Teradata Corp (TDC) 2025 Q1 法說會逐字稿

Good afternoon. My name is Carl and I will be your conference operator today. At this time, I would like to welcome everyone to the Teradata first quarter 2025 earnings call. (Operator Instructions)

午安.我叫卡爾，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Teradata 2025 年第一季財報電話會議。（操作員指示）

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

今天我想將會議交給主持人、投資者關係和企業發展高級副總裁 Chad Bennett。現在你可以開始了。

Good afternoon, and welcome to Teradata’s first quarter 2025 earnings call. Steve McMillan, Teradata’s President and Chief Executive Officer will lead our call today followed by Sumeet Arora, Teradata’s Chief Product Officer, and then Charles Smotherman, Teradata’s Interim Chief Financial Officer, who will discuss our financial results and outlook.

下午好，歡迎參加 Teradata 2025 年第一季財報電話會議。Teradata 總裁兼執行長 Steve McMillan 將主持今天的電話會議，隨後是 Teradata 首席產品官蘇米特阿羅拉 (Sumeet Arora)，然後是 Teradata 臨時首席財務官查爾斯斯莫瑟曼 (Charles Smotherman)，他們將討論我們的財務業績和前景。

Our discussion today includes forecasts and other information that are considered forward-looking statements. While these statements reflect our current outlook, they are subject to a number of risks and uncertainties that could cause actual results to differ materially. These risk factors are described in today’s earnings release and in our SEC filings. Please note that Teradata intends to file the Form 10-Q for the quarter ended March 31, 2025 later this month. These forward-looking statements are made as of today and we undertake no duty or obligation to update them.

我們今天的討論包括預測和其他被視為前瞻性陳述的資訊。雖然這些聲明反映了我們當前的展望，但它們受到許多風險和不確定因素的影響，可能導致實際結果大不相同。這些風險因素在今天的收益報告和我們提交給美國證券交易委員會的文件中進行了描述。請注意，Teradata 計劃於本月稍後提交截至 2025 年 3 月 31 日的季度 10-Q 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。

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. 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.

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，這些指標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 年固定匯率收入和 ARR 成長前景。

Unless stated otherwise, all numbers and results discussed on today’s call are on a non-GAAP basis. A reconciliation of non-GAAP to GAAP measures is included in our earnings release, which is accessible on the Investor Relations page of our website at investor.teradata.com. A replay of this conference call will be available later today on our website.

除非另有說明，否則今天電話會議上討論的所有數字和結果均基於非 GAAP。我們的收益報告包含非 GAAP 指標與 GAAP 指標的對帳表，您可在我們網站 investor.teradata.com 的投資者關係頁面查看。本次電話會議的重播將於今天稍晚在我們的網站提供。

And now I will turn the call over to Steve.

現在我將把電話轉給史蒂夫。

Thank you, Chad, and hello, everyone. Thanks for joining us today. Teradata had a solid first quarter of 2025. We delivered public cloud ARR of $606 million, a 16% year-on-year increase in constant currency. We saw total ARR of $1.44 billion, in line with expectations on a constant currency basis. We generated $7 million in free cash flow in the quarter and our non-GAAP EPS was $0.66, an increase of 16% year-on -year.

謝謝你，查德，大家好。感謝您今天加入我們。Teradata 在 2025 年第一季表現穩健。我們實現了 6.06 億美元的公有雲 ARR，以固定匯率計算年增 16%。我們看到總 ARR 為 14.4 億美元，以固定匯率計算符合預期。本季我們產生了 700 萬美元的自由現金流，非公認會計準則每股收益為 0.66 美元，年增 16%。

In Q1, we maintained our focus on execution and are seeing benefits from the actions that began in the middle of last year. Our go to market team is executing well against the pipeline we carried into 2025. We are seeing positive effects from the team’s increasing focus on advanced analytics and industry use cases, both in cloud and on-prem.

在第一季度，我們繼續專注於執行，並從去年年中開始的行動中看到了收益。我們的行銷團隊正在按照我們 2025 年的計畫順利執行。我們看到團隊越來越關注雲端和本地的高階分析和產業用例，並由此產生了積極的影響。

Cloud is now 42% of our total ARR and we are also seeing that our hybrid capabilities are very relevant in times of macro volatility. We are meeting customers in the environment that best addresses their needs now and into the future and believe that our cloud and hybrid capabilities will resonate in the market. Many of our customers rely on insights from their Teradata environments to help them operate their businesses efficiently even in times of uncertainty.

雲端運算現在占我們總 ARR 的 42%，我們也發現我們的混合功能在宏觀波動時期非常重要。我們在最能滿足客戶現在和未來需求的環境中與他們會面，並相信我們的雲端和混合功能將在市場上引起共鳴。我們的許多客戶依靠 Teradata 環境的洞察力來幫助他們即使在不確定的時期也能有效率地經營業務。

We are monitoring the dynamic market and are working closely with customers to help them get the most out of their data and analytics as they address the uncertain climate. We’ve assessed the direct impact from the dynamic tariff situation and it is expected to be immaterial to our business in 2025. As we look ahead, we are taking a more prudent stance with respect to our services business, which is more subject to discretionary spending.

我們正在監控動態市場，並與客戶密切合作，幫助他們在應對不確定的環境時充分利用他們的數據和分析。我們評估了動態關稅情況的直接影響，預計這對我們 2025 年的業務影響不大。展望未來，我們對服務業務採取了更審慎的態度，因為服務業務更容易受到可自由支配支出的影響。

As the world explores use cases of AI, it is imperative that the data behind the AI is secure, appropriately governed, and trusted. Trusted data is critical to success with AI and Agentic or Autonomous AI depends on massive amounts of trusted data across both structured and unstructured sources. This integration of diverse data types at any scale is Teradata’s core strength.

隨著世界探索人工智慧的用例，確保人工智慧背後的資料安全、得到適當的管理和值得信賴至關重要。可信任資料對於人工智慧的成功至關重要，而代理人工智慧或自主人工智慧依賴結構化和非結構化來源的大量可信任資料。這種對任何規模的多種資料類型的整合是 Teradata 的核心優勢。

To succeed with Agentic AI, you need not just trusted data, but high-performance vector processing capabilities that can deliver the right information in the moment so that agents can take action in real time, whether someone is in a chat session, on the website or on the phone. These actions will increasingly be performed by AI agents that will need to seamlessly access both structured and unstructured data to derive the best answer for customers.

要成功使用 Agentic AI，您不僅需要可信的數據，還需要高性能的向量處理能力，以便能夠即時提供正確的信息，以便代理能夠實時採取行動，無論某人是在聊天會話中、在網站上還是在電話中。這些操作將越來越多地由人工智慧代理執行，它們需要無縫存取結構化和非結構化數據，以便為客戶提供最佳答案。

In early March, we announced Teradata Enterprise Vector Store that end database solution brings the speed, power and multidimensional scale of our hybrid analytics platform to vector data and management, a crucial infrastructure component for building trusted effective AI systems. It is designed to help customers move beyond basic generative AI implementations towards sophisticated Agentic AI and autonomous business processes.

3 月初，我們宣布推出 Teradata Enterprise Vector Store，該終端資料庫解決方案將我們混合分析平台的速度、功能和多維規模帶入向量資料和管理，這是建立可信任有效 AI 系統的關鍵基礎設施元件。它旨在幫助客戶超越基本的生成式人工智慧實現，邁向複雜的代理人工智慧和自主業務流程。

Our Enterprise vector store, which will integrate with NVIDIA’s NeMo Retriever microservices can enable enterprises to solve multidimensional complex problems by combining structured and unstructured data with accelerated compute to optimize RAG applications, which we believe will create a single source of truth for all of a company’s AI initiatives.

我們的企業向量儲存將與 NVIDIA 的 NeMo Retriever 微服務集成，透過將結構化和非結構化資料與加速運算相結合來優化 RAG 應用程序，使企業能夠解決多維複雜問題，我們相信這將為公司的所有 AI 計劃創建單一事實來源。

We’re enthusiastic about the interest we are seeing and I’ll talk about some of the examples of use cases we are working on with our customers. This quarter, we plan to introduce innovations designed for enterprises that need more control and flexibility over their AI deployments, particularly in today’s dynamic and often uncertain environment.

我們對所看到的興趣感到非常興奮，我將談論一些我們正在與客戶合作的用例範例。本季度，我們計劃推出專為需要對其 AI 部署有更多控制權和靈活性的企業設計的創新，特別是在當今動態且往往不確定的環境中。

Many of our customers operate in regulated industries with strict requirements for data sovereignty and security and we believe that our forthcoming AI on-prem capabilities will be uniquely positioned to enable independent and secure AI operations without compromising EDW service levels, a critical differentiator in today’s hybrid cloud landscape.

我們的許多客戶都在受監管的行業中運營，對資料主權和安全有嚴格的要求，我們相信，我們即將推出的 AI 本地功能將具有獨特的優勢，能夠在不影響 EDW 服務水平的情況下實現獨立和安全的 AI 運營，這是當今混合雲領域的一個關鍵區別因素。

We are continuing to build and execute robust partnerships that position us well in the open ecosystems we see customers increasingly adopting. In the quarter, our teams were collaborating at customer engagements with AWS, Google Cloud, Microsoft Azure, NVIDIA, and more. I’ll cover a few examples of how our teams are helping customers trial and implement their strategies for AI with our foundation of managing trusted data.

我們將繼續建立和執行穩健的合作夥伴關係，這將使我們在客戶日益採用的開放生態系統中佔據有利地位。在本季度，我們的團隊與 AWS、Google Cloud、Microsoft Azure、NVIDIA 等公司進行了客戶合作。我將介紹一些範例，說明我們的團隊如何利用管理可信任資料的基礎來幫助客戶試驗和實施他們的人工智慧策略。

A global Telco’s fraud prevention team leveraged our ClearScape analytics and machine learning to detect targeted fraud and is achieving a 50% increase in fraud detection accuracy. Their model enhances explainability, enabling analysts to make informed decisions with 95% accuracy, while reducing manual effort. A large customer in Asia Pac is evolving its responsible gambling models with help from us.

一家全球電信公司的反詐騙團隊利用我們的 ClearScape 分析和機器學習來偵測有針對性的詐欺行為，並將詐欺偵測準確率提高了 50%。他們的模型增強了可解釋性，使分析師能夠以 95% 的準確率做出明智的決策，同時減少人工工作量。亞太地區的一家大客戶正在我們的幫助下發展其負責任的賭博模式。

Using our model ops, the customer monitors and manages its machine learning models. They use ClearScape analytics for native analytical models, as well as the bring your own model capability for machine learning models. Their most advanced models are deployed and scored in Teradata Vantage Cloud enabling scalability and lowering costs.

使用我們的模型操作，客戶可以監控和管理其機器學習模型。他們使用 ClearScape 分析作為本機分析模型，並使用自備模型功能作為機器學習模型。他們最先進的模型在 Teradata Vantage Cloud 中部署和評分，實現可擴展性並降低成本。

We supported a major European airline and elevating analysis of customer feedback, leveraging our vector store and our Hugging Face model, we help the customer analyze text messages to detect trends and sentiments. This integrated approach is designed to help the customer ensure data protection, enhance performance, and deliver reliable results.

我們支持一家歐洲大型航空公司，並利用我們的向量儲存和 Hugging Face 模型來提升對客戶回饋的分析，幫助客戶分析簡訊以檢測趨勢和情緒。這種整合方法旨在幫助客戶確保資料保護、提高效能並提供可靠的結果。

We also helped a large grocery retailer demonstrate significant business value by categorizing customer complaints using vector embeddings and bring your own language model functionality. The customer was impressed with the Gen AI integration capabilities of our platform, which streamlined the classification and response process for text-based complaints, thereby enhancing service quality and efficiency, a key aspect was the high performance processing at scale of our differentiated massive parallel processing capability.

我們還幫助一家大型雜貨零售商透過使用向量嵌入對客戶投訴進行分類並帶來您自己的語言模型功能來展示巨大的商業價值。客戶對我們平台的 Gen AI 整合功能印象深刻，它簡化了基於文字的投訴的分類和回應流程，從而提高了服務品質和效率，其中一個關鍵方面是我們差異化的大規模並行處理能力的大規模高效能處理。

Also, a top five US healthcare company significantly expanded its Teradata environment as it migrated to the cloud and works to enhance resilience against cyber threats and ensure continuity in healthcare services. It is also implementing a Gen AI solution with us to automate large amounts of audit processes and significantly improve productivity, making the healthcare system work better for everyone.

此外，美國五大醫療保健公司在遷移到雲端的過程中顯著擴展了其 Teradata 環境，並致力於增強抵禦網路威脅的能力並確保醫療服務的連續性。它還與我們一起實施 Gen AI 解決方案，以實現大量審計流程的自動化並顯著提高生產力，使醫療保健系統更好地為每個人服務。

These customer examples are supported with industry reports as well. Teradata was recently named a leader in the Forrester Wave on Data Management for Analytics Platforms. We’re pleased to receive this recognition of the strength of our strategic vision and performance in delivering AI-powered enterprise-grade analytics at scale.

這些客戶案例也得到了產業報告的支持。Teradata 最近被 Forrester Wave 評為分析平台資料管理的領導者。我們很高興獲得這項認可，這是對我們策略願景的認可，也是對我們在提供大規模人工智慧企業級分析方面所表現的認可。

We believe this report reflects our strong analytic platform capabilities, particularly for hybrid cloud deployments where reliability and scalability are essential. With our solid performance in Q1, our ongoing focus on execution and accelerating innovation that brings trusted AI to our customers, we continue to believe that we will return to growth in 2025. We believe that our differentiated ability to support customers’ data and analytics needs, whether in the cloud, on-prem or hybrid environments, serves us well during these times of uncertainty.

我們相信這份報告反映了我們強大的分析平台能力，特別是對於可靠性和可擴展性至關重要的混合雲部署。憑藉我們第一季的穩健表現、我們對執行的持續關注以及加速創新，為客戶帶來值得信賴的人工智慧，我們仍然相信我們將在 2025 年恢復成長。我們相信，無論是在雲端、本地或混合環境中，我們支援客戶資料和分析需求的差異化能力都能在當前不確定的時期為我們提供良好的服務。

As I hand over to Charles, I want to provide an update on our most recent executive appointments. Yesterday, we announced our new CFO, John Ederer, who will be starting with us next week. John is currently the CFO at Model N, a provider of revenue management solutions for life sciences and high-tech. He is a seasoned financial executive and has successfully led a number of companies through SaaS transitions. I’m looking forward to working with John.

在將權力移交給查爾斯之際，我想介紹一下我們最近的高階主管任命。昨天，我們宣布了新任財務長 John Ederer，他將於下週開始與我們一起上任。John 目前擔任 Model N 的財務官，該公司是一家為生命科學和高科技領域提供收益管理解決方案的供應商。他是一位經驗豐富的財務主管，成功帶領多家公司完成 SaaS 轉型。我期待與約翰合作。

I also want to thank Charles for serving as Interim CFO during this quarter of transition. I am also pleased to introduce to you today our new Chief Product Officer, Sumeet Arora, who just joined us. Most recently, Sumeet was the Chief Development Officer at ThoughtSpot. Sumeet has extensive experience in leading engineering and product management for AI-driven analytics and a proven track record in building solutions that generate significant revenue.

我還要感謝查爾斯在這段過渡時期擔任臨時財務長。今天我也很高興向大家介紹剛加入我們的新任首席產品長 Sumeet Arora。最近，Sumeet 擔任 ThoughtSpot 的首席開發長。Sumeet 在領導人工智慧驅動分析的工程和產品管理方面擁有豐富的經驗，並且在建立可產生可觀收入的解決方案方面擁有良好的記錄。

I’d ask Sumeet to make a few comments on the opportunity he sees as he joins Teradata. Sumeet, over to you.

我想請 Sumeet 就他加入 Teradata 後看到的機會發表一些評論。Sumeet，交給你了。

Thank you, Steve. I am thrilled to be part of the Teradata team. I see that Teradata has unique strengths. First, its customer base is something that any business would strive to have. The top banks, airlines, telecommunication companies, healthcare providers and retailers use Teradata every day to deliver business outcomes and data-driven experiences. There's a lot of valuable data managed within Teradata environments.

謝謝你，史蒂夫。我很高興成為 Teradata 團隊的一員。我發現 Teradata 有獨特的優勢。首先，客戶群是任何企業都力求擁有的。頂級銀行、航空公司、電信公司、醫療保健提供者和零售商每天都使用 Teradata 來提供業務成果和數據驅動的體驗。Teradata 環境中管理著大量有價值的資料。

Second, I see Teradata as the only platform that can work with data as it exists in most large enterprises. Data is not all clean and located in one system. Rather, it spans on-prem and multi-cloud environments for both historical, as well as price performance reasons. I believe that Teradata has a unique advantage with its hybrid cloud platform.

其次，我認為 Teradata 是唯一能夠處理大多數大型企業現有資料的平台。數據並非全部乾淨且位於一個系統中。相反，由於歷史原因以及價格性能原因，它跨越了內部部署和多雲環境。我認為Teradata的混合雲平台有獨特的優勢。

And third, just like the cloud leveled the playing field a decade ago, AI is leveling the playing field again. There is no trusted AI without trusted data. The Teradata platform is evolving to enable AI workloads that leverage enterprise data to deliver autonomous business processes.

第三，就像十年前雲端運算創造了公平的競爭環境一樣，人工智慧也再次創造了公平的競爭環境。沒有可信的數據，就沒有可信的人工智慧。Teradata 平台正在不斷發展，以支援利用企業資料來提供自主業務流程的 AI 工作負載。

For example, Teradata Enterprise Vector Store is an enterprise scale and enterprise-grade vector store purpose-built for Agentic workloads and RAG-based implementations. I believe that our ability to work with data across on-prem and cloud environments and deliver AI across all of this data is a competitive and price performance advantage.

例如，Teradata Enterprise Vector Store 是一個企業規模和企業級的向量存儲，專為 Agentic 工作負載和基於 RAG 的實施而建置。我相信，我們處理跨本地和雲端環境的數據並在所有這些數據中提供人工智慧的能力是一種競爭優勢和性價比優勢。

Together with the team, my goal is to greatly accelerate Teradata’s innovation execution. We expect to do this in close partnership with our customers as we evolve from here. Working with data across hybrid environments and by delivering trusted AI capabilities, our goal will be to help our customers deploy autonomous business workflows that in turn improve the experience of their end-customers.

我的目標是與團隊一起大幅加速 Teradata 的創新執行。我們希望在未來的發展過程中與客戶密切合作，共同實現這一目標。透過處理混合環境中的數據並提供值得信賴的人工智慧功能，我們的目標是幫助我們的客戶部署自主業務工作流程，從而改善最終客戶的體驗。

I believe that Teradata is well positioned to be the business outcomes platform for the data and AI-powered enterprise. I will bring my experience in the technology industry, driving efficient and high velocity innovations to help Teradata accelerate.

我相信 Teradata 有能力成為資料和人工智慧企業的業務成果平台。我將運用我在科技產業的經驗，推動高效率、高速的創新，幫助 Teradata 加速發展。

Before joining Teradata, I led product, engineering, and design at ThoughtSpot, a data analytics company and an industry pioneer in building AI-powered natural language analytics targeted at the business user. During my time, ThoughtSpot transitioned the application to a full platform that is now replacing established incumbents and was fast to market with an Agentic AI analyst solution, thereby becoming one of the earliest in production AI native analytics platform in the industry.

在加入 Teradata 之前，我曾在 ThoughtSpot 領導產品、工程和設計工作，ThoughtSpot 是一家數據分析公司，也是針對商業用戶建立人工智慧自然語言分析的行業先驅。在我任職期間，ThoughtSpot 將應用程式轉變為一個完整的平台，該平台目前正在取代現有的現有平台，並透過 Agentic AI 分析師解決方案快速推向市場，從而成為業內最早投入生產的 AI 原生分析平台之一。

Prior to ThoughtSpot, I was at Cisco. And at both companies, I focused on building great products, great teams, as well as great businesses with a focus on execution. I look forward to helping Teradata execute and accelerate.

在加入 ThoughtSpot 之前，我在思科工作。在這兩家公司，我都專注於打造優秀的產品、優秀的團隊以及優秀的企業，並且專注於執行。我期待幫助 Teradata 執行和加速。

Now I will pass the call to Charles.

現在我將把電話轉給查爾斯。

Thank you, Sumeet, and good afternoon, everyone. In the first quarter, we executed in line with expectations across our key metrics, total ARR, cloud ARR, free cash flow and non-GAAP EPS. As we expected in the first quarter, we had a decline in total ARR sequentially due to the first quarter being seasonally our lowest bookings and highest erosion quarter of the year.

謝謝你，Sumeet，大家午安。在第一季度，我們的關鍵指標、總 ARR、雲端 ARR、自由現金流和非 GAAP EPS 均符合預期。正如我們在第一季所預期的那樣，由於第一季是我們全年預訂量最低、侵蝕程度最高的季度，因此我們的總 ARR 環比下降。

Total ARR declined 2% year-over-year on a constant currency basis, which was a 2 point improvement from the end of 2024. We continue to see year-over-year increase in retention rates as our customer success team drives improvements in customer health metrics across our base.

以固定匯率計算，總 ARR 年減 2%，比 2024 年底改善了 2 個百分點。隨著我們的客戶成功團隊推動整個客戶群的客戶健康指標的改善，我們繼續看到留存率的逐年增長。

Additionally, we expect meaningful year-over-year improvement in retention rates for the remainder of the year. Cloud ARR grew 16% year-over-year in constant currency representing the midpoint of our 2025 outlook range. Cloud net expansion rate was 115%, which continues to be impacted by lower expansion activity last year. Based on our increased visibility, we continue to believe that we will return to total ARR growth in Q4. We are reiterating our outlook for total ARR of flat to 2% and cloud ARR growth of 14% to 18% year-over-year.

此外，我們預計今年剩餘時間的留存率將年比大幅提升。以固定匯率計算，雲端 ARR 年增 16%，達到我們 2025 年展望範圍的中點。雲淨擴張率為 115%，持續受到去年擴張活動減少的影響。基於我們不斷提高的知名度，我們仍然相信我們將在第四季度恢復總 ARR 成長。我們重申對總 ARR 持平至 2% 和雲端 ARR 年成長 14% 至 18% 的預測。

Let me now share more details on our quarterly financial results starting with revenue. First quarter recurring revenue was $358 million, down 8% year-over-year as reported and down 6% year-over-year in constant currency. The year-over-year growth rate was negatively impacted by 1 point from upfront revenue.

現在讓我從收入開始分享我們季度財務業績的更多細節。第一季經常性收入為 3.58 億美元，按報告計算年減 8%，以固定匯率計算年減 6%。預付收入對年成長率產生了 1 個百分點的負面影響。

Recurring revenue as a percentage of total revenue was 86%, up from 83% in the prior year period. First quarter total revenue was $418 million, down 10% year-over-year as reported and 8% in constant currency, which was towards the low end of our expectations. In light of the overall macroeconomic uncertainty, are expanding the low end of our total revenue outlook range by 1 percentage point due to the more discretionary nature of our services business.

經常性收入佔總收入的百分比為 86%，高於去年同期的 83%。第一季總營收為 4.18 億美元，據報告年減 10%，以固定匯率計算下降 8%，接近我們預期的低端。鑑於整體宏觀經濟的不確定性，由於我們的服務業務具有更大的自由裁量權，我們將總收入預期範圍的低端擴大了 1 個百分點。

Moving to profitability and free cash flow. Total gross margin for the quarter was 60.3%, down 190 basis points year-over-year, primarily due to services. Our services business continues to be impacted by lower bookings in the second half of 2024. We are optimizing our cost structure to enable us to return to a positive services margin in the second half of the year.

轉向獲利能力和自由現金流。本季總毛利率為 60.3%，年減 190 個基點，主要原因是服務方面。我們的服務業務在 2024 年下半年繼續受到預訂量下降的影響。我們正在優化成本結構，以便在今年下半年恢復正服務利潤率。

Operating margin was 21.8%, up 270 basis points year-over-year. The operating margin expansion is largely due to the restructuring actions taken last year. Non-GAAP diluted earnings per share was $0.66 exceeding the top end of our outlook range. The outperformance is primarily from lower spend and FX. We generated $7 million of free cash flow in the quarter, which was slightly ahead of our expectations due to accelerated collections that were due in Q2.

營業利益率為21.8%，較去年同期成長270個基點。營業利益率的擴大很大程度上歸功於去年採取的重組措施。非公認會計準則每股攤薄收益為 0.66 美元，超出了我們預期範圍的最高值。優異的表現主要源自於較低的支出和外匯。我們在本季產生了 700 萬美元的自由現金流，由於第二季加速收款，這一數字略高於我們的預期。

In the first quarter, we repurchased approximately $44 million of stock or 1.6 million shares and we continue to expect to return at least 50% of our free cash flow to shareholders in the form of share repurchases. With regards to the 2025 outlook, we reaffirm total ARR, Cloud ARR, free cash flow, recurring revenue and non-GAAP EPS. For total revenue, we are expanding the range to reflect negative 4% to negative 7% year-over-year on a constant currency basis.

在第一季度，我們回購了約 4,400 萬美元的股票或 160 萬股，我們繼續期望以股票回購的形式向股東返還至少 50% 的自由現金流。關於 2025 年的展望，我們重申總 ARR、雲端 ARR、自由現金流、經常性收入和非 GAAP EPS。對於總收入，我們將範圍擴大到以固定匯率計算年減 4% 至 7%。

On total ARR and Cloud ARR, we continue to see the same linearity as we mentioned last quarter. In the first half, we expect the growth rate of total ARR to be below our outlook range and Cloud ARR to be the low end of our range. We expect both growth rates to accelerate in the second half and return to total ARR growth in the fourth quarter. Please refer to our Q1 earnings presentation on our Investor Relations website for a complete list of our 2025 outlook ranges.

在總 ARR 和雲端 ARR 方面，我們繼續看到與上個季度提到的相同的線性關係。上半年，我們預計總 ARR 的成長率將低於我們的預期範圍，而雲端 ARR 將處於我們預期範圍的低端。我們預計下半年這兩個成長率都會加速，並在第四季度恢復總 ARR 成長。請參閱我們投資者關係網站上的第一季財報，以了解我們 2025 年展望範圍的完整清單。

For the second quarter of 2025, we anticipate recurring revenue to be in the range of negative 5% to negative 7% year-over-year on a constant currency basis. In Q2, we anticipate a 2% headwind driven by upfront recurring revenue. We expect total revenue to be in the range of negative 7% to negative 9% year-over-year on a constant currency basis.

對於 2025 年第二季度，我們預計經常性收入以固定匯率計算將年減 5% 至 7%。在第二季度，我們預計前期經常性收入將帶來 2% 的逆風。我們預計，以固定匯率計算，總收入年減將在-7%至-9%之間。

We anticipate marginal negative currency impact year-over-year using the March rates. We anticipate non-GAAP diluted earnings per share to be in the range of $0.37 to $0.41. We project a non-GAAP tax rate to be approximately 23.1% and weighted average shares outstanding to be $97 million. We had a solid start to the year, while we recognize the volatility around the current macroeconomic environment, our pragmatic approach to our 2025 outlook remains intact.

根據 3 月的匯率，我們預期年比而言貨幣影響將出現邊際負面影響。我們預計非公認會計準則 (Non-GAAP) 攤薄每股收益將在 0.37 美元至 0.41 美元之間。我們預計非公認會計準則稅率約為 23.1%，加權平均流通股數為 9,700 萬美元。今年我們有一個好的開端，雖然我們認識到當前宏觀經濟環境的波動性，但我們對 2025 年前景的務實態度依然沒有改變。

The organizational changes we began last year are starting to take hold driving meaningful improvement in retention rates, more consistent execution, and our focus on AI innovation. We remain committed to returning to total ARR growth in Q4 producing strong operating margin and free cash flow and returning capital to shareholders.

我們去年開始的組織變革開始發揮作用，推動了留任率的顯著提高、執行更加一致以及我們對人工智慧創新的關注。我們仍致力於在第四季度恢復總 ARR 成長，實現強勁的營業利潤率和自由現金流，並向股東返還資本。

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)

（操作員指示）

Erik Woodring, Morgan Stanley.

摩根士丹利的艾瑞克‧伍德林。

Great. Thanks so much guys. Good afternoon. Steve, I just wanted to maybe take a step back. Obviously, you guys have talked about cost efficiency programs. I’m wondering what the opportunity is to cut additional costs in this business. And really what I’m getting at is the new logo engine is a relatively small part of the business, but you spend nearly twice as much on SG&A as you do on R&D. You have a very large and very well renowned existing customer base.

偉大的。非常感謝大家。午安.史蒂夫，我只是想退一步。顯然，你們已經討論了成本效益計劃。我想知道在這個業務中削減額外成本的機會是什麼。我真正想說的是，新標誌引擎只是業務中相對較小的一部分，但你在銷售、一般及行政費用上的花費幾乎是研發費用的兩倍。您擁有非常龐大且非常知名的現有客戶群。

Can you kind of attack that base and power your new logo engine with lower levels of total absolute OpEx spend? Because ultimately what I’m trying to get at is ways other than growing your business that you could drive free cash flow higher. So that’s just my first question then I have a quick follow-up. Thanks so much.

您能否以較低水平的總絕對營運支出來攻擊該基礎並為您的新徽標引擎提供動力？因為最終我想要找到的是除了發展業務之外的其他可以提高自由現金流的方法。這是我的第一個問題，然後我有一個快速的後續問題。非常感謝。

Hey, Erik. Thanks for the question. Great to hear from you. Taking that step back as you suggested, we are absolutely focused on profitable growth and we make the right investments in our organization across all the lines, our SG&A lines, our research and development to ensure that we optimize and grow the business overall. We are returning the business to growth from an ARR perspective in 2025 and then that will set a positive trajectory for the company as we move forward.

嘿，艾瑞克。謝謝你的提問。很高興收到你的來信。正如您所建議的，我們絕對專注於獲利成長，並且對我們組織的所有業務線、銷售、一般及行政費用 (SG&A) 業務線、研發進行正確的投資，以確保我們優化和發展整體業務。我們將在 2025 年從 ARR 的角度讓業務恢復成長，這將為公司未來的發展奠定積極的軌跡。

We did a lot of restructuring in our sales team in June of last year and refocused that team in terms of pivoting towards much more analytics, AI and use case based solutions in the marketplace. And we are starting to see those having traction in terms of execution. We’re clearly going to continue to optimize our investment envelope as we move forward as we drive that profitable growth strategy.

去年 6 月，我們對銷售團隊進行了大量重組，並重新調整了團隊的重點，使其更加註重市場上的分析、人工智慧和基於用例的解決方案。我們開始看到這些措施在執行上取得進展。在推動獲利成長策略的過程中，我們顯然將繼續優化我們的投資組合。

Okay. I appreciate that. Thank you, Steve. And then just quick follow-up was, just on the 2Q EPS guide. We’re looking at a pretty significant sequential decline. Can you just maybe help us understand or better understand some of the moving pieces as to why we’re getting there? Obviously, a very strong first quarter. Did you pull forward profitability, so to speak? Or just help us understand why the shape of the curve in the first half looks the way it does on the EPS line? Thanks so much.

好的。我很感激。謝謝你，史蒂夫。然後只是快速跟進，僅關於第二季度每股收益指南。我們正目睹相當顯著的連續下滑。您能否幫助我們理解或更好地理解我們為何能實現這一目標的一些動因？顯然，第一季非常強勁。這麼說吧，你們是否提高了獲利能力？或者只是幫助我們理解為什麼上半年的曲線形狀與 EPS 線上的形狀一樣？非常感謝。

Yeah. Thanks for the question. So I want to make sure you’re talking about the $0.66 to the $0.40, correct?

是的。謝謝你的提問。所以我想確認一下您說的是 0.66 美元到 0.40 美元，對嗎？

Correct.

正確的。

Okay. Yeah. So, we’ve got a couple of factors that are playing into this lower volume being one, lower corporate spend. We’ve got higher cloud mix impacting our second quarter, as well as lower CFC. That’s offset partially by lower headcount and other corporate spend activities.

好的。是的。因此，造成交易量下降的因素有幾個，其中之一就是企業支出減少。雲端運算組合的增加對我們第二季的影響較大，而 CFC 則降低。但這一影響被員工人數減少和其他企業支出活動所部分抵消。

All right. Thanks so much, guys. Good luck.

好的。非常感謝大家。祝你好運。

Yitchuin Wong, Citi.

花旗銀行的 Yitchuin Wong。

Hi. Thanks for taking my question here. Congrats on Sumeet’s hiring and John from yesterday. It’s been a while since we have the full team again. So I remember the excitement three, four years ago when you have, like, Claire and Todd rounded up the team. I guess back then, there were a lot of excitement, as well. Just in the three, four years, like, looking back in the executive management team, can you tell me, like, what are some of the biggest lessons learned going into the this year and next year with Sumeet and John in full now? And what would you be doing differently just given some of the execution issue in the past year and we’d like to start there, please. Thanks.

你好。感謝您在這裡回答我的問題。恭喜 Sumeet 和昨天的 John 被聘用。我們已經有一段時間沒有再次擁有完整的團隊了。所以我記得三、四年前當克萊爾和托德召集團隊時的興奮之情。我想那時也有很多令人興奮的事情。就在過去的三、四年裡，回顧執行管理團隊，您能否告訴我，在與 Sumeet 和 John 一起度過今年和明年的過程中，您學到的最大教訓是什麼？鑑於過去一年中執行過程中遇到的一些問題，您會採取哪些不同的措施？我們想從這裡開始。謝謝。

Yeah, thanks for the question. Look, think we are entering into a new phase for Teradata, Teradata 3.0, if you will. If I reflect back on the last four years, we’ve been going on a terrific journey to transition and reinvent the company. And that started off with Teradata 1.0, which was very much about pivoting the company towards cloud.

是的，謝謝你的提問。看，想像一下我們正在進入 Teradata 的新階段，Teradata 3.0，如果你願意的話。回顧過去四年，我們經歷了一段轉型和重塑公司的偉大歷程。這一切始於 Teradata 1.0，它主要致力於讓公司轉型為雲端運算。

And in the Teradata 2.0 phase, we doubled down on that growth, clearly taking the company to over $600 million in cloud ARR. And at the same time developing innovations in both our analytics capabilities, AI capabilities and ML capabilities, putting them in database to enable organizations to operate at tremendous scale in this new world of advanced analytics and AI.

在 Teradata 2.0 階段，我們加倍努力實現這一成長，使公司的雲端 ARR 明顯超過 6 億美元。同時，我們在分析能力、人工智慧能力和機器學習能力方面不斷創新，並將它們放入資料庫，使組織能夠在這個先進的分析和人工智慧的新世界中大規模運作。

Now I think we’re entering into the next phase, which is Teradata 3.0, where our customers are demanding from the whole set of business outcomes that are driven and derived from the use of advanced analytics, AI and ML solutions. And we have re-geared and retooled the entire company to start to address those opportunities in the marketplace.

現在我認為我們正在進入下一階段，即 Teradata 3.0，我們的客戶要求透過使用進階分析、AI 和 ML 解決方案來驅動和產生整套業務成果。我們已經重新調整並改造了整個公司，以開始抓住市場上的這些機會。

You can see from our new innovation announcements like our Enterprise Vector Store, where we believe that Teradata has a truly differentiated capability that that will enable us to drive new TAM for Teradata in terms of analytics and taking advantage of the AI opportunity in the marketplace.

您可以從我們的新創新公告（例如我們的企業向量商店）中看到，我們相信 Teradata 具有真正差異化的能力，這將使我們能夠在分析方面為 Teradata 推動新的 TAM，並利用市場上的 AI 機會。

So it has been a year, it has been a continuous time of transition and transformation for the company and we believe that we’re well placed. And I think Sumeet coming on board is a testimony to that as he wants to drive that innovation engine forward into the future.

這一年對公司來說是一個持續轉型和變革的時期，我們相信我們已經準備好了。我認為蘇米特的加入證明了這一點，因為他希望推動創新引擎向未來發展。

Yeah. Looking forward to see that play out. I guess the other one on the product, you mentioned the hybrid is definitely picking up steam. Longer term, how do you view the impact to the cloud? And then, what could we see kind of longer term trajectory? Do you expect to see the subscription line and the cloud line? How would that trajectory kind of take keep us out going into next year? Thanks.

是的。期待看到那場比賽的結果。我想關於產品的另一個問題，您提到混合動力汽車肯定正在逐漸流行。從長遠來看，您如何看待對雲端運算的影響？那麼，我們能看到什麼樣的長期軌跡呢？您期望看到認購線和雲端線嗎？這樣的軌跡會如何阻礙我們進入明年呢？謝謝。

Yeah, thank you. And again, we’re going to return the company to ARR growth at a total level within 2025. As powered by the real interest that we see. I talk to customers every single day, some of the largest organizations in the world and they really like our hybrid platform. They like to be able to observe data gravity. They like being met from a technology perspective where they would like to engage. So that’s either in the cloud or from an on-prem perspective.

是的，謝謝。再次強調，我們將在 2025 年內使公司恢復 ARR 整體成長水準。正如我們所看到的，真正的興趣所推動的。我每天都與客戶交談，其中一些是世界上最大的組織，他們非常喜歡我們的混合平台。他們喜歡觀察數據引力。他們喜歡從他們願意參與的技術角度進行交流。所以這要么是在雲端，要么是從本地角度。

We’re also seeing real interest in AI on-prem solutions and we’ve got a new capability coming out in third quarter to address that market space. As we look forward, we continue to see good growth in our cloud business. The midpoint of growth for our cloud business for this year is 16 points. So, good growth in cloud and we see that hybrid opportunity continues to be a good opportunity for us to execute against.

我們也看到了人們對 AI 本地解決方案的真正興趣，我們將在第三季推出一項新功能來滿足這一市場需求。展望未來，我們的雲端業務將繼續保持良好的成長動能。我們今年雲端業務的成長中點是16個百分點。因此，雲端運算的良好成長以及我們看到的混合機會仍然是我們執行的一個好機會。

Thanks.

謝謝。

Howard Ma, Guggenheim.

霍華德·馬，古根漢。

Great. Thanks for taking the question. One for Steve. Steve, so when we think back to the period of cloud optimizations in the back half of calendar 2022 and throughout 2023, I think most would agree that Teradata benefited from more customers expanding on-prem, and subsequently, you just referred to the, that period as the 2.0 phase as your Vantage cloud product matured, you saw a pretty nice expansion on that.

偉大的。感謝您回答這個問題。一個給史蒂夫。史蒂夫，當我們回顧 2022 年下半年和整個 2023 年的雲端優化時期時，我想大多數人都會同意 Teradata 受益於更多客戶在本地擴展，隨後，您剛才將那個時期稱為 2.0 階段，隨著您的 Vantage 雲端產品的成熟，您看到了相當不錯的擴展。

The question is, given the current macro uncertainty are there any parallels that you can draw compared to that that period in time? And what are your customers indicating to you in terms of their intentions to expand, things like you guys mentioned, the new vector store capability. Are those things giving you more visibility into expansions whether it’s on-prem or in the cloud than perhaps in the past or maybe not necessarily?

問題是，考慮到當前的宏觀不確定性，與那個時期相比，您是否可以得出任何相似之處？您的客戶在擴充功能方面向您表達了什麼意圖，例如您所提到的新的向量儲存功能。與過去相比，這些是否能讓您更清楚地了解擴展情況，無論是在本地還是在雲端？或不一定如此？

Yeah, thanks for the question, Howard. I mean, clearly, it’s a very dynamic environment out there. But at our core, from a technology perspective, we have line of sight into the guidance that we’ve actually both from a total ARR perspective, but also from a cloud ARR perspective.

是的，謝謝你的提問，霍華德。我的意思是，顯然，外面的環境非常活躍。但從技術角度來看，我們的核心在於從整體 ARR 角度和雲端 ARR 角度來看待指導。

What we’re seeing is our customers, because just like back in the cloud optimization days to your point, I used to say that the Teradata platform optimizes itself every millisecond, which makes us very sticky and save our customers as we deliver the most critical workloads in the world at tremendous enterprise scale, the demand for that type of technology is continuing and save our customer base.

我們看到的是我們的客戶，因為就像回到雲端優化時代一樣，我曾經說過，Teradata 平台每毫秒都會進行自我優化，這使我們非常黏稠，並且在我們以巨大的企業規模提供世界上最關鍵的工作負載時拯救了我們的客戶，對這種技術的需求持續存在並拯救了我們的客戶群。

And we’re using that to leverage and drive growth opportunities in terms of managing that data for our organizations and putting it into new analytical use cases, which our customers need to respond to these dynamic environments that they’re in. As Tim pointed out, we did experienced some macro impact from a discretionary spend perspective in our consulting and services business.

我們正在利用它來利用和推動成長機會，為我們的組織管理資料並將其放入新的分析案例中，我們的客戶需要回應他們所處的動態環境。正如蒂姆所指出的那樣，從諮詢和服務業務的可自由支配支出角度來看，我們確實受到了一些宏觀影響。

Our consulting and services business for us is very much a tailwind in terms of how we do services against technology deals that we’ve done in the past. As we look forward, as we start to increase our contributions from our total ARR perspective and our technology business starts to regain into growth territory, we expect our consulting and services business to reaccelerate into the back half of the year.

對我們來說，諮詢和服務業務對於我們過去所做的技術交易所提供的服務而言，是一個很大的推動力。展望未來，隨著我們從整體 ARR 角度開始增加貢獻，並且我們的技術業務開始重新進入成長領域，我們預計我們的諮詢和服務業務將在下半年重新加速。

So, despite there being macro uncertainty, we’ve got key line of sight into our results for FY 2025 and are looking forward to executing against that.

因此，儘管存在宏觀不確定性，我們仍對 2025 財年的表現有著清晰的預期，並期待實現這一目標。

Got it. Thank you, Steve. And on the back of your response, I have a follow-up for Charles and it’s just around the retention rates. And if you could put some numbers around, the improvement, whether, they’ve been up year-over-year or sequentially and if the idea, the prepared remarks that you gave, imply that retention rate should improve sequentially throughout this year, that where the balance of this year? Thank you.

知道了。謝謝你，史蒂夫。根據您的回复，我想跟進查爾斯的情況，主要關於留存率。如果您可以提供一些數字，說明這些改進是同比增長還是環比增長，如果您給出的想法和準備好的評論表明留任率在今年全年應該會環比提高，那麼今年的餘額是多少？謝謝。

Yeah. Thanks for the question. Yeah, our viewpoint has not changed from our earlier guide this year and we’ve actually seen improvement in 2025. If we look at how we performed in the second half of ‘24, that also was improving and our customer success team has done a phenomenal job improving those rates and we see continued improvement for the balance of the year.

是的。謝謝你的提問。是的，我們的觀點與今年早些時候的指南相比沒有改變，而且我們實際上已經看到了 2025 年的改善。如果我們回顧 2024 年下半年的表現，就會發現我們的表現也在改善，我們的客戶成功團隊在提高這些比率方面做得非常出色，而且我們預計今年剩餘時間的業績將繼續改善。

Chirag Ved, Evercore ISI.

Chirag Ved，Evercore ISI。

Hi, thanks for taking the question. Steve, I was just wondering whether you could talk through some of the main points that give you confidence in maintaining the total ARR and public cloud ARR guide and the acceleration in the back half of the year, just given more cautious commentary across the board by many other peers in software? Thank you.

你好，謝謝你回答這個問題。史蒂夫，我只是想知道您是否可以談談一些要點，這些要點使您有信心維持總體 ARR 和公共雲 ARR 指南以及下半年的加速增長，因為許多其他軟體同行都對此發表了更為謹慎的評論？謝謝。

Yeah. Thanks for the question, Chirag. Overall, not much has changed from our internal expectations from a linearity perspective and from the beginning of the year to now. We’re still seeing good growth in terms of the drivers that we’re expecting. We have factored into our outlook, stage migrations, the uncertainty that we saw in environment. And when we set guidance at the start of the year, we set a very pragmatic guidance in terms of the overall outlook for the year.

是的。謝謝你的提問，Chirag。整體而言，從線性角度來看，從年初到現在，與我們的內部預期相比，並沒有太大變化。就我們預期的驅動因素而言，我們仍然看到良好的成長。我們已經將階段遷移以及我們在環境中看到的不確定性考慮在內。當我們在年初制定指導方針時，我們就全年的整體前景制定了非常務實的指導方針。

As I said previously, we do have line of sight into that execution for the year both from a total ARR perspective and a cloud ARR perspective. And as we said earlier in this year, we’ve actually taken out some of the very large deals, the eight figure deals in terms of our cloud ARR outlook and the execution profile from that. So we believe that the gains that we’ve issued is solid in terms of the outlook for the full year.

正如我之前所說，從整體 ARR 角度和雲端 ARR 角度來看，我們確實對今年的執行情況有所了解。正如我們今年早些時候所說的那樣，就我們的雲端 ARR 前景和執行情況而言，我們實際上已經完成了一些非常大的交易，八位數的交易。因此，我們相信，就全年前景而言，我們發布的收益是穩健的。

All right. Thank you so much.

好的。太感謝了。

Matthew Hedberg, RBC.

馬修·赫德伯格（Matthew Hedberg），RBC。

Hey guys. This is Mike Richards on for Matt. Maybe just piggybacking off that question there. Said differently, we came in the year with a pragmatic guidance and seem conservative. Ex this new macro uncertainty that unfolded in the past 90 days of Liberation Day, would it be unreasonable to think that, guidance could have been raised on this print? And so like we should look at the maintained guide in as a conservative approach just given how you set it up coming into the year?

嘿，大家好。我是麥克理查茲，代替馬特發言。也許只是順便提一下這個問題。換句話說，我們今年採取了務實的指導方針，而且顯得比較保守。鑑於解放日過去 90 天中出現的新的宏觀不確定性，認為可以就此提出指導意見是否不合理？那麼，考慮到您今年的設置，我們應該將維護指南視為保守的方法嗎？

Yeah, I think we’ve issued, as I said, for many cases for the year, we in this environment, we don’t want to get over our skis clearly. Yes, we’ve issued cases which we are confident that we have line of sight to execution with and we’ve already seen those patterns in terms of execution. We’ve seen our new TTM team that we put in place in June of last year start to execute consistently against the opportunity pipeline that’s in front of them.

是的，我認為我們已經發布了，正如我所說的，對於今年的許多案例，在這種環境下，我們不想明顯地放棄我們的滑雪板。是的，我們已經發布了一些案例，我們有信心這些案例可以執行，而且我們已經在執行方面看到了這些模式。我們看到，我們去年 6 月組成的新 TTM 團隊開始針對擺在他們面前的機會管道持續執行任務。

We’ve seen that meaningful improvement in our retention rates through the back half of last year and that’s continuing into the first quarter and we are planning to say that continuing to improve into second quarter and the second half of the year. So that gives us the confidence in terms of holding the gates to where we are and delivering on the promise that we made at the start of the year.

我們看到，去年下半年我們的留存率有了顯著提高，這種趨勢一直持續到第一季度，我們預計第二季度和今年下半年我們的留存率還會繼續提高。因此，這給了我們信心，讓我們能夠守住目前的大門，兌現我們年初所做的承諾。

Great. Thanks. And then, just a quick follow-up. Could you remind us of your Fed exposure? And then any trends you’ve seen there over the past quarter, specifically pertaining to Doge and any either buying ahead or pausing you might see in that vertical? Thanks again, guys.

偉大的。謝謝。然後，只是快速的跟進。您能否提醒我們一下您對聯準會的曝險？那麼，您在過去一個季度中看到了什麼趨勢，特別是與 Doge 相關的趨勢，以及您在該垂直領域可能看到的任何提前購買或暫停趨勢？再次感謝大家。

Yeah, thanks for the question. We have a healthy government business globally, but the majority of that business is international, state and local and very minimal exposure from the federal spend at this point.

是的，謝謝你的提問。我們在全球範圍內擁有健康的政府業務，但大部分業務是國際、州和地方的，目前聯邦支出的影響非常小。

Derrick Wood, TD Cowen.

德里克伍德 (Derrick Wood)，TD 考恩。

Hi team. This is Jared Jungjohann on for Derrick Wood. On the prior go to market changes, last quarter you noted reps have settled into the new segment team. And now that we’re another quarter down the road, can you just give us an update on some of the benefits you’re seeing? Thanks.

大家好。這是 Jared Jungjohann，代替 Derrick Wood。關於先前的市場變化，上個季度您注意到銷售代表已經融入了新的細分團隊。現在我們已經過去了一個季度，您能否向我們介紹您所看到的一些好處？謝謝。

Yeah, for sure. I think what we’re seeing is a real pivot towards analytics, AI and use case business. If I look at the pipeline that the sales team are now generating, there is a lot of interest in terms of using those AI capabilities and using the Teradata platform and an AI ecosystem. So we’re super excited about the POCs that we’ve been doing with our customers. They start small, they drive usage of the existing platform.

是的，當然。我認為，我們所看到的是向分析、人工智慧和用例業務的真正轉變。如果我看一下銷售團隊現在正在產生的管道，就會發現他們對使用這些 AI 功能以及使用 Teradata 平台和 AI 生態系統非常感興趣。因此，我們對與客戶一起進行的 POC 感到非常興奮。他們從小處著手，推動現有平台的使用。

And then, where we come into our own is actually helping customers drive that workload, those workloads into production. And indeed, we’ve taken some cloud native solutions that our customers are have been deploying and although we did the development and the testing of those solutions and other cloud native environments, they actually deployed the model themselves and the Teradata environment.

然後，我們真正要做的就是幫助客戶將這些工作負載投入生產。事實上，我們已經採用了一些客戶正在部署的雲端原生解決方案，儘管我們對這些解決方案和其他雲端原生環境進行了開發和測試，但他們實際上自己部署了模型和 Teradata 環境。

And in some cases, that’s over twice the speed and often towards half the cost in terms of execution. And so those are the kinds of improvements in our go to market model, taking those kinds of messages to our customers and we believe it makes Teradata relevant and helps us drive growth into the future.

在某些情況下，速度可以提高兩倍以上，而執行成本通常只有一半。這些都是我們市場模式的改進，將這些資訊傳遞給我們的客戶，我們相信這會讓 Teradata 更具相關性，並幫助我們推動未來的成長。

That’s awesome. Good to hear. And then as a follow-up on that, how should we be thinking about the impacts from these AI related products on revenue this year? I understand it’s early and presume it would be pretty small, but any color on that would be great. Thank you.

太棒了。很高興聽到這個消息。然後作為後續問題，我們該如何看待這些人工智慧相關產品對今年收入的影響？我知道現在還為時過早，而且我估計它會很小，但任何顏色都很好。謝謝。

Yeah. It’s certainly early, but an exciting space for us. We certainly see a good pipeline growing and interest in energy growing. Again, we have a very, very sticky business in say Teradata, which insulates us from many impacts of the macro economy environment, because of the fixed capacity nature of our contracts.

是的。這當然還為時過早，但對我們來說這是一個令人興奮的領域。我們確實看到良好的管道不斷增長，人們對能源的興趣也日益濃厚。再次，我們在 Teradata 的業務非常非常黏性，由於我們的合約具有固定容量性質，這使我們免受宏觀經濟環境的許多影響。

As our customers utilize these AI use cases, it drives the usage of the Teradata platform and ultimately will require our customers to increase the capacity. So the revenue impact from these new capabilities are likely pushed out into next year and that combined with returning to overall ARR growth in 2025 sets a bright future for us as we execute over the next couple of years.

隨著我們的客戶利用這些人工智慧用例，它推動了 Teradata 平台的使用，並最終要求我們的客戶增加容量。因此，這些新功能對收入的影響可能會推遲到明年，再加上 2025 年整體 ARR 成長的恢復，為我們未來幾年的執行創造了光明的未來。

Wamsi Mohan, Bank of America.

美國銀行的 Wamsi Mohan。

Yeah. Thank you. I just wanted to get back to the full year guidance. You noted no meaningful direct impact from tariffs, but you clearly have large customers in retail, for example and there seems to be a lot of uncertainty around a vertical like that where, tariffs are having meaningful impact.

是的。謝謝。我只是想回到全年指導。您指出關稅沒有產生任何有意義的直接影響，但您顯然在零售業擁有大量客戶，而且在關稅產生重大影響的垂直行業中似乎存在許多不確定性。

Could you just help us think through why maybe that doesn’t slow down the path of increased uncertainty where maybe the customers have to do some belt tightening? Is there enough slack across other verticals maybe where you’re seeing increased activity? Could you just share some color around maybe different verticals and what you’re seeing today and what how you’d expect that full year to progress? Thank you.

您能否幫助我們思考一下，為什麼這可能無法減緩不確定性增加的速度，而顧客可能必須勒緊褲帶？您是否看到其他垂直行業中存在足夠的空閒時間，而這些行業中的活動卻在增加？您能否分享一些不同垂直領域的詳細資訊以及您今天看到的情況以及您對全年進展的預期？謝謝。

Hi, Wamsi. Thank you very much for the question. Yeah. I think that just goes back to the very sticky nature of Teradata. The fact that we work with the biggest organizations in the world and execute their most critical business processes, they literally run their business on Teradata. And therefore, it’s very difficult to turn off that Teradata environment if you still want to close your books.

你好，Wamsi。非常感謝您的提問。是的。我認為這又回到了 Teradata 的黏性本質。事實上，我們與世界上最大的組織合作並執行他們最關鍵的業務流程，他們實際上是在 Teradata 上開展業務。因此，如果您仍想關閉帳簿，關閉 Teradata 環境將非常困難。

As you know, we’re not highly dependent on our consumption model for our revenues. Much further, revenues generated from fixed capacity ARR contracts. And therefore, that gets us really great line of sight into how those contracts are going to grow into the next quarters of the year.

如您所知，我們的收入並不太依賴消費模式。更進一步的是，收入來自固定容量 ARR 合約。因此，這讓我們能夠很好地了解這些合約在接下來的幾個季度將如何成長。

I think what we are seeing is working with organizations to help them understand that dynamic environment, working with them in the customer experience use cases, helping them forward forecast on demand planning to have the right responses in that dynamic environment, also helping them from a supply chain perspective so that they can ultimately manage the supply chain.

我認為我們所看到的是與組織合作，幫助他們了解動態環境，在客戶體驗用例中與他們合作，幫助他們根據需求計劃進行預測，以便在動態環境中做出正確的反應，同時也從供應鏈的角度幫助他們，以便他們最終能夠管理供應鏈。

And they need the data that in the Teradata systems to actually make these decisions to optimize their operations every day. So from a Teradata perspective, we have real line of sight into the guidance that we’ve given. And from a macro perspective, in terms of our technology sales, we’re confident in the guidance that we’ve provided.

他們需要 Teradata 系統中的數據來做出這些決策，以優化他們的日常營運。因此，從 Teradata 的角度來看，我們對所提供的指導有著真正的了解。從宏觀角度來看，就我們的技術銷售而言，我們對所提供的指導充滿信心。

Okay. Thanks, Steve. And if I could just follow-up, can you just give us any update if there is one around, what you’re seeing from some of your boomerang customers? Thank you.

好的。謝謝，史蒂夫。如果我可以跟進的話，您能否向我們提供任何最新消息，您從一些迴旋鏢客戶那裡看到了什麼？謝謝。

Yeah, I mentioned a couple of use cases in the prepared remarks where we certainly work with customers in areas and environments which would traditionally go to our competitors, especially in the analytics space and the AI space.

是的，我在準備好的發言中提到了幾個用例，在這些用例中，我們肯定會與傳統上屬於我們競爭對手的領域和環境中的客戶合作，特別是在分析領域和人工智慧領域。

What I would say as well is that, we’re definitely seeing customers interested in the new Teradata capabilities both from an on-prem perspective, so looking to consolidate their on-prem technologies, but also from a cloud perspective, we’re seeing customers who want to optimize their cloud spend and are realizing that running some of these cloud solutions at enterprise scale can be prohibitively expensive.

我還想說的是，我們確實看到客戶對 Teradata 的新功能感興趣，不僅從本地角度，因此希望整合他們的本地技術，而且從雲端角度，我們看到客戶希望優化他們的雲端支出，並意識到在企業規模上運行其中一些雲端解決方案的成本可能高得令人望而卻步。

And they are utilizing Teradata to control their costs as they look at the types of platforms that they want to run and deploy on. And then overall, I think our hybrid capability is very highly differentiated with more than 60% of the customers that we have in the cloud also working with us from an on-prem perspective. We see that hybrid platform being very interesting for our customers and makes us even more sticky as we’re one of the few providers that can have that capability.

他們在考慮想要運作和部署的平台類型時，利用 Teradata 來控製成本。整體而言，我認為我們的混合能力具有很高的差異化，我們在雲端的 60% 以上的客戶也從本地角度與我們合作。我們發現混合平台對我們的客戶來說非常有趣，並且使我們更具黏性，因為我們是少數擁有此功能的供應商之一。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Hi, this is Sheldon McMeans on for Raimo. Thanks for taking our question. First for Steve. We were at the ServiceNow Analyst Day this week and it was interesting to see you and some of the other leaders in the data analytics space, up on the big screen talking about your role in AI agent space. You talk you mentioned a little bit on the call, but would love to hear, from your perspective, how do you see the role of data warehouses, data lake providers like yourself in that ecosystem?

大家好，我是 Sheldon McMeans，代表 Raimo 報道。感謝您回答我們的問題。對史蒂夫來說這是第一次。本週我們參加了 ServiceNow 分析師日，很高興看到您和資料分析領域的其他一些領導者在大螢幕上談論您在人工智慧代理領域的角色。您在電話中提到了一點，但我很想聽聽，從您的角度來看，您如何看待資料倉儲、像您這樣的資料湖提供者在該生態系統中的作用？

And then as we think about maybe this is a little bit of a shift to more on the transactional side or on operational side as opposed to analytical. And so we’d love to hear your thoughts on how that will play out.

然後，當我們思考時，也許這是一種向交易方面或營運方面的轉變，而不是分析方面。因此，我們很想聽聽您對這結果的看法。

Yeah, thanks for the question. Yes, we’re delighted with the partnership with ServiceNow and being featured with them at their most recent knowledge conference. I think it really points out being part of ServiceNow’s data network is a really exciting opportunity for us. And it really plays testimony to how we have evolved our platform over the last three or four years. So we can utilize structured and unstructured data and then we can operate and utilize data at tremendous scale and say the customer environment to provide real time insights.

是的，謝謝你的提問。是的，我們很高興與 ServiceNow 合作並在他們最近的知識會議上與他們一起亮相。我認為這確實表明成為 ServiceNow 數據網路的一部分對我們來說是一個非常令人興奮的機會。它確實證明了我們平台在過去三、四年裡是如何發展的。因此，我們可以利用結構化和非結構化數據，然後我們可以大規模地操作和利用數據，並為客戶環境提供即時洞察。

We’re working with our customers on a concept we call signal-as-a-service where we set through massive amounts of data using our massively parallel systems and capabilities and a uniquely differentiated way to get real time insights out of that data.

我們正在與客戶合作開發一種稱為「訊號即服務」的概念，我們使用大規模並行系統和功能來處理大量數據，並以獨特的差異化方式從這些數據中獲取即時洞察。

And then working with a partner like ServiceNow, we can actually trigger workflows in the ServiceNow environment to proactively address the assessments that are coming out of our AI solution and analytics solution that we’ve put in place. And that is the Agentic AI in operation. So from a Teradata perspective, we see the real opportunity to make Agentic AI not just a buzzword, but a really implementable solution for our customers at enterprise scale.

然後與 ServiceNow 這樣的合作夥伴合作，我們實際上可以在 ServiceNow 環境中觸發工作流程，以主動處理我們已實施的 AI 解決方案和分析解決方案所產生的評估。這就是 Agentic AI 的運作過程。因此，從 Teradata 的角度來看，我們看到了真正的機會，那就是讓 Agentic AI 不僅僅是一個流行詞，而是一個真正可為我們的企業級客戶實施的解決方案。

Understood. Thanks. And a quick follow-up. Another one on the retention front. Can you kind of help us understand how you think about the improvements of retention on a shifting customer perspective around Teradata and some of the things you’re doing on the cloud? And then, more on maybe the execution side where the customer success team is getting closer to the customer and improving execution.

明白了。謝謝。並進行快速跟進。另一個是關於保留方面的。您能否幫助我們了解您對 Teradata 不斷變化的客戶視角如何提高客戶保留率的看法，以及您在雲端所做的一些事情？然後，也許更專注於執行方面，客戶成功團隊正在更貼近客戶並提高執行力。

Yeah. As we’ve been saying, we’re seeing meaningful improvements in our retention rates. We always knew that 2024 is going to be an outlier from a retention rate perspective. But the improvement in retention rates that we saw in ‘20 at the end of 2024 that are continuing in 2025 and we expect to continue for the rest of the year are really driven by a confluence of different factors. I think one is, a new appreciation for our Teradata innovation and the technology that we can drive.

是的。正如我們所說的，我們的保留率正在顯著提高。我們一直都知道，從留存率的角度來看，2024 年將會是個異常值。但是，我們在 2024 年底看到的留存率的提高將在 2025 年繼續，並且我們預計這種提高將持續到今年剩餘時間，這實際上是由多種因素共同推動的。我認為其中一點是對我們的 Teradata 創新和我們可以推動的技術有了新的認識。

I think the second thing is the business value that Teradata can deliver at enormous scale and how we can do that from a very efficient and effective perspective. And then, I think the third thing and something that we’re looking with to meet the driving more of is the innovation in the platform that we’ve delivered recently via end database analytic capabilities that allows us to effectively compete with Databricks for new workloads or bringing AI ML models and had an open approach to bringing language models, either small language models or large language models into the Teradata environment.

我認為第二件事是 Teradata 能夠大規模提供的商業價值，以及我們如何從非常有效率和有效的角度來實現這一點。然後，我認為第三件事，也是我們正在尋求滿足更多驅動力的事情，是我們最近透過終端資料庫分析功能提供的平台創新，這使我們能夠有效地與 Databricks 競爭新的工作負載或引入 AI ML 模型，並採取開放的方式將語言模型（小型語言模型或大型語言模型）引入 Teradata 環境。

That level of innovation is really capturing customer interest. It’s enabling us to deliver what we call innovation days to our customers, which are deploying brand new use cases onto Teradata as a result. So it’s a super exciting time in the market for us.

這種程度的創新確實吸引了顧客的興趣。它使我們能夠向客戶提供所謂的創新日，從而將全新的用例部署到 Teradata 上。因此，對我們來說，這是一個非常令人興奮的市場時刻。

Pat Walravens, Citizens.

帕特·沃爾拉文斯（Pat Walravens），公民。

Great. Thank you very much. So Steve, I really like your hire of John Ederer. I’ve covered it, I think, three companies in the past. So can I ask, you know, what was it about that candidate that caused him to rise to the top of the list? What is it that you were looking for that you saw in his background or skill set?

偉大的。非常感謝。所以史蒂夫，我真的很喜歡你聘用約翰·埃德勒。我記得我之前報道過三家公司。那我可以問一下，是什麼讓這位候選人名列榜首呢？您從他的背景或技能中看到了什麼？

Hey, Pat. Thank you very much for the question. And we really like John too. We’re really looking forward to having him on board. He’s going to start with us next Monday. And as said, he’s been a public CFO in the past and this is going to be his third sense. He’s got great experience from a software perspective, a great experience in terms of managing transitions.

嘿，帕特。非常感謝您的提問。我們也非常喜歡約翰。我們非常期待他的加入。他將於下週一和我們一起開始工作。正如所說，他過去曾擔任過公共首席財務官，這將是他的第三次任職。他在軟體方面擁有豐富的經驗，在管理過渡方面也擁有豐富的經驗。

He’s really successfully navigating for a number of organizations. I think you know the transitions towards a SaaS-based model. He knows what the KPIs are to drive that, but he’s also got a terrific operational capability in terms of driving operational results for an organization both on the top-line and the bottom-line. So we’re very much looking forward to having John on the team with us.

他確實成功地為許多組織導航。我認為您了解向基於 SaaS 模型的轉變。他知道哪些關鍵績效指標可以推動這一目標，但他也擁有出色的營運能力，能夠推動組織實現營業收入和利潤的營運成果。因此，我們非常期待約翰加入我們的團隊。

When we set out the search and put the criteria that we want for the search, really, John stood out as an outstanding candidate, He’s going to be a great fit for us from a cultural perspective and we’re really looking forward to having him on the team.

當我們開始搜尋並設定搜尋標準時，約翰確實脫穎而出，成為一名出色的候選人，從文化角度來看，他非常適合我們，我們非常期待他加入團隊。

Great. And if I could just add a follow-up. What’s an example of sort of one or two things that you would like him to tackle off of the - at the beginning?

偉大的。如果我可以添加後續內容的話。舉個例子，您希望他一開始就解決一兩件事嗎？

Oh, sorry, Pat. The line broke up a little bit there. Could you ask that question again?

哦，對不起，帕特。那裡的線路有點斷了。你能再問一次這個問題嗎？

Yeah Sorry. I think that was on my end. What’s an example of something that you’d like him to tackle in the beginning of his time with Teradata?

是的，抱歉。我想那是我的目的。舉個例子，您希望他在加入 Teradata 之初解決什麼問題？

Yeah, I think he’s going to spend some time and get his feet under the table. As we said through this call, we’ve issued some really pragmatic guidance for the year. However, there are always areas in which we can improve. And I think bringing in leaders like Sumeet and John gives them the opportunity to critically evaluate how we’re executing and how we’re performing and take Teradata, bring that external experience to us in terms of how we can operate more effectively, more efficiently, how we can drive the top-line, how we can manage the business in a much more controlled way and consistent way and really deliver on that strategy of profitable growth.

是的，我認為他會花一些時間來適應。正如我們在這次電話會議上所說的那樣，我們為今年發布了一些非常務實的指導。然而，我們總有可以改進的地方。我認為引入像 Sumeet 和 John 這樣的領導者讓他們有機會批判性地評估我們的執行情況和表現，並利用 Teradata 的外部經驗，幫助我們更有效、更有效率地運營，如何推動營收成長，如何以更可控和一致的方式管理業務，並真正實現獲利成長策略。

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

目前沒有其他問題。現在我將把電話轉回給史蒂夫·麥克米蘭，請他做最後的演講。

Thank you very much, operator, and thanks, everyone, for joining us today. As we did cover in this call, our focus on committed execution continues and we know that our teams are working with customers all around the world to help them deliver trusted AI solutions. We’ve been very - we’re very optimistic, yet we’re being pragmatic in terms of how we’re gaining and we look forward to updating you next quarter. Thank you very much.

非常感謝接線生，也感謝大家今天加入我們。正如我們在本次電話會議中提到的那樣，我們將繼續專注於承諾執行，並且我們知道我們的團隊正在與世界各地的客戶合作，幫助他們提供值得信賴的人工智慧解決方案。我們一直非常樂觀，但我們在如何獲利方面也非常務實，我們期待下個季度向您報告最新情況。非常感謝。

That concludes today’s conference call. You may now disconnect your line.

今天的電話會議到此結束。現在您可以斷開線路了。