentioned that you expect ARR and cloud ARR to improve as you go through calendar '24. In order for that to happen, on a bookings basis over the next 2 quarters, can you describe what that trajectory needs to be -- is it a similar level of acceleration that you're expecting in the back half to drive that? Or is it going to have to be a significantly more greater acceleration to drive that overall ARR and cloud ARR acceleration?

克萊爾，您提到，您預計隨著 24 年日曆的推移，ARR 和雲端 ARR 會有所改善。為了實現這一目標，您能否以未來兩季的預訂量為基礎，描述一下需要什麼樣的軌跡——您預計下半年是否會有類似的加速成長來推動這一目標？或者是否需要更大的加速度來推動整體 ARR 和雲 ARR 加速度？

Yes. So it's in line with what we saw in 2024 and in line with kind of the historical seasonality. So -- as I mentioned in the prepared remarks, Q1 is always our lowest growth, biggest renewal and highest origins quarter. No exception. Just for example, in Q1 about 45% of our regions happen in Q1 for total ARR.

是的。因此，這與我們在 2024 年看到的情況一致，也符合歷史季節性。所以——正如我在準備好的發言中提到的，第一季始終是我們成長最低、更新量最大、來源量最高的季度。無一例外。舉例來說，在第一季度，我們約有 45% 的地區發生在第一季的總 ARR。

And about 70% in H1. And that is what we tend to see historically. So it is that kind of erosion piece that does drive the linearity trend that we see. So it's not necessarily requiring a huge acceleration in additional bookings. It's just the fact that those erosions tend to drop off in the second half of the year.

H1 約為 70%。這也是我們從歷史中看到的現象。所以，正是這種侵蝕部分推動了我們所看到的線性趨勢。因此，它不一定需要大幅增加額外預訂量。事實是，這些侵蝕趨勢在下半年會逐漸減少。

I see. And then can you characterize exactly how much was on-premise erosion in calendar '24? And what's your expectation for calendar '25 and millions of dollars?

我懂了。然後，您能否準確描述 24 年曆中的現場侵蝕程度是多少？您對 25 年曆和百萬美元的預期是什麼？

Yes, we haven't disclosed the exact amount. What I would say though, as we mentioned, is that we do see a meaningful a meaningful improvement as we exit 2024. So we saw that improvement happen in the fourth quarter of '24, and we're expecting that improvement to continue into 2025. We're also very pleased with the visibility that we have going into the start of the year for 2025 activity.

是的，我們還沒有透露具體的金額。不過，正如我們所提到的，我想說的是，在 2024 年即將結束時，我們確實看到了有意義的改善。我們看到這種改善發生在24年第四季度，我們預計這種改善將持續到2025年。我們對 2025 年年初活動的預見性也感到非常滿意。

Matt Hedberg with RBC.

加拿大皇家銀行的 Matt Hedberg。

Yes. This is Matt Swanson on for Matt. Steve, a little bit earlier, you mentioned 30 different gen AI proof of concepts. And I was just wondering if you could go a little bit deeper into maybe the commonalities between those and why they're choosing Teradata. It sounds like maybe it's a little early for those to be driven by some of the exciting stuff coming like the Vector store, AI on-prem, but just if there's any sort of common characteristics that you're seeing?

是的。這是 Matt 的 Matt Swanson。史蒂夫，剛才你提到了 30 種不同的人工智慧概念驗證。我只是想知道您是否可以更深入地探討它們之間的共同點以及他們選擇 Teradata 的原因。聽起來，這些可能還為時過早，因為它們要受到 Vector 商店、AI 本地化等一些令人興奮的東西的推動，但您是否看到了一些共同的特徵？

Yes. Thanks for the question, Matt. These solutions are actually leveraging [technologic] are into today. So for example, bringing language models into the Teradata environment and actually running small language models like hugging face and the Teradata environment. We see a lot of the solutions that our customers are looking at being in the CX space.

是的。謝謝你的提問，馬特。這些解決方案實際上正在利用[技術]實現當今的發展。例如，將語言模型引入 Teradata 環境並實際運行小型語言模型（如 hugging face 和 Teradata 環境）。我們看到很多客戶正在尋找 CX 領域的解決方案。

So taking customer interaction data, it may be very unstructured data e-mails or maybe chat logs and then utilizing those 2 essentially make next best action predictions for call center agents or proactive recommendations to drive different CX solutions. We've seen a number of different banks in the U.S. look at this technology and the deployment of this technology. And the reason that they look at Teradata is the long stand in fact, that Teradata can execute some of the world's most complicated workloads and the most efficient and effective way.

因此，獲取客戶互動資料（可能是非結構化資料電子郵件或聊天記錄）然後利用這兩者為呼叫中心代理做出下一步最佳行動預測或主動建議以推動不同的 CX 解決方案。我們看到美國許多不同的銀行都在關注這項技術並部署它。他們關注 Teradata 的原因是長期以來，Teradata 能夠以最高效、最有效的方式執行一些世界上最複雜的工作負載。

And if you think about that in terms of the economics of AI and gen AI, we have a path to enable our customers to deploy gen AI and AI solutions at enterprise scale in a very cost efficient and cost-effective way. And that's why we're really excited with some of the new language models that are coming out that are highlighting that requirement that Deep Sea has pointed to as an example, of actually reducing the cost of the enterprise scale of these kind of solutions. So it's great for us to be able to demonstrate those characteristics to our customers.

如果從人工智慧和新一代人工智慧的經濟學角度考慮，我們有一種方法可以讓我們的客戶以非常經濟高效的方式在企業規模上部署新一代人工智慧和人工智慧解決方案。這就是為什麼我們對一些新出現的語言模型感到非常興奮，這些模型強調了 Deep Sea 所指出的要求，即實際上降低此類解決方案的企業規模成本。因此，我們能夠向客戶展示這些特點是非常好的。

And then, Claire, I think you mentioned kind of the 3 pieces of return to ARR growth was the go-to-market changes last year, improved full year retention rates and then monetize the innovation in 2024. And they're obviously very related, but is there a way to kind of think about how you rank those in terms of contribution to ARR next year? Or how you're kind of thinking about the progression to get to your guidance?

然後，克萊爾，我認為您提到了 ARR 成長的三個回報，即去年的上市變化、全年留存率的提高以及 2024 年的創新貨幣化。而且它們顯然非常相關，但有沒有辦法根據明年對 ARR 的貢獻對它們進行排名？或者您是怎樣思考進度以獲得指導的？

I think your point are very indited. I think one of the things that we have been working on over the last 6 or 12 months is that visibility and improvement in our retention rate. So I think that is as I mentioned, a big impact in terms of our linearity and is a big help from a total ARR standpoint in terms of getting back to growth. So that year-over-year meaningful improvement, I would say, is one of the strongest areas. Obviously, the go-to-market team changes helping us in terms of improve visibility, improve visibility to that erosion, improve visibility to our pipeline.

我認為你的觀點非常有道理。我認為我們在過去 6 到 12 個月一直致力於的事情之一就是提高我們的保留率的可見度和改善。所以我認為，正如我所提到的那樣，這對我們的線性產生了很大的影響，並且從整體 ARR 的角度來看，對恢復成長有很大幫助。因此，我想說，逐年顯著的改善是最強勁的領域之一。顯然，行銷團隊的變化有助於我們提高可見性，提高對侵蝕的可見性，並提高對我們管道的可見性。

So I wouldn't say that, that necessarily is actually the driver of the actual growth that makes us feel good about the guidance that we're giving at this point in the year.

因此，我不會說那一定是實際成長的驅動力，這讓我們對今年此時給予的指導感到滿意。

And then into your point in terms of innovation, obviously, anything that we can talk to our customers about with regard to the development of our products and the different offerings that we give them. Ultimately is what drives growth. So that, I think, is very interrelated to the other areas. But obviously, is a huge factor in terms of driving cloud ARR growth at the midpoint of 16% and getting back to total growth in 2025.

然後談到您提到的創新，顯然，我們可以與客戶討論有關我們產品開發以及我們為他們提供的不同產品的任何事情。最終推動成長的因素是什麼。所以我認為這與其他領域密切相關。但顯然，這是推動雲端 ARR 成長（中點 16%）和在 2025 年恢復整體成長的一個重要因素。

Derrick Wood with TD Cowen.

德里克伍德 (Derrick Wood) 和 TD Cowen 在一起。

This is Cole on for Derek. Steve, I'll start with you. Could you just provide us with an update on open table format I know you guys have been excited about that as a TAM expander, but just any color on where customers might be in trying that out with your -- bring your own query engine capabilities and when we could see production workloads start to spin up?

這是科爾代替德里克。史蒂夫，我先從你開始。您能否向我們提供有關開放表格格式的最新消息？

Yes. Thanks for the question. We see open table format is still a critical capability that we're going to deliver and continue to improve on in the Teradata platform. One of the key tenets that we have is to be open and connected. So we want to support both Apache Iceberg and Delta Lake, that really opens up a massive (inaudible) data inside our customer organization.

是的。謝謝你的提問。我們認為開放式表格式仍然是我們將在 Teradata 平台中提供並繼續改進的關鍵功能。我們的主要原則之一是開放和互聯。因此，我們希望同時支援 Apache Iceberg 和 Delta Lake，這確實在我們的客戶組織內部開闢了大量（聽不清楚）數據。

And then thinking about the Teradata query engine and the analytical capabilities that we have within that engine, the new AI capabilities that we're bringing to bear and putting those against these massive volumes of open table format data that we expect to become more and more common and at our customer environment is absolutely essential and critical for us.

然後考慮 Teradata 查詢引擎和該引擎所具有的分析功能，我們正在運用的新 AI 功能，並將它們應用於我們預計會變得越來越普遍的海量開放表格格式數據，並且在我們的客戶環境中，這對我們來說絕對必要且至關重要。

And our product more road map continues to deliver new capabilities there to support our customers' execution. We are seeing it as early days, although every single customer, I think, is talking to is about open table format. It's really very interesting to see customers think about data workloads and data execution, both from an enterprise data warehouse perspective where they need a really performance storage layer. But then in a lake environment, we're critical performance may not be that important, but they still want to bring some fantastic analytical or gene or AI capabilities into that data to make it meaningful for them. And that's really what our strategy is from an execution perspective.

我們的產品路線圖將繼續提供新功能來支援客戶的執行。雖然我們認為這還處於早期階段，但我認為，每位顧客都在談論開放式餐桌形式。看到客戶從企業資料倉儲的角度考慮資料工作負載和資料執行確實非常有趣，他們需要一個真正效能的儲存層。但在湖泊環境中，我們的關鍵表現可能不那麼重要，但他們仍然希望將一些出色的分析、基因或人工智慧功能融入這些數據中，使其對他們有意義。從執行角度來看，這確實就是我們的策略。

And I think the proof of concepts that we're seeing that we're executing in terms of taken even some of the unstructured data on a different topic to OTF and making that real and analyzable for our customers is super interesting.

我認為，我們正在執行的概念驗證非常有趣，即獲取一些與 OTF 主題不同的非結構化數據，並使其對我們的客戶而言真實且可分析。

Great. Very helpful. And then, Claire, one for you. The cloud NRR number downtick again, you've talked about better retention across on-prem in total that you've been seeing last couple of months. But can you just give us a sense of in the medium term, the shape of that cloud NRR and when we could maybe think about potential reacceleration there?

偉大的。非常有幫助。然後，克萊爾，給你一個。雲端 NRR 數字再次下降，您曾經談到過去幾個月看到的整體內部部署的保留率有所提高。但是您能否為我們介紹中期內雲 NRR 的形狀以及我們何時可以考慮那裡的潛在重新加速？

Yes, absolutely. So first of all, just to mention that 2024 next time I did finish in line with what we were expecting. So that was good for no surprises there. As we look out to 2025, linked to some of the comments that I've already made in the sense of we anticipate the kind of the first half of the year. To see the impact of the churn and erosion and more migration and the second half of the year to be more weighted of expansion.

是的，絕對是如此。所以首先，我要說的是，2024 年我的成績確實符合我們的預期。因此，這並不令人意外。展望 2025 年，結合我已經發表的一些評論，我們可以預測今年上半年的情況。看到人員流失和侵蝕以及更多遷移的影響，以及今年下半年更加重視擴張。

Our net expansion rate with regards to cloud will reflect that as well. So it could decelerate before it then reaccelerates over time.

我們在雲端方面的淨擴張率也將反映這一點。因此它可能會先減速，然後隨著時間的推移重新加速。

Raimo Lenschow with Barclays.

巴克萊銀行的 Raimo Lenschow。

Perfect. Claire, we will miss you, first of all. Let's start with that. And a more fundamental question to start. If you think about the open table format, obviously, there's a big discussion, but obviously, you guys come out of the structured world.

完美的。克萊爾，首先，我們會想念你的。讓我們從那開始。首先要問一個更基本的問題。如果你考慮開放式桌面格式，顯然，會有一個很大的討論，但顯然，你們來自結構化的世界。

How do you see that relationship evolving between open table format, which is kind of not something, but like having everything in 1 month of data lake or is this kind of the more structured, more structured data, kind of data warehousing that you guys grew up with, like how do you think that relationship will grow out over time? And how is that -- how is your -- how do you think you can play this and maybe play this differently? And then I have one follow-up.

您如何看待開放表格格式與資料湖之間關係的發展？那怎麼樣——你的怎麼樣——你認為你可以怎樣演繹這個角色並且可能用不同的方式演繹這個角色？然後我還有一個後續問題。

Yes, thank you for the question. Yes, we see open table format is a fantastic opportunity to make those more performance and to take all the benefits of Teradata technology and our massive parallel computing architectures to make ETF environments more performing even with large swaps of data, which has always been Teradata's core bets, how to get the best out of massive volumes of data, either in an EDW construct. But one of the things I think that's AI and gen AI world needs as a really enterprise scale vector store capability. And that is something that we already have and say the Teradata technology set in terms of being able to store vectors.

是的，謝謝你的提問。是的，我們認為開放式表格式是一個絕佳的機會，可以提高效能並利用 Teradata 技術和我們大規模並行運算架構的所有優勢，使 ETF 環境即使在大量資料交換的情況下也能更好地執行，這一直是 Teradata 的核心賭注，如何從海量資料中獲得最大收益，無論是在 EDW 構造中。但我認為人工智慧和新一代人工智慧世界需要的是真正的企業級向量儲存能力。這就是我們已經擁有的東西，可以說是 Teradata 技術在儲存向量方面所設定的。

So taking that OTF data or taking unstructured data, doing vector analysis against that in conjunction with language models and taking and managing the massive numbers of vectors largely enable organizations to get the best out of data no matter where it store, whether it's an OTF or whether it's unstructured data. And we're just looking at the amount of data that's stored in unstructured fails as an example, and by putting Teradata's enterprise vector store next to those files you can actually get meaningful results and meaningful ending into the world's most unstructured data which by far and away, outnumbers the structured data pools that we have in the world today. So exciting times ahead.

因此，獲取 OTF 數據或非結構化數據，結合語言模型對其進行向量分析，並獲取和管理大量向量，在很大程度上使組織能夠充分利用數據，無論數據存儲在何處，無論它是 OTF 還是非結構化數據。我們僅以非結構化資料中儲存的資料量為例，透過將 Teradata 的企業向量儲存與這些檔案放在一起，您實際上可以在世界上最非結構化的資料中獲得有意義的結果和有意義的結局，而這些資料的數量遠遠超過我們今天在世界上擁有的結構化資料池。未來的日子真是令人興奮。

Yes. And then Claire one for you, like Obviously, we're kind of looking at the kind of the -- we're trying to look at leading indicators. If you think about like, can you talk a little bit about some of the dynamics like billings this quarter public cloud ARR this quarter, like to us, they came on more on the weaker -- on the weaker side. Is there some one-off stuff that we kind of need to be aware of? And you might have answered that earlier in the call, I apologize, you cannot discussed it already.

是的。然後克萊爾給你一個問題，顯然，我們正在研究這種——我們正在嘗試研究領先指標。如果您考慮一下，您能否稍微談一下本季度的帳單動態，例如本季公有雲 ARR，對我們來說，它們更多是在弱勢方面。是否有一些一次性的事情我們需要注意？您可能在通話早些時候就回答過這個問題，很抱歉，您不能討論這個問題。

Yes. I think maybe you're looking for kind of some linearity narrative. So what I said in my prepared remarks was that we anticipate cloud ARR to be the low end of the range that I gave for the full year. So just to give you a view on that. And then from a total ARR standpoint because of the erosion activity that happened in the first half of the year, as previously mentioned, the total ARR will actually be below the low end of the full year range that I gave.

是的。我想也許你正在尋找某種線性敘述。因此，我在準備好的演講中說過，我們預計雲端 ARR 將處於我給出的全年範圍的低端。只是為了給你一個觀點。然後從 ARR 總的角度來看，由於上半年發生的侵蝕活動，如前所述，總 ARR 實際上將低於我給出的全年範圍的低端。

So just Cloud ARR at the low end and (inaudible) ARR below. I also did give some guidance on our recurring revenue and total revenue in Q1.

因此，低端只有雲 ARR，而 (聽不清楚) ARR 則更低。我也對我們第一季的經常性收入和總收入給了一些指引。

So that -- I mean, as you would expect, recurring revenue in Q1 is closely following our exit of total ARR. So we're giving a range in constant currency of minus 4% to minus 6% for recurring and minus 6% to minus 8% total revenue. Hopefully, that helps in terms of some linearity modeling.

所以 — — 我的意思是，正如您所預料的，第一季的經常性收入與我們的總 ARR 退出緊密相關。因此，我們給出的固定匯率範圍是經常性收入為-4％到-6％，總收入為-6％到-8％。希望這對某些線性建模有所幫助。

Thank you. (Operator Instructions) There are no further questions at this time. I will now turn the call back over to Steve McMillan for his final remarks.

謝謝。（操作員指示）現在沒有其他問題。現在我將電話轉回給史蒂夫·麥克米蘭，請他發表最後的演講。

Thanks, everyone, for joining us today. We're building on that condition that we built in 2024, and we're really excited about the capabilities in delivering AI and gen AI solutions for our customers. We know that we've got the trusted hybrid AI platform at enterprise scale, the world's leading organizations really need right now. And we're going to continue to innovate and deliver capabilities, which can expand our TAM whilst also empowering our customers with the analytics we need today. We look forward to returning Teradata to growth in 2025.

感謝大家今天的參與。我們正在以 2024 年建立的條件為基礎進行建設，我們對為客戶提供 AI 和新一代 AI 解決方案的能力感到非常興奮。我們知道，我們已經擁有企業規模的可信賴的混合人工智慧平台，這正是世界領先的組織現在真正需要的。我們將繼續創新和提供能力，這可以擴大我們的 TAM，同時為我們的客戶提供我們今天所需的分析能力。我們期待 Teradata 在 2025 年恢復成長。

Thank you very much.

非常感謝。

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

今天的電話會議到此結束。您現在可以斷開連線。