Teradata Corp (TDC) 2025 Q2 法說會逐字稿

Good afternoon. My name is [Brika], and I will be your conference operator today.

午安.我的名字是 [Brika]，今天我將擔任您的會議接線生。

At this time, I would like to welcome everyone to the Teradata second quarter 2025 earnings call.

現在，我歡迎大家參加 Teradata 2025 年第二季財報電話會議。

(Operator Instructions).

（操作員指令）。

I would like to hand the conference over to your host today, Chad Bennett, senior Vice President of Investor relations and corporate Development. You may begin your conference.

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。您可以開始您的會議了。

Good afternoon and welcome to Teradata's 2025 second quarter earnings call. Steve McMillan, Teradata's President and Chief Executive Officer, will lead our call today, followed by John Ederer, Teradata's Chief Financial Officer will discuss our financial results and outlook.

下午好，歡迎參加 Teradata 2025 年第二季財報電話會議。Teradata 總裁兼執行長 Steve McMillan 將主持今天的電話會議，隨後 Teradata 財務長 John Ederer 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, including our most recent Form 10-K and in the Form 10-Q for the quarter end of June 30, 2025.

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均有描述，包括我們最新的 10-K 表格和截至 2025 年 6 月 30 日季度的 10-Q 表格。

That is expected to be filed with the SEC within the next few days. These forward-looking statements are made as of today, and we undertake no duty or obligation to update them. On today's call, we will be discussing certain non-GAAP financial measures which exclude such items as stock-based compensation expense and other special items described in our earnings release. We will also discuss other non-GAAP items such as free cash flow, constant currency comparisons in 2025 revenue and ARR growth outlook and constant currency.

預計在未來幾天內向美國證券交易委員會提交文件。這些前瞻性陳述是截至今天所做的，我們不承擔更新這些陳述的責任或義務。在今天的電話會議上，我們將討論某些非公認會計準則財務指標，這些指標不包括股票薪酬費用和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、2025 年收入的固定匯率比較以及 ARR 成長前景和固定匯率。

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, and now I will turn the call over to Steve.

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，您可以在我們網站 investor.teradata.com 的投資者關係頁面查看。本次電話會議的回放將於今天晚些時候在我們的網站提供，現在我將把電話會議交給史蒂夫。

Thanks, Chad, and hello everyone. Teradata delivered well in Q2 as we continue to see improved execution across the company. We delivered total ARR of $1.49 billion in Q2, up 2% year-over-year as reported. This gives us additional confidence in our ability to achieve our full year targets.

謝謝，查德，大家好。Teradata 在第二季表現良好，我們繼續看到整個公司的執行力不斷提高。據報道，我們第二季的總 ARR 為 14.9 億美元，年增 2%。這讓我們對實現全年目標的能力更有信心。

We are seeing improvements in linearity in both expansions and renewals resulting from the go to market actions that started in the middle of 2024 to improve our sales execution.

我們看到，由於從 2024 年中期開始採取的市場行動提高了我們的銷售執行力，擴張和續約的線性度都有所改善。

We experienced better deal execution in Q2, with some deals closing in the quarter that had been expected in Q3. We see customers recognizing the importance of and the value of strong data management capabilities to underpin their AI and GenAI initiatives. We meaningfully improved overall retention rates again in Q2, and we expect this to continue for the full year 2025.

我們在第二季的交易執行情況更好，一些預計在第三季完成的交易在本季完成。我們看到客戶認識到強大的資料管理能力對於支援其 AI 和 GenAI 計劃的重要性和價值。我們在第二季再次大幅提高了整體留存率，預計這種趨勢將持續到 2025 年全年。

Thanks to the team's positive efforts in managing ongoing contracts with customers, we were able to extend some contracts into the back half of the year. From a cloud perspective, we delivered ARR of $634 million as we see continued migrations and expansions. The solid 15% constant currency cloud ARR growth is in line with our full year guidance range of 14% to 18%.

由於團隊在管理與客戶的持續合約方面做出了積極的努力，我們能夠將一些合約延長到下半年。從雲端的角度來看，隨著遷移和擴展的持續進行，我們實現了 6.34 億美元的 ARR。穩健的 15% 恆定貨幣雲 ARR 成長符合我們全年 14% 至 18% 的指導範圍。

I'll start the quarterly update with the new executive leadership members we recently brought on. During our last earnings update, we introduced Sumeet Arora, our new Chief Product Officer, and I'm pleased to have John Ederer, our new CFO on the call today.

我將從我們最近引入的新執行領導成員開始進行季度更新。在我們上次的收益更新中，我們介紹了新任首席產品長 Sumeet Arora，我很高興今天能邀請到新任財務長 John Ederer 參加電話會議。

In the quarter, we also announced Scot Rogers as our new Chief Administrative Officer, as we streamlined our people and law functions. These veteran executives are here to help our ongoing strategic execution as we position the company to accelerate growth and deliver ongoing durable free cash flow. They have proven track records and have acted with urgency to make important marks on the business in a short period of time as we work to return to growth and drive long-term returns for our investors.

本季度，我們也宣布 Scott Rogers 為我們的新任首席行政官，以精簡我們的人員和法律職能。這些資深主管將幫助我們持續執行策略，幫助公司加速成長並實現持續持久的自由現金流。他們擁有良好的業績記錄，並在我們努力恢復成長並為投資者帶來長期回報的過程中，迅速採取行動，在短時間內為業務帶來重要進展。

Additionally, we realigned our marketing function into our GTM and product organizations. Integrating these functions is designed to gain operational efficiency and increase agility and speed and execution. As we unify our approach to developing our pipeline and serving our customers. This restructuring supports our growth objectives while removing costs to optimize our operating margin.

此外，我們將行銷職能重新調整到 GTM 和產品組織。整合這些功能旨在提高營運效率並增強靈活性、速度和執行力。我們統一了開發管道和服務客戶的方法。此次重組支持了我們的成長目標，同時消除了成本以優化我們的營業利潤率。

I'm confident that we've got the right leadership team to address the market's changing priorities and to take advantage of the AI as a value driver. The pervasive interest in AI and GEI is leading to growth across the industry and increasingly in a hybrid environment. We see companies incorporating the deployment option that works best for each need, whether cloud, on-prem, or a hybrid approach.

我相信我們擁有合適的領導團隊來應對市場不斷變化的優先事項，並利用人工智慧作為價值驅動力。人們對人工智慧和全球能源互聯網的普遍興趣正推動整個產業的成長，並日益在混合環境中發展。我們看到公司採用最適合每種需求的部署選項，無論是雲端、本地或混合方法。

We are building on our cloud growth and leveraging our strength and on-prem to provide customers with the hybrid data and analytics environments they need. We believe that customers' investments in high quality trusted data will pay dividends and high quality trusted AI outcomes. Our differentiated capabilities are designed to deliver consistent world-class data and analytics across an open and connected ecosystem.

我們正在基於雲端運算的成長，利用我們的優勢和內部部署為客戶提供所需的混合數據和分析環境。我們相信，客戶對高品質可信賴數據的投資將帶來回報和高品質可信賴的人工智慧成果。我們的差異化能力旨在在開放和互聯的生態系統中提供一致的世界級數據和分析。

We help customers incorporate what is right for their business, regardless of the deployment option they choose. Agentic AI is the now industry topic, and we introduced a number of innovation advancements that we believe are keeping us ahead of the curve.

無論客戶選擇哪種部署方案，我們都會協助他們整合適合其業務的方案。Agentic AI 是當今行業的熱門話題，我們引入了許多創新進步，相信這些進步將使我們保持領先地位。

With a recent Teradata AI factory announcement, we're bringing AI and machine learning capabilities on prem. Integrated with Nvidia's AI enterprise companies and regulated industries or those that have data sovereignty requirements or want more control over their AI deployments can now have private AI with the security, governance, and cost control of on-prem.

隨著最近 Teradata AI 工廠的發布，我們將 AI 和機器學習功能帶到了現場。與 Nvidia 的 AI 企業公司和受監管行業相結合，或者那些具有資料主權要求或希望對其 AI 部署有更多控制權的公司，現在可以擁有具有內部部署的安全性、治理和成本控制的私有 AI。

Enterprise vector store that we announced last quarter is now generally available. It is designed to cost effectively combined structured and unstructured data with the speed needed to get value out of complex business challenges. This is a crucial infrastructure component for building trusted and efficient AI systems. It is designed to help customers move beyond basic Gen AI implementations towards sophisticated agentic AI use cases like customer complaint analyzer and augmented call center.

我們上季宣布的企業向量商店現已全面上市。它旨在以經濟高效的方式結合結構化和非結構化數據，並具有從複雜的業務挑戰中獲取價值所需的速度。這是建構可信賴、高效的人工智慧系統的關鍵基礎設施組件。它旨在幫助客戶超越基本的 Gen AI 實現，邁向複雜的代理 AI 用例，如客戶投訴分析器和增強呼叫中心。

We also recently announced our open source MCP model context protocol server. MCP is the industry standard technology that enables AI agents to interact with backend data platforms to get the context needed to make smart decisions. In developing agentic AI initiatives, the challenge is not just about building smarter models, it's about giving those models access to the right context.

我們最近也宣布了我們的開源 MCP 模型上下文協定伺服器。MCP 是一種行業標準技術，它使 AI 代理能夠與後端資料平台互動以獲取做出智慧決策所需的背景資訊。在開發代理人工智慧計畫時，挑戰不僅在於建立更智慧的模型，還在於讓這些模型能夠存取正確的環境。

With this technology, we expect to enable our customers AI agents to connect to the terra data systems and leverage Clearscape analytics to both report on and build predictions around business processes and operations, ultimately significantly increasing the usage of the vantage platform.

利用這項技術，我們希望使客戶的 AI 代理能夠連接到 terra 數據系統並利用 Clearscape 分析來報告和建立有關業務流程和營運的預測，最終顯著提高 vantage 平台的使用率。

This is designed to be enabled through trusted enterprise data, cost effectively and at any scale. This combination can empower organizations to move beyond isolated AI experiments and deploy intelligent, context-aware agents that drive real business outcomes and value.

其設計目標是透過可信賴的企業數據以經濟高效的方式實現任意規模。這種結合可以使組織超越孤立的人工智慧實驗，並部署智慧、情境感知的代理，從而推動真正的業務成果和價值。

We also introduced LLMOps, enabling enterprises to accelerate how they deploy, manage and monitor language models. LLMOps is a capability in Teradata model ops 8.1. It is designed to support rapid deployment of Nvidia inference microservices and enable users to select from over 80 models and deploy them directly into GPU environments. We believe that this technology supports rapid deployment of Gen AI applications, including RAG pipeline, and it is designed to accelerate time to market for AIML initiatives.

我們還引入了LLMOps，使企業能夠加快部署、管理和監控語言模型的方式。LLMOps 是 Teradata Model Ops 8.1 中的一項功能。它旨在支援快速部署 Nvidia 推理微服務，並允許使用者從 80 多個模型中進行選擇並將其直接部署到 GPU 環境中。我們相信這項技術支援快速部署 Gen AI 應用程序，包括 RAG 管道，並且旨在加快 AIML 計劃的上市時間。

We have expanded support for Teradata OTF with access to Iceberg and Delta Lake cables across AWS, Azure and Google Cloud. This enables vantage cloud enterprise customers to begin OTF testing and application development as they build future ready enterprises.

我們擴展了對 Teradata OTF 的支持，可透過 AWS、Azure 和 Google Cloud 存取 Iceberg 和 Delta Lake 電纜。這使得 Vantage Cloud 企業客戶能夠在建立面向未來的企業時開始 OTF 測試和應用程式開發。

Of course, we delivered these innovations in support of one goal, helping our customers achieve massive value from the data and analytics, which in turn helps us continue to grow.

當然，我們進行這些創新是為了支持一個目標，幫助我們的客戶從數據和分析中獲得巨大的價值，這反過來又幫助我們繼續發展。

I'll walk through a few examples.

我將講解幾個例子。

We're helping one of the largest banks in the world and a long standing customer to build an anti-money laundering analytics capability for its financial crimes division. Here our customer focused innovation days help co-develop this analytics platform to the customer's needs. This is an example of how we are leveraging AI and Clearscape analytics to enhance sales to our base. A multinational bank in APJ is using Gen AI with Teradata to improve its customer experience.

我們正在幫助世界上最大的銀行之一和長期客戶為其金融犯罪部門建立反洗錢分析能力。在這裡，我們以客戶為中心的創新日有助於根據客戶的需求共同開發這個分析平台。這是我們如何利用人工智慧和 Clearscape 分析來提高銷售量的一個例子。亞太地區及日本地區的一家跨國銀行正在利用 Teradata 的 Gen AI 來改善其客戶體驗。

In this AI for CX use, we are processing 50,000 interactive text conversations a week on complex data. This helps rapidly identify friction points with customers to improve customer satisfaction and unlock significant value for the bank.

在這個用於 CX 的 AI 中，我們每週要處理 50,000 個基於複雜資料的互動式文字對話。這有助於快速識別與客戶的摩擦點，以提高客戶滿意度並為銀行釋放巨大的價值。

We're helping a large European logistics company deliver on its strategic initiative to drive digital transformation across its broad set of operations by integrating relevant data to accelerate and innovate its business.

我們正在幫助一家大型歐洲物流公司實現其策略計劃，透過整合相關數據來加速和創新其業務，從而推動其廣泛業務的數位轉型。

A US financial services company established a new on-prem vantage ecosystem in their new private cloud data center to modernize current platforms with growth from increased workloads driven by operationalizing AI with Teradata Clearscape analytics.

一家美國金融服務公司在其新的私有雲資料中心建立了新的本地優勢生態系統，以實現當前平台的現代化，並透過 Teradata Clearscape 分析實現 AI 運營，從而增加工作負載並實現成長。

And finally, a Middle Eastern financial institution added Teradata, replacing a long-standing competitor to improve its customer's experience. We're also gearing up for our annual customer event, possible, the trusted AI and data conference.

最後，一家中東金融機構加入了 Teradata，取代了長期競爭對手，以改善其客戶體驗。我們也正在為我們的年度客戶活動，即值得信賴的人工智慧和數據會議做準備。

We'll have a robust suite of speakers from many fantastic customers, as well as leading partner companies and industry experts. We will be hosting that event in LA on October 6th through the 8th. There are many more details on our website.

我們將邀請眾多優秀客戶、領先的合作夥伴公司和行業專家等眾多嘉賓發表演講。我們將於 10 月 6 日至 8 日在洛杉磯舉辦此活動。我們的網站上有更多詳細資訊。

We remain focused on accelerating innovation and value for our customers across an open and connected ecosystem as they implement AI initiatives. We do this with a global network of industry leading partners, and Q2 was a great quarter of partner collaborations.

當客戶實施人工智慧計畫時，我們始終致力於在開放互聯的生態系統中加速客戶的創新和價值。我們與全球產業領先的合作夥伴網路合作實現這一目標，第二季是合作夥伴合作的良好季度。

In May we announced a new data integration with ServiceNow's workflow data fabric. This integration is designed to connect, understand, and activate customer data on the ServiceNow AI platform to fuel AI agents, autonomous workflows, and analytics at scale.

五月份，我們宣布與 ServiceNow 工作流程資料結構實現新的資料整合。此整合旨在連接、理解和激活 ServiceNow AI 平台上的客戶數據，以大規模支援 AI 代理、自主工作流程和分析。

Teradata also participated in the sales force announcement, expanding its AI agent ecosystem, Agent exchange. Agents built in Agentor can easily discover and connect to our MCP server through Agent exchange. This is designed to provide the enterprise context that powers trusted decisioning. For instance, an agent could request the next best recommendation based on customer history, sentiment, and or behavior in order to deliver a relevant offer to our customers in real time.

Teradata 也參與了銷售隊伍公告，擴展了其 AI 代理生態系統和 Agent exchange。Agentor內建的代理可以透過Agent exchange輕鬆發現並連接到我們的MCP伺服器。這是為了提供一個支持可信賴決策的企業環境。例如，代理商可以根據客戶歷史、情緒和/或行為請求下一個最佳建議，以便即時向我們的客戶提供相關優惠。

In Q2, we also announced a new partnership with Fivetran to transform data pipelines for rapid AI Insights. Together we expect to simplify data integration for our customers by automating data movement from hundreds of sources across the enterprise into Teradata.

在第二季度，我們還宣布與 Fivetran 建立新的合作夥伴關係，以轉變資料管道，以實現快速的 AI 洞察。我們希望透過自動將企業內數百個來源的資料移至 Teradata 中，為客戶簡化資料整合。

With this integration, Teradata and Fivetran can empower customers to leverage all of their data for complex AI workloads and drive trusted AI at scale, reducing engineering overhead, so teams can focus on insights, not pipelines. We will continue to invest in innovations and partnerships to make it easy for our customers to build and achieve value from their Agentic AI solutions with Teradata.

透過此次整合，Teradata 和 Fivetran 可以幫助客戶利用其所有資料來處理複雜的 AI 工作負載，並大規模推動可信任的 AI，從而降低工程開銷，使團隊能夠專注於洞察力，而不是管道。我們將繼續投資於創新和合作夥伴關係，以便我們的客戶能夠輕鬆地透過與 Teradata 合作的 Agentic AI 解決方案建立和實現價值。

As I turn the call to John, I'll summarize Q2 as a quarter of progress on many fronts. As we have restructured the company and executed, we built a solid foundation for longer term durable, free cash flow growth for the company.

當我把電話轉給約翰時，我將總結第二季度在許多方面取得進展的季度。隨著我們重組公司並執行，我們為公司長期持久的自由現金流成長奠定了堅實的基礎。

Our deep data and analytics capabilities position as well to address the secular drivers in technology resulting from AI. After solid execution in the first half of the year, we have increased confidence and we are reiterating our outlook for ARR and free cash flow metrics for the year.

我們的深度數據和分析能力也能夠解決人工智慧技術帶來的長期驅動因素。在上半年穩健執行後，我們信心增強，並重申對今年 ARR 和自由現金流指標的展望。

As we look ahead, we see the opportunity for greater operating leverage and free cash flow growth from our ongoing work to optimize our expense envelope.

展望未來，我們看到透過持續優化支出範圍可以實現更大的經營槓桿和自由現金流成長的機會。

And now I'll pass the call to John.

現在我將把電話轉給約翰。

Thank you, Steve, and good afternoon everyone. In the second quarter, we finished above the high end of our recurring revenue outlook range at the top end of our total revenue range, and earnings per share outperformed our expectations.

謝謝你，史蒂夫，大家下午好。在第二季度，我們的總收入達到了經常性收入預期範圍的高端，超出了我們的預期，每股盈餘也超出了我們的預期。

Total ARR grew 2% year over year on a reported basis and was flat from a constant currency perspective. Our cloud ARR growth rate was 17% reported and 15% in constant currency, and our cloud net expansion rate was 112%, performing in line with expectations.

據報道，總 ARR 年增 2%，以固定匯率計算則持平。我們的雲端 ARR 成長率為 17%，以固定匯率計算為 15%，我們的雲端淨擴張率為 112%，表現符合預期。

We continue to see a balanced mix of migrations and expansions driving our cloud ARR. While acknowledging the boost from currency this quarter, we did achieve total ARR growth sooner than anticipated this year as we're able to pull in a few deals early and extend other customers from a retention perspective.

我們繼續看到遷移和擴展的平衡組合推動著我們的雲端 ARR。在承認本季貨幣帶來的推動的同時，我們確實比今年預期更早實現了總 ARR 成長，因為我們能夠提前達成一些交易，並從保留的角度擴大其他客戶。

The timing of these deals will have some impact on our Q3 ARR metrics, but we continue to believe that we are on track to achieve total ARR growth in Q4 on a constant currency basis, and we are reiterating our FY25 outlook for total ARR, cloud ARR, and free cash flow.

這些交易的時間將對我們的第三季 ARR 指標產生一定影響，但我們仍然相信，我們預計在第四季度以固定匯率實現總 ARR 成長，並且我們重申對 2025 財年總 ARR、雲端 ARR 和自由現金流的展望。

In terms of our detailed financial results for the second quarter, total revenue was $408 million down 6% year over year as reported, and 7% in constant currency, which was at the high end of our outlook. Recurring revenue was $354 million down 4% year over year as reported and in constant currency, which was one point above the high end of our outlook.

就我們第二季的詳細財務結果而言，總收入為 4.08 億美元，年減 6%，以固定匯率計算下降 7%，這處於我們預期的高端。經常性收入為 3.54 億美元，以固定匯率計算年減 4%，比我們預期的高端高出一個百分點。

Upfront recurring revenue had a negligible impact on the growth rate. Recurring revenue as a percentage of total revenue was 87%, up from 84% in Q2 last year. Services revenue was $51 million down 19% year over year as reported, and 20% in constant currency. While the services business has been a headwind this year for total revenue growth, we expect that a higher mix of recurring revenue will ultimately provide a stronger business model and better margins.

前期經常性收入對成長率的影響微乎其微。經常性收入佔總收入的比例為 87%，高於去年第二季的 84%。服務收入為 5,100 萬美元，年減 19%，以固定匯率計算則下降 20%。雖然服務業務今年一直是總收入成長的阻力，但我們預計，更高的經常性收入組合最終將提供更強大的商業模式和更好的利潤率。

Looking at profitability and free cash flow, please note that I will be referencing non-gap numbers for expenses and margins and a full reconciliation to GAAP results is provided in our press release. For the second quarter, total gross margin was 58.3%, which was down year over year primarily due to the headwinds in our services business.

查看盈利能力和自由現金流，請注意，我將引用費用和利潤的非差距數字，並且我們的新聞稿中提供了與 GAAP 結果的完整對帳。第二季度，總毛利率為 58.3%，年減，主要原因是服務業務遭遇阻力。

In line with our ongoing focus to proactively manage productivity, we've taken cost actions in Q2 to enable us to return to positive service gross margin in the second half of 2025, and we will continue to optimize costs as we manage the business. Recurring gross margin was also impacted by year over year revenue, primarily due to headwinds stemming from our ARR performance last year and increasing cloud mix.

為了持續專注於主動管理生產力，我們在第二季採取了成本行動，以使我們能夠在 2025 年下半年恢復正服務毛利率，並且我們將在管理業務的同時繼續優化成本。經常性毛利率也受到年收入的影響，這主要是由於去年 ARR 表現和雲端組合增加帶來的不利因素。

Operating margin for Q2 was 16.4%, which was impacted by lower revenue and gross margins. Looking specifically at operating expenses, the actions that we took last year resulted in lower SG&A expense in dollar terms that was partially offset by investments in R&D. Non-gap diluted earnings per share was $0.47, exceeding the top end of our outlook range. The outperformance is primarily from higher revenue.

第二季的營業利益率為 16.4%，受到營收和毛利率下降的影響。具體來看營運費用，我們去年採取的措施導致以美元計算的銷售、一般及行政費用 (SG&A) 有所降低，但研發投資部分抵銷了這一影響。非差距稀釋每股收益為 0.47 美元，超出了我們預期範圍的最高端。優異的表現主要源自於更高的收入。

We generated $39 million of free cash flow in the quarter, which is flat on a year over year basis. And finally, in the second quarter, we repurchased approximately $28 million of our stock, or 1.3 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.

我們本季產生了 3,900 萬美元的自由現金流，與去年同期持平。最後，在第二季度，我們回購了約 2,800 萬美元的股票，即 130 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。

Turning to our outlook for the remainder of the year, for the third quarter of 2025, we expect 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 7% to minus 9% year over year on a constant currency basis, and we expect non-GAAP diluted earnings per share to be in the range of $0.51 to $0.55.

展望今年剩餘時間的展望，我們預計 2025 年第三季的經常性收入將按固定匯率計算年減將在 -4% 至 -6% 之間。我們預計，以固定匯率計算，總收入年減將在-7%至-9%之間，非公認會計準則每股攤薄收益將在0.51美元至0.55美元之間。

While we do not typically provide quarterly guidance on total ARR and cloud ARR, I did want to point out a shift in linearity that we are seeing in the business. As noted, we were able to pull in some deals into Q2 and extend some other customers, which resulted in Q2 total ARR and cloud ARR coming in above our expectations. However, due to this shift, we anticipate that Q3 cloud ARR will dip below our target range for the year, but we're still reaffirming our full year target. For total ARR, we anticipate a modest sequential decline in dollars from Q2 to Q3.

雖然我們通常不會提供有關總 ARR 和雲端 ARR 的季度指導，但我確實想指出我們在業務中看到的線性轉變。如上所述，我們能夠在第二季達成一些交易並延長一些其他客戶，這導致第二季總 ARR 和雲端 ARR 超出了我們的預期。然而，由於這種轉變，我們預計第三季雲端 ARR 將低於我們今年的目標範圍，但我們仍然重申我們的全年目標。對於總 ARR，我們預計從第二季度到第三季度，美元金額將出現小幅連續下降。

For FY 25, we reaffirm our guidance for cloud ARR, total ARR, recurring revenue, and cash flow, and these ranges can be found in our Q2 press release.

對於 25 財年，我們重申對雲端 ARR、總 ARR、經常性收入和現金流的指導，這些範圍可以在我們的第二季新聞稿中找到。

We are tightening the ranges for the full year on the following metrics. For total revenue, we are updating the range to minus 5% to minus 7% year over year in constant currency due to lower services, bookings, and anticipated revenue. For earnings per share, our updated outlook for GAAP EPS is $1.04 to $1.12 and for non-GAAP EPS is $2.17 to $2.25.

我們正在根據以下指標縮小全年範圍。對於總收入，由於服務、預訂和預期收入的下降，我們將範圍更新為同比下降 5% 至 7%（以固定匯率計算）。對於每股盈餘，我們更新後的 GAAP EPS 預測為 1.04 美元至 1.12 美元，非 GAAP EPS 預測為 2.17 美元至 2.25 美元。

Based on FX rates at the end of July, a reported total ARR and cloud ARR growth rates should be approximately 100 basis points to 200 basis points above our constant currency growth rates in Q4 2025.

根據 7 月底的外匯匯率，報告的總 ARR 和雲端 ARR 成長率應比 2025 年第四季的固定貨幣成長率高出約 100 個基點至 200 個基點。

For revenue, we do not anticipate any currency impact to our full year outlook. Finally, we expect the non-gap tax rate to be approximately 23.1% and the weighted average shares outstanding to be 96.5 million for the full year. Again, please refer to our Q2 earnings presentation on our investor relations website for a complete list of our 2025 outlook ranges.

就收入而言，我們預計不會有任何貨幣影響我們的全年前景。最後，我們預計全年非差距稅率約為 23.1%，加權平均流通股數為 9,650 萬股。再次，請參閱我們投資者關係網站上的第二季財報，以取得我們 2025 年展望範圍的完整清單。

In closing, I'm very excited to join the company at a time when our hybrid trusted AI platform is becoming increasingly important in the market. I look forward to working with Steve and the rest of the team as we continue to transform Teradata and drive a profitable growth strategy. I believe we are taking the necessary steps to set ourselves up for improved profitability and durable free cash flow growth, which should in turn drive shareholder value.

最後，我很高興在我們的混合可信任人工智慧平台在市場上變得越來越重要的時候加入公司。我期待與史蒂夫和團隊的其他成員合作，繼續改造 Teradata 並推動獲利成長策略。我相信我們正在採取必要措施，為提高獲利能力和持久的自由現金流成長做好準備，這反過來又會推動股東價值。

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

感謝大家今天的寶貴時間。現在讓我們開始提問。

(Operator Instructions) The first question we have on the line comes from Erik Woodring with Morgan Stanley. Eric, your line is open.

（操作員指示）我們在線上收到的第一個問題來自摩根士丹利的埃里克·伍德林。艾瑞克，你的線路已開通。

Great. Thanks so much for taking my question, guys. And John, welcome aboard, officially now. So, Steve, I wanted to circle back, with you. You made a comment right before you passed it to John that I thought was interesting, and you said we see an opportunity for greater operating leverage and free cash flow, looking forward as you optimize your OPEX envelope. Can you maybe just unpackage that comment a bit for us just to kind of help us understand what you mean either from a size, a texture, or even a timing perspective, and then I have a follow up, please. Thank you.

偉大的。非常感謝你們回答我的問題。約翰，現在正式歡迎您加入。所以，史蒂夫，我想和你一起回顧。在將其傳遞給約翰之前，您發表了一條評論，我認為很有趣，您說我們看到了提高營運槓桿和自由現金流的機會，期待您優化 OPEX 信封。您能否為我們稍微解釋一下該評論，以幫助我們從大小、紋理甚至時間角度理解您的意思，然後我可以跟進一下。謝謝。

Yeah, thanks for the question. I reckon maybe John could add a little bit of color commentary as well. So clearly as we're going through the year we've optimized our cost and expense envelopes, and we're going to continue doing that as we go through the rest of the year. The key driver for us though, and something that we're pretty confident and given our execution in the first half, is clearly returning the company to growth. And the execution that we've had in the first half of the year has given us some assurity in terms of our outlook to returning to total ARR growth in the FY25. And so from an operating perspective, I think we've built the foundations for durable free cash flow growth, and that is then being compounded by our ARR, our outlook to grow our ARR in the full year, and as those reflect both reflect into our outlook for FY26. We see that durable free cash flow growth is a real opportunity for us to drive forward into the future. John, I don't know if you want to add.

是的，謝謝你的提問。我認為約翰也許也可以添加一些彩色評論。顯然，在這一年中，我們已經優化了成本和費用範圍，並且我們將在今年剩餘時間繼續這樣做。然而，對我們來說，關鍵的驅動力，以及我們非常有信心並且考慮到我們上半年的執行情況，顯然是讓公司恢復成長。我們上半年的執行情況讓我們對 2025 財年恢復總 ARR 成長的前景有了一定的信心。因此，從營運角度來看，我認為我們已經為持久的自由現金流成長奠定了基礎，而我們的 ARR、我們對全年 ARR 成長的展望都將進一步增強這一基礎，這些都將反映在我們對 2026 財年的展望中。我們認為，持久的自由現金流成長是我們邁向未來的真正機會。約翰，我不知道您是否想補充。

I think that's very well said. I wouldn't add much in terms of specific numbers for FY26, but I would say that I think we are laying the foundation this year. We're taking the actions that we need to. We talked about some of the things specifically in the second quarter, but we're really setting ourselves up to have a strong finish to this year and then, look out to next year as well.

我認為說得很好。我不會為 26 財年透露太多具體數字，但我想說，我認為我們今年正在奠定基礎。我們正在採取必要的行動。我們特別討論了一些第二季的事情，但我們確實希望今年能有一個好的收官，然後展望明年。

Okay, thanks. And maybe I should have asked these questions in reverse order because, Steve, I wanted to get asked kind of what you alluded to, which is, from a kind of top line, and demand perspective and client engagement perspective, what's next, right? You highlight solid execution in the first half of the year. Obviously a couple moving pieces between 2Q and 3Q.

好的，謝謝。也許我應該反過來問這些問題，因為史蒂夫，我想問的是你所暗示的內容，也就是從頂線、需求角度和客戶參與角度來看，下一步是什麼，對嗎？您強調了上半年的紮實執行。顯然，2Q 和 3Q 之間有幾個移動的部分。

But solid execution is what you need to do today. But what's next? How are you playing, kind of offense from here? Help us understand, help us kind of dream the dream, so to speak, of where is this model and this story can go as you think about the changes you've made over the last 12 months and the dividends that they could pay out over the next 12 months, so to speak. Thank you.

但今天你需要做的是堅定地執行。但接下來呢？你打得怎麼樣？從這裡進攻嗎？幫助我們理解，幫助我們夢想，可以這麼說，當你思考過去 12 個月所做的改變以及它們在未來 12 個月可能帶來的紅利時，這個模型和這個故事可以走向何方，可以這麼說。謝謝。

Yeah, thanks Eric, and I think the changes that we put in place in terms of go to market execution mid-year last year have made a good delta in terms of the overall execution and sales execution in the market, but underpinning that really is the underlying demand for the [tertiated] technology set. And especially in our abilities to execute in a hybrid environment, that open and connected ecosystem that can expand across both on-prem environments and cloud environments is something I think that's resonating very well in the marketplace and very well with our customers, and I think the age of AI and agentic AI is really powering that as well.

是的，謝謝 Eric，我認為我們去年年中在市場執行方面實施的改變，在市場整體執行和銷售執行方面取得了良好的進展，但真正支撐這一點的是對 [第三] 技術組合的潛在需求。尤其是我們在混合環境中執行的能力，這種開放且互聯的生態系統可以在本地環境和雲端環境中擴展，我認為這在市場上和我們的客戶中引起了很好的共鳴，而且我認為人工智慧和代理人工智慧時代也確實為此提供了動力。

So I think that is setting us up to address a new target. Addressable marketplace from an AI workload perspective and our most recent announcements with AI factory, which is an on-prem solution to deliver AI solutions for our customers and their most trusted environment behind the firewall, as well as having those capabilities extend out into the cloud, gives us some real opportunity to drive growth and workload usage on the [tertiated] platform both in the cloud and on prem. And those two factors together will enable us to drive forward.

所以我認為這為我們實現新的目標做好了準備。從人工智慧工作負載的角度來看，可尋址市場以及我們最近發布的人工智慧工廠公告，這是一種內部部署解決方案，可為我們的客戶及其防火牆後最值得信賴的環境提供人工智慧解決方案，同時將這些功能擴展到雲端，這為我們提供了真正的機會來推動雲端和本地[tertiated]平台的成長和工作負載使用。這兩個因素結合起來將推動我們不斷前進。

In addition, we've done a really good job over the last four years to five years growing our cloud business to over $630 million now, still got really good growth rates from a cloud perspective, we reported 15 points year on year growth in Q2, so really solid growth there and we do see the AI workloads from an on-prem perspective helping stabilize and actually get some growth in the on-prem marketplace. So these together actually set us up for good subsequent future growth.

此外，在過去四到五年裡，我們做得非常出色，將雲端業務成長到現在的 6.3 億美元以上，從雲端的角度來看，仍然保持著非常好的成長率，我們報告說第二季同比成長了 15 個百分點，因此成長非常穩健，而且從本地部署的角度來看，我們確實看到人工智慧工作負載有助於穩定本地部署市場並實際上實現一些成長。因此，這些實際上為我們未來的良好成長奠定了基礎。

Thanks so much, Steve. Good Luck.

非常感謝，史蒂夫。祝你好運。

Your next question comes from Tyler Radke with City. Your line is open, Tyler.

您的下一個問題來自 City 的 Tyler Radke。你的線路已開通，泰勒。

Yeah, thank you for taking the question. Steve, maybe first one for you that, encouraging to hear some, outperformance on ARR in the quarter. Sounds like a lot of it was timing related, pulling in some deals from Q3, but I was just curious, was there, was this sort of driven by the customer? Was this more just better execution in terms of, managing the sales pipeline? And did you see these deals like come in stronger than you expected as well just in terms of the expansion potential? I assume there was these were cloud deals because the cloud sequential growth was pretty strong, but just anything you could, expand upon in terms of the deals that came in. And then, if you're expecting now like any type of headwind in terms of sequential growth into Q3, thank you.

是的，謝謝你回答這個問題。史蒂夫，也許你首先會很高興聽到本季度 ARR 表現優異的消息。聽起來很多都跟時間有關，從第三季開始就有一些交易，但我只是好奇，這是由客戶推動的嗎？從管理銷售管道的角度來看，這是否只是更好的執行？從擴張潛力來看，您是否認為這些交易比您預期的還要強勁？我認為這些都是雲端運算交易，因為雲端運算的連續成長相當強勁，但就達成的交易而言，你可以擴大任何交易。然後，如果您現在預計第三季的連續成長會遇到任何類型的阻力，謝謝。

Yeah, thanks Tyler. Yeah, we're really happy with the team's performance in Q2. Deal execution was clearly ahead of the pace and obviously whenever the sales team can they will close the deal as early as they can, the team's been doing a lot of work on linearity and making sure that we improve linearity and therefore our execution in the first half and in Q2 in particular has given us a lot of confidence in terms of execution for the full year and getting back to total growth for the full year.

是的，謝謝泰勒。是的，我們對球隊在第二季的表現非常滿意。交易執行明顯領先於步伐，顯然，只要銷售團隊可以，他們就會儘早完成交易，團隊在線性方面做了很多工作，並確保我們提高線性，因此我們上半年和第二季度的執行情況特別給了我們對全年執行情況和恢復全年總體增長的信心。

The dynamics that we see is actually our customers want to take advantage of the Teradata platform and they want to do that both on prem and in the cloud, and we saw good growth in the quarter in both of those facets, both behind the firewall and also in the cloud. The hybrid capabilities of our platform and how we're positioning that platform in our customers' environments in terms of, being the trusted custodians of some of the customers' most valuable data, making that available to AI solutions inside the customer environment, I think it's really driving some interest and workload for us and it's given the sales teams an opportunity to take a really powerful value proposition to our customers, especially when we combine that with the offers and capabilities that we've got. Again, what I would say is as we execute through and look at the second half of the year, it has given us some faith in terms of returning the company to that total growth in FY25.

我們看到的動態實際上是我們的客戶希望利用 Teradata 平台，他們希望在本地和雲端都做到這一點，並且我們在本季度在這兩個方面都看到了良好的成長，無論是在防火牆後面還是在雲端。我們平台的混合功能以及我們如何在客戶環境中定位該平台，作為客戶一些最有價值數據的值得信賴的保管人，使這些數據可用於客戶環境中的人工智能解決方案，我認為這確實為我們帶來了一些興趣和工作量，並為銷售團隊提供了一個向客戶提出真正強大的價值主張的機會，特別是當我們將其與我們擁有的優惠和功能相結合時。再說一次，我想說的是，當我們執行並展望下半年時，它給了我們一些信心，讓我們相信公司將在 2025 財年恢復整體成長。

Okay, great. And then on the margin side, I mean it sounds like there were some, optimizations in the quarter. I know you talked about kind of the move away from lower margin services revenues and then some consolidation within the go to market function, but it didn't look like you really raised. Profitability guidance too much. So just curious, is there kind of more conservatism in that? Are you sort of redeploying, some of those savings in the, R&D and just kind of help us understand, you assess the cost base here, like what the timing for kind of additional, steps and unlocks could be. Thank you.

好的，太好了。然後在利潤方面，我的意思是聽起來本季有一些優化。我知道您談到了擺脫低利潤服務收入，然後在市場進入功能中進行一些整合，但看起來您並沒有真正提高收入。獲利預測過多。所以只是好奇，這其中是否有更多的保守主義？您是否會重新部署研發方面的部分節省，並幫助我們了解您評估這裡的成本基礎，例如額外步驟和解鎖的時間表。謝謝。

Yeah, sure, this is John. I'll take a stab at that one. So, I would start by saying I think we're doing a good job overall on managing expenses, up and down the P&L. If you look at some of the revenue headwinds that we have this year that are implied from our guidance, to be able to be tracking towards an operating margin percentage that's on par with last year is no small feat.

是的，當然，我是約翰。我會嘗試一下。因此，首先我想說，我認為我們在管理費用（包括損益表）方面總體做得很好。如果您看一下我們今年從指導方針中隱含的一些收入阻力，那麼能夠追蹤與去年持平的營業利潤率百分比絕非易事。

And so I think the team has done a great job of managing this along the way. In terms of some of the specific operating expenses, on the SGNA side, Steve mentioned some of the actions that we took last year that actually resulted in a year over year decline in terms of dollars spent on SGNA. We did reinvest some of that back on the R&D side of things and so we're going to continue to invest in innovation that will support our profitable growth strategy. But overall, I think we're doing a good job of managing expenses and like we said earlier, laying the foundation for durable free cash flow growth.

所以我認為團隊在管理這個問題上做得非常出色。就 SGNA 方面的一些具體營運費用而言，史蒂夫提到了我們去年採取的一些行動，這些行動實際上導致 SGNA 支出較去年同期下降。我們確實將其中一部分資金重新投資於研發方面，因此我們將繼續投資於支持我們獲利成長策略的創新。但總的來說，我認為我們在管理費用方面做得很好，就像我們之前所說的那樣，為持久的自由現金流成長奠定了基礎。

Your next question comes from the line of Radi Sultan with UBS. You may proceed.

您的下一個問題來自瑞銀的拉迪·蘇丹 (Radi Sultan)。您可以繼續。

Awesome, thank you. Maybe first for Steve, as you think about the second half of the year, just curious, what do you, what do you see as the biggest catalyst behind migrations to vantage, and then is there any way to think about what portion of those migrations are related to a Gen AI use case?

太棒了，謝謝。也許首先對於史蒂夫來說，當您考慮下半年時，只是好奇，您認為遷移到 Vantage 的最大催化劑是什麼，然後有什麼方法可以考慮這些遷移中的哪些部分與 Gen AI 用例相關？

Yeah, thanks for that question. I think I would point to two market shifts of note in terms of our customer conversations that we're having. The first one is, we're starting to track a significant pipeline of AI influence growth for the Teradata platform, and we're seeing these workloads being deployed both on prem and in the cloud. And that's really playing to our strength of having a hybrid platform, having a platform that can run these workloads, on prem and give customers real capabilities around AI with trusted data and great data management on prem.

是的，謝謝你的提問。我認為，就我們與客戶的對話而言，我要指出兩個值得注意的市場轉變。首先，我們開始追蹤 Teradata 平台的 AI 影響力成長的重要管道，我們看到這些工作負載既部署在本地，也部署在雲端。這真正發揮了我們擁有混合平台的優勢，擁有一個可以在本地運行這些工作負載的平台，並為客戶提供圍繞人工智慧的真正能力，包括可信任數據和出色的本地數據管理。

And then a lot of our customers that migrate and deploy in the cloud with us retain a hybrid model, and that's something that really differentiates us from an execution perspective. And I think the second shift in terms of cloud migrations is we are seeing a reduction in the number of what I would call pure play cloud migrations where the customer is looking to migrate to the cloud to generate some form of cost optimization. I think a lot of customers are realizing the value of the cloud comes from the flexibility and agility and the services that are available in the cloud rather than a costsplay. And so I think. Customers are being more sensitive to where they are migrating their data to make sure that they get the best value out of that.

然後，許多與我們一起在雲端中遷移和部署的客戶都保留了混合模型，從執行的角度來看，這確實使我們與眾不同。我認為雲端遷移的第二個轉變是，我們看到純粹的雲端遷移的數量正在減少，客戶希望遷移到雲端以實現某種形式的成本最佳化。我認為很多客戶都意識到雲端的價值來自於靈活性、敏捷性以及雲端中可用的服務，而不是成本。我也這麼認為。客戶對於資料遷移到哪裡更加敏感，以確保從中獲得最大價值。

We've talked in the past about some staged migrations that is really manifesting now in a use of Terry's hybrid capabilities. There's a bank in Australia which is deployed across the cloud and on-prem utilizing Query grid to link. All of this data together across, a fairly complex environment and I think we're seeing our customers start to take advantage of those hybrid capabilities that only Teradata can bring to the marketplace. So I think these together those market shifts together are helping us deliver that cloud growth of 15% in Q2 and also pointing us in the right direction for total ARR growth for this year.

我們過去曾討論過一些分階段的遷移，這些遷移現在真正體現在 Terry 的混合功能的使用上。澳洲有一家銀行，其係統部署在雲端和本地，利用查詢網格進行連結。所有這些數據都儲存在一個相當複雜的環境中，我認為我們看到我們的客戶開始利用只有 Teradata 才能帶給市場的混合功能。因此，我認為這些市場變化共同幫助我們在第二季度實現了 15% 的雲端成長，也為我們今年的總 ARR 成長指明了正確的方向。

Awesome, super clear. And then follow up for John, given this is your first quarter as a CFO, just curious, like what did you see in your first few months in Teradata that gave you confidence in underwriting the current guidance framework, especially those linearity comments around Q3 and Q4.

太棒了，超級清晰。然後跟進約翰的問題，鑑於這是您擔任首席財務官的第一個季度，我只是好奇，例如您在 Teradata 的頭幾個月看到了什麼，讓您有信心承保當前的指導框架，特別是圍繞第三季度和第四季度的線性評論。

Yeah, I mean, I think there, there's almost two different questions in there. So just in terms of the guidance overall, I think we looked at it at several things, but, if I kind of step back and and take a look at where we are at the midpoint of the year, I feel like we're in good shape. We've actually executed well against the plan. And did a little bit better than anticipated on the ARR metrics in Q2, so that certainly helps.

是的，我的意思是，我認為這裡幾乎有兩個不同的問題。因此，就整體指導而言，我認為我們考慮了幾件事，但是，如果我退一步看看我們在今年年中的情況，我覺得我們處於良好狀態。事實上，我們已經很好地執行了計劃。而第二季的 ARR 指標表現比預期要好一些，所以這肯定有幫助。

I think the second factor is, the work we've been doing on erosions. Last year was a difficult year from an erosion perspective. We've actually had quite a bit of improvement this year, and so when you think about that from a modeling standpoint, that really helps in terms of the overall visibility.

我認為第二個因素是我們在防治侵蝕方面所做的工作。從侵蝕的角度來看，去年是艱難的一年。今年我們實際上已經取得了相當大的進步，因此，當你從建模的角度考慮時，這對整體可見性確實有幫助。

So I think as we sit here at the midway point, we feel good about the execution we've had over the first half, and that gives us a better sense for how well we can do over the course of the year. The last couple of things I would point to is just the new products are really starting to generate some interest, especially AI and so Steve just talked through all of those, but we're starting to see those come into the opportunities that the sales team is working on. And so I think all of those factors come together to help support the second half outlook. Obviously, we need to still go out and execute, but the opportunity is there.

因此，我認為，當我們處於中期時，我們對上半年的執行感到滿意，這讓我們更了解我們在今年能做得多好。我想指出的最後幾件事是，新產品確實開始引起一些興趣，尤其是人工智慧，史蒂夫剛才談到了所有這些，但我們開始看到這些成為銷售團隊正在努力的機會。因此，我認為所有這些因素結合起來將有助於支持下半年的前景。顯然，我們仍然需要出去執行，但機會就在那裡。

Awesome, super clear. Thank you, guys.

太棒了，超級清晰。謝謝你們。

Your next question comes from Chirag Ved with Evercore ISI. Your line is open, rag.

您的下一個問題來自 Evercore ISI 的 Chirag Ved。你的線路已打開，小子。

Hi, thanks for taking the question. Steve, what are you noticing about how companies are thinking about on-prem versus cloud deployments in this AI world, especially when it comes to modernizing their data estates and how this might be similar or different from what you might have seen or heard over the past year Thanks.

你好，謝謝你回答這個問題。史蒂夫，您注意到在這個人工智慧世界中，公司是如何考慮內部部署和雲端部署的嗎，特別是在資料資產現代化方面，以及這與您在過去一年中看到或聽到的有何相似或不同之處？謝謝。

Yeah, thanks. I think the world of agentic AI is really powered by access to data across environments, and I think we're seeing a lot of our customers, especially the very large customers and across the world, thinking about how their data state is deployed and then working out what the modern access and management, capabilities that they want to put in place to actually execute, AI workloads against those data. So the great thing about the Teradata platform is that, we can preserve, data gravity. We give customers the choice of deploying either on-prem or in the cloud, and get the same. Capabilities and the same great function and features and functions both behind the firewall and in the cloud and operating in that hybrid environment and I think we're tending to see an increase in the interest in terms of our on-prem platform. Indeed we're seeing some new logo activities where we're selling net new systems on prem.

是的，謝謝。我認為代理人工智慧的世界實際上是由跨環境的數據存取所驅動的，而且我認為我們看到很多客戶，特別是世界各地的大型客戶，都在思考如何部署他們的數據狀態，然後製定他們想要實施的現代訪問和管理功能，以實際執行針對這些數據的人工智能工作負載。Teradata 平台的優點在於，我們可以保留資料引力。我們為客戶提供在本地部署或雲端部署的選擇，並獲得相同的效果。防火牆後面和雲端的功能和特性以及在混合環境中運行的功能都是一樣的，我認為我們傾向於看到對我們的內部部署平台的興趣增加。事實上，我們看到了一些新的標誌活動，我們正在銷售全新的系統。

Especially in regions and markets where data sovereignty is incredibly important, and so having having a capability that enables customers to take advantage of the most recent AI models, be it large language models operating on prem. And, executing that with a trusted data management and governance capability which Teradata supplies is really driving some customers' decisions about where they place their data and how they get access to those AI applications.

特別是在資料主權極為重要的地區和市場，因此擁有讓客戶能夠利用最新人工智慧模型的能力，無論是在本地運行的大型語言模型。並且，透過 Teradata 提供的可信任資料管理和治理功能來執行這項操作，確實推動了一些客戶關於他們將資料放在哪裡以及如何存取這些 AI 應用程式的決策。

Thanks Steve. And maybe one quick one for John. It looks like cloud net retention rates dropped sequentially. Do you see cloud growth in fiscal year '25 being more driven by new cloud customers and that new migration or by stabilization and or expansion in the metric. Thanks so much.

謝謝史蒂夫。也許對約翰來說還有一個快速的問題。看起來雲淨留存率連續下降。您是否認為 25 財年的雲端運算成長更多是由新雲端客戶和新遷移推動，還是由指標的穩定和/或擴展推動？非常感謝。

Sure, thanks for the question. I would say it's probably more of the latter, and so we've continued to see pretty consistent, results in terms of the drivers of growth. And so we've got roughly 50% of our cloud ARR growth coming from migrations and about 50% coming from expansions. Now that can vary a little bit by quarter, but in general, that's the trend line that we see and that's what we would expect to see for the rest of this year.

當然，謝謝你的提問。我想說可能更多的是後者，因此我們在成長動力方面繼續看到相當一致的結果。因此，我們的雲端 ARR 成長大約有 50% 來自遷移，大約 50% 來自擴充。現在每季可能會有一點變化，但總的來說，這是我們看到的趨勢線，也是我們預計今年剩餘時間將看到的趨勢線。

All right, thank you so much.

好的，非常感謝。

Yes.

是的。

Thank you. We now have Matt Hedberg with RBC Capital Markets. Please go ahead.

謝謝。現在我們請到的是加拿大皇家銀行資本市場的 Matt Hedberg。請繼續。

Great, thanks for taking my questions. Steve, you started the marks, talking about agentic AI and you know how you're thinking a lot about it from a Teradata perspective. I'm curious, how would you expect to monitor usage or success from a customer base there because it seems it's a topical conversation among customers and how would you, define success there?

太好了，謝謝你回答我的問題。史蒂夫，你首先談到了代理人工智慧，你知道你從 Teradata 的角度對此進行了很多思考。我很好奇，您如何期望監控那裡的客戶群的使用情況或成功率，因為這似乎是客戶之間的熱門話題，您如何定義那裡的成功？

Yeah, I think we're defining success on a couple of dimensions.

是的，我認為我們從幾個維度來定義成功。

One, I'll talk about partner from a partner perspective, we're engaging with a number of partners that are very successful and critical in terms of executing this AI world. And so the two examples I gave were ServiceNow and Salesforce we're super excited about the partnership that we have with ServiceNow and ServiceNow are excited about the partnership with Teradata because they see the opportunity to utilize, analyze, and for Teradata to develop the signals out of customer, the customer data is an example that we have in the Teradata platform and then to trigger workflows in the ServiceNow platform or trigger workflows in the Salesforce platform to actually get some form of execution.

首先，我將從合作夥伴的角度談論合作夥伴，我們正在與許多在執行這個人工智慧世界方面非常成功和關鍵的合作夥伴合作。我給的兩個例子是 ServiceNow 和 Salesforce，我們對與 ServiceNow 的合作感到非常興奮，ServiceNow 對與 Teradata 的合作也感到非常興奮，因為他們看到了利用、分析和讓 Teradata 開發客戶訊號的機會，客戶資料就是我們在 Teradata 平台中的一個例子，然後在 ServiceNow 平台中觸發工作流程或某種工作流程的工作流程。

So I think one of the dimensions is the work that we're doing with partners in terms of leading-edge use cases and the development of leading-edge use cases. The second is the proof of concept that we're doing with customers, so early customer engagement in terms of the advanced technologies that we've got. So some of the work that we're doing in terms of customer complaint analyzer, taking some of our vector capabilities and utilizing vector capabilities as well as running language models both inside the Teradata environment but also setting next to the Teradata environment and I gave some examples in the prepared remarks of a bank in Australia that's doing just that in terms of combining structured SQL-based insights from a data perspective with some language model capabilities to look at how they impact their overall customer satisfaction is a great use case.

因此，我認為其中一個方面是我們與合作夥伴在前沿用例和前沿用例開發方面所做的工作。第二個是我們與客戶進行的概念驗證，也就是就我們所擁有的先進技術進行早期客戶參與。因此，我們在客戶投訴分析器方面所做的一些工作，利用我們的一些向量功能以及在 Teradata 環境內部和 Teradata 環境旁邊運行語言模型，我在準備好的發言中給出了澳大利亞一家銀行的一些例子，該銀行正在將數據角度的結構化基於 SQL 的見解與一些語言模型功能相結合，以了解它們滿意如何影響他們的整體客戶的用例，這是一個很好的用例。

And then the third dimension is really looking at our opportunity pipeline. We've started measuring and managing the opportunity pipeline in terms of opportunities that are being influenced by AI workloads inside our customers, and that's really driving utilization for the Teradata platform inside our customers.

第三個維度其實是在檢視我們的機會管道。我們已經開始衡量和管理機會管道，這些機會受到客戶內部人工智慧工作負載的影響，這確實推動了客戶內部 Teradata 平台的使用率。

So as we look at holistic execution in this AI and agentic AI marketplace, we're really rapidly advancing some of the capabilities that we need. For example, we recently announced our new MCP server that will enable us to work in the agentic space, and that was as a direct result of some of the work that we're doing with our customers and the deployments that we're getting engaged in. So super excited about really an incremental target addressable marketplace for us from an AI perspective.

因此，當我們審視這個人工智慧和代理人工智慧市場的整體執行情況時，我們確實正在快速推進我們所需的一些能力。例如，我們最近宣布了新的 MCP 伺服器，它將使我們能夠在代理空間中工作，這是我們與客戶合作的一些工作以及我們正在參與的部署的直接結果。因此，從人工智慧的角度來看，我們對真正增量目標可尋址市場感到非常興奮。

Great, thanks for that. And then, John, for you, curious if you, what sort of the thought process on the recent R&D tax changes, do you think that might have an impact to you guys next year? Any way to kind of think about the potential benefit of that?

太好了，謝謝。然後，約翰，我很好奇，您對最近的研發稅收變化有何看法，您認為這可能會對您們明年產生影響嗎？有什麼方法可以考慮一下這樣做的潛在好處嗎？

Yeah, I do think there could be some, impact from that, and it'll probably show up on the cash flow side of things. It's a little too early for me to give you specifics on that, but it's definitely something that we're taking a close look at, and it's something that could impact, possibly impact cash flow this year as well as next year.

是的，我確實認為這可能會產生一些影響，而且可能會體現在現金流方面。現在就透露具體細節還為時過早，但這絕對是我們正在密切關注的事情，而且它可能會影響今年和明年的現金流。

Great, thanks guys.

太好了，謝謝大家。

Thank you. Your next question comes from Wamsi Mohan with Bank of America. Please go ahead.

謝謝。您的下一個問題來自美國銀行的 Wamsi Mohan。請繼續。

Yes, thank you so much. Still on the Teradata AI factory, how do you see the revenue there evolving and how much revenue uplift could you see from this over time? Curious if you could share maybe any color on the pipeline, the type of customers, because investors have generally been waiting for some traction in enterprise AI adoption. So given your comments about that, putting in on-prem, how do you think that it was, and I have a follow up.

是的，非常感謝。仍然在 Teradata AI 工廠，您如何看待那裡的收入變化以及隨著時間的推移，您可以從中看到多少收入成長？我很好奇您是否可以分享一些管道方面的情況和客戶類型，因為投資者一直在等待企業採用人工智慧的一些進展。因此，考慮到您對此的評論，將其置於本地，您認為情況如何，我會跟進。

Yeah, just thanks for the question, Ramsay just to educate all AI factory is a capability that brings the power of AI to enterprise. They are looking to deploy and scale artificial intelligence solutions with trust, control and speed into hybrid environments. So that's both on-prem and in the cloud. And there's a lot of benefits that that gives to our customers in terms of enabling them to actually really deploy real production oriented workloads and solutions from an AI perspective.

是的，謝謝你的提問，Ramsay 只是想告訴大家，AI 工廠是一種將 AI 的力量帶給企業的能力。他們希望在混合環境中部署和擴展具有信任、控制和速度的人工智慧解決方案。所以這既是在本地，也是在雲端。這為我們的客戶帶來了許多好處，使他們能夠從人工智慧的角度真正部署面向實際生產的工作負載和解決方案。

Clearly it's early days in terms of our release of the AI factory, but we are very excited, especially when we look at our partnership with organizations like Nvidia where we can take an Nvidia GPU farm and essentially place a dedicated terror data instance running our capabilities from the AI factory perspective, leveraging that GPU instance to real AI workload on prem with trusted data for our customers, so early days from a revenue perspective and ARR perspective, certainly seen a lot of interest in that in the marketplace, and we're excited about how that's going to drive in the short term usage of the terror data platform but then longer term dedicated terror data instances both in the cloud and on prem to deliver these workloads.

顯然，就我們發布 AI 工廠而言，現在還為時過早，但我們感到非常興奮，尤其是當我們發布 AI 工廠而言，現在還為時過早，但我們感到非常興奮，尤其是當我們考慮與 Nvidia 等組織的合作時，我們可以利用 Nvidia GPU 農場，本質上放置一個專用的恐怖數據實例，從 AI 工廠的角度運行我們的能力，利用該 GPU 實例在本地為真正的 AI 工作負載的角度來看，市場對此表現出濃厚的興趣，我們很高興看到這將如何推動恐怖數據平台的短期使用，以及隨後在雲端和本地的長期專用恐怖數據實例來交付這些工作負載。

Okay, thanks Steve. And maybe one for John, sorry if I missed this, but can you talk about the magnitude of what you think were deals that got pulled forward from from Q3 to Q2, clearly, obviously you highlighted some, in on the public cloud side, but in overall terms, how would you quantify that magnitude and, would, should we expect to see some of that behavior persist, give them some of the more broader macro uncertainty around tariffs and other things like that. Thank you.

好的，謝謝史蒂夫。也許還有一句話想問約翰，如果我錯過了，很抱歉，但是您能否談談您認為從第三季度提前到第二季度的交易的規模，顯然您強調了一些，在公共雲方面，但總體而言，您如何量化這個規模，以及我們是否應該預期看到這種行為持續下去，給他們帶來一些更廣泛的宏觀不確定性，圍繞關稅和其他類似的事情。謝謝。

Yeah, sure, we did not quantify the magnitude, and I won't give you a specific number here, but I'll, I will describe kind of the shape of what we're talking about, and I think this was an earlier question, my apologies, I neglected to come back to it.

是的，當然，我們沒有量化幅度，我也不會在這裡給你一個具體的數字，但我會描述我們正在談論的形狀，我想這是一個之前的問題，很抱歉，我忘了再回過頭來問。

So, in terms of cloud ARR, we actually made great progress in Q2 and we're a little ahead of schedule as we were able to pull in a few of these deals early and extend some other customers. And I think the company had previously commented that we expected the first half of the year to be toward the bottom end of our annual guidance range for cloud ARR growth, and so we came in a little bit better than anticipated in Q2.

因此，就雲端 ARR 而言，我們實際上在第二季度取得了巨大進展，並且比計劃提前了一點，因為我們能夠提前完成其中一些交易並延長一些其他客戶的合約。我認為公司之前曾表示，我們預計今年上半年的雲端 ARR 成長將接近年度指導範圍的底端，因此我們在第二季的表現略好於預期。

But with some of that timing, we've effectively changed the slope of the curve for cloud ARR this year. And so at the beginning of the year where we are expecting a more linear path from Q2 to Q3 to Q4. We've now had a bigger step up in Q2. We'll be a little flatter in Q3, and then we'll step up again in Q4. And so, I think that's probably the best that I can quantify it for you here. We don't typically provide, quarterly guidance on these metrics, but we did want to give you all the heads up in terms of this change in dynamic.

但隨著時間的流逝，我們今年有效地改變了雲 ARR 曲線的斜率。因此，在年初，我們預計從第二季到第三季再到第四季的路徑會更加線性。我們在第二季取得了更大的進步。我們在第三季會稍微平穩一些，然後在第四季再次上升。所以，我認為這可能是我能為你量化的最好方法。我們通常不會針對這些指標提供季度指導，但我們確實希望就這種動態變化向大家提供資訊。

Okay, thank you so much.

好的，非常感謝。

Your next question comes from Derrick Wood with TD Cowan. Your line is open.

您的下一個問題來自 TD Cowan 的 Derrick Wood。您的線路已開通。

Hi team, this is [Gerd John Johanan] on for Derrick Wood. Thanks for taking my questions. So I'm understanding that 8 figure deals have been excluded in guidance, can you talk to what you've been seeing with these larger engagements?

大家好，我是 Derrick Wood 的 [Gerd John Johanan]。感謝您回答我的問題。因此，據我了解，8 位數的交易已被排除在指導之外，您能談談您在這些更大規模的交易中看到的情況嗎？

Yeah, thanks for the question, Gerry. I think I we characterize it by really de-risking our outlook from an eight-figure deal perspective. The good news is that from an ex-sales execution, our go to market team has a number of paths to get to our outlook for the year both from a cloud perspective and a total ARR perspective.

是的，謝謝你的提問，格里。我認為我們透過從八位數交易的角度真正降低我們的前景風險來描述它。好消息是，從銷售執行情況來看，我們的市場團隊可以透過多種途徑從雲端角度和整體 ARR 角度來展望今年的前景。

Our absolute focus though is to drive growth in total ARR because that's really going to give us the profitable revenue growth into next year in terms of drawing a recurring revenue stream, the profitability of a recurring revenue streams is certainly the most profitable segment that we have, and that will obviously lay the groundwork for some durable free cash flow growth as we move forward. The execution that we've seen in the first half of the year in terms of both retention perspective and get meaningful improvement and retention against that outlier from a retention.

然而，我們的絕對重點是推動總 ARR 的成長，因為就經常性收入流而言，這確實會為我們明年帶來獲利收入成長，而經常性收入流的獲利能力無疑是我們最賺錢的部分，而且這顯然會為我們未來實現持久的自由現金流成長奠定基礎。就留存率而言，我們在上半年看到的執行情況都得到了有意義的改進，並且相對於留存率的異常值有所提高。

In 2024 has said is in good stead in terms of that execution and then in terms of just taking advantage of the market opportunity that's in front of us, the hybrid opportunities, I've seen that on-prem has some real strength in terms of being able to deliver meaningful growth and then just the fact that we've now got that big cloud business. We've got over $630 million and as we grow that at mid double digit, mid 10s in terms of growth for this year that has some meaningful growth impact to our numbers as well. So a number of different paths to execute in terms of both eight figure deals and some smaller deals as well. So we're pretty confident about the execution as we move into the second half, and the sales team's doing a great job.

就執行而言，2024 年是有利的，就利用擺在我們面前的市場機會、混合機會而言，我已經看到內部部署在實現有意義的增長方面具有真正的優勢，而且事實上我們現在有了這個龐大的雲端業務。我們的收入已超過 6.3 億美元，隨著今年我們以兩位數中段、十位數中段的成長速度成長，這也對我們的數字產生了一些有意義的成長影響。因此，就八位數交易和一些較小的交易而言，有許多不同的執行途徑。因此，我們對下半年的執行情況非常有信心，而且銷售團隊也做得很好。

Okay, I appreciate that color. And then one more for me, I believe you guys started to introduce [open table] formats in early 2024. So now that we're a little bit along with those efforts, can you just talk to for the customers that have adopted these, how have those companies ACs been trending? Thank you.

好的，我很欣賞那個顏色。再給我說一句，我相信你們會在 2024 年初開始引入 [開放式桌面] 格式。那麼，現在我們在這些努力方面取得了一些進展，您能否與已經採用這些措施的客戶談談，這些公司的空調趨勢如何？謝謝。

Yeah, our OTF strategy has always been to support both Apache iceberg and Delta Lake without walking any of our customers into one structure or another. And so giving them that real choice of deployment, I've always stated that I believe that open table format would actually be a tailwind for us in terms of the more data that you make available to the Teradata platform and the Teradata engines.

是的，我們的 OTF 策略一直是同時支援 Apache Iceberg 和 Delta Lake，而不會讓任何客戶陷入其中一種結構。因此，給他們真正的部署選擇，我一直說我相信開放式表格式實際上對我們來說是一個順風，因為您可以為 Teradata 平台和 Teradata 引擎提供更多的資料。

The more usage of the platform that we'll get and therefore that incremental usage driving bigger Teradata systems and execution and certainly as we've continued to increase our analytics capability and portfolio, I talked about the ability to bring your own language models into the Teradata environment and combining that and opening up as much data as possible inside a customer environment really does give us a tailwind from an execution perspective.

我們將獲得更多的平台使用量，因此增量使用量將推動更大的 Teradata 系統和執行，當然，隨著我們不斷提高我們的分析能力和產品組合，我談到了將您自己的語言模型帶入 Teradata 環境並將其結合起來並在客戶環境中開放盡可能多的數據的能力，這確實從執行的角度為我們帶來了順風。

So I think as our customers are looking at open table format and the open table formats that they've got inside their environment, they're working out how to use the Teradata platform to execute that analytics strategy and all of the analytics functions we've got inside the vantage platform against that data source.

因此，我認為，當我們的客戶正在研究開放式表格式以及他們環境中擁有的開放表格式時，他們正在研究如何使用 Teradata 平台來執行該分析策略以及我們在優勢平台內針對該資料來源的所有分析功能。

And just as an example of doing that, we've got a customer in Latin America who actually replaced the data breaks analytics solution with using Vantage Analytics to actually run highly performing. Analytic capabilities at a fraction of the cost and incremental improvement in performance. So we see the opportunity to help customers modernize their data and analytic environments and an open table format continues to be a tailwind for us.

舉個例子，我們在拉丁美洲有一位客戶，他實際上用 Vantage Analytics 取代了資料中斷分析解決方案，從而真正實現了高效能運作。只需花費很少的成本即可獲得分析能力並逐步提高效能。因此，我們看到了幫助客戶實現其數據和分析環境現代化的機會，而開放表格格式對我們來說仍然是一個順風。

Thank you. We now have [Ramo Leha] with Barclays. The line is open.

謝謝。現在我們有巴克萊銀行的[Ramo Leha]。線路已開通。

Hi, this is Sheldon McMean on for Ramo. Thanks for taking our question. First for Steve, can you help further contextualize the improvements and retention rates you discussed, in your prepared remarks and maybe how should we think about the drivers of that between better sales execution, maybe some of the AI related solutions that you've come out with that shows, your futureproof roadmap and then just general improvement in the macro environment because it does seem like we're past the peak uncertainty on the tariff front.

大家好，我是 Sheldon McMean，代表 Ramo 報道。感謝您回答我們的問題。首先，對於史蒂夫，您能否幫助您進一步闡述您在準備好的發言中討論過的改進和保留率，也許我們應該如何看待這些改進和保留率的驅動因素，包括更好的銷售執行，也許您提出的一些與人工智能相關的解決方案，您的未來路線圖，以及宏觀環境的總體改善，因為看起來我們已經度過了關稅方面的不確定性。

Yeah, I think just from a retention perspective, and as we said all along, we did know that 2024 was going to be an outlier from an erosion perspective, particularly in our on-prem business.

是的，我認為僅從保留的角度來看，正如我們一直所說的那樣，我們確實知道從侵蝕的角度來看 2024 年將是一個異常值，特別是在我們的內部部署業務中。

And looking back, we actually started to see those improvements in the second half of 2024. And we saw that improvement continue in 2025, and, as we said all along, as we looked at the guidance. Things that we gave for a full year at the start of the year, we're going to see that, and we expect to see that meaningful improvement to our retention rates for FY25 overall.

回顧過去，我們實際上在 2024 年下半年就開始看到這些改善。我們看到這種改善在 2025 年仍在繼續，正如我們一直以來所說的那樣，正如我們所看到的指導。我們將會看到我們在年初給出的全年目標，並且我們預計 2025 財年整體留存率將有顯著提升。

I think you're absolutely right from a tariff and a macro perspective, we've done an assessment, as our cloud business grows that is, a little bit more immune from a tariff perspective and then Macroeconomic environment, I think there has been some scrutiny on discretionary spend that's impacted our consulting billings at the start of the year as we've spoken to already, but I think we are starting to see a little bit more confidence from a macroeconomic perspective, and we're expecting good execution to continue and drive it delivers a good full year 2025 result.

我認為從關稅和宏觀角度來看您說得完全正確，我們已經進行了評估，隨著我們的雲端業務的增長，我們對關稅角度和宏觀經濟環境的免疫力會更強一些，我認為對可自由支配的支出進行了一些審查，正如我們已經談到的，這影響了我們執行的諮詢費用，但我認為對可自由支配的支出進行了一些審查，正如我們已經談到的，這影響了我們執行的諮詢費用，但我認為從宏觀經濟角度來看，我們開始看到更多的信心，我們全年

Understood, thanks for that. And I believe in the prepared remarks included commentary about a quarter over quarter decline in air are expected in Q3. Would love to hear, what are some of the driving factors of that, as I would think that the pull forward from Q3 to Q2 would be relatively neutral, as that would still be in the Q3 balance there.

明白了，謝謝。我相信，準備好的評論中包括了有關第三季度航空運輸量預計將環比下降的評論。我很想聽聽，這其中的一些驅動因素是什麼，因為我認為從第三季到第二季的拉動會相對中性，因為這仍然處於第三季的平衡。

Yeah, that was some of the comments that I made just a few minutes ago. But, in general, we're expecting to see a change in the slope, if you will, for this year. So where we have expected to see a more gradual, climb, particularly in cloud ARR through the year, where we saw a bigger step up in Q2, a little flatter in Q3, and then we expect to see it step up again in Q4. In terms of total ARR, we're actually tracking a little ahead of the of the plan. We were hoping to get back to positive territory by the end of the year. We actually got to positive growth this quarter now with a little bit of help from currency, but even on a constant currency basis got back to flat this quarter, and so I think we're tracking pretty well. We may see a slight decline in total ARR in Q3, but I feel like we're very much on track for the full year.

是的，這就是我幾分鐘前發表的一些評論。但總體而言，我們預計今年斜率會有所變動。因此，我們預計會看到一個更漸進的攀升，特別是全年的雲端 ARR，我們在第二季度看到一個更大的成長，在第三季度略微趨於平穩，然後我們預計它會在第四季度再次上升。就總 ARR 而言，我們實際上比計劃提前了一點。我們希望到今年年底能夠恢復正成長。實際上，在貨幣因素的推動下，我們本季實現了正成長，但即使以固定匯率計算，本季也恢復了持平，因此我認為我們的進展相當順利。我們可能會看到第三季的總 ARR 略有下降，但我覺得我們全年的業績將基本保持在正軌上。

Got it. Thanks.

知道了。謝謝。

Thank you.

謝謝。

We now have Patrick [ravens] with Citizens Bank. Your line is open, Patrick.

現在我們有公民銀行的派崔克[拉文斯]。您的線路已開通，帕特里克。

Hi guys, thank you for taking the question. This is Nikon for Pat. Steve, one for you to start. Nvidia recently published a research paper highlighting the efficiency of SLMs for handling more routine agentic tasks. Is this consistent with what you're seeing across your customer base, and are you noticing increased interest or adoption of SLMs for enterprise agentic A workloads?

大家好，感謝您提出這個問題。這是帕特的尼康。史蒂夫，給你先來一個。Nvidia 最近發表了一篇研究論文，強調了 SLM 處理更多常規代理任務的效率。這與您在整個客戶群中看到的情況一致嗎？您是否注意到企業代理 A 工作負載對 SLM 的興趣或採用有所增加？

Yeah, that's a great question. In fact, we are seeing customers deploy small language models like hugging face to you know give specialized results. So it could be in terms of looking at customer feedback or call center interactions. So instead of putting that through, a large language model using a really specialized small language model, the really exciting thing for us. Our massively parallel architecture that we deploy on-prem and in the cloud is really well suited to run these small language models. So actually in some tests with one of the banks in the US, we actually ran the hugging face model on our parallel CPU architecture and it actually ran better than running it on an Nvidia GPU.

是的，這是一個很好的問題。事實上，我們看到客戶部署了像擁抱臉這樣的小型語言模型來提供專門的結果。因此，它可以是從觀察客戶回饋或呼叫中心互動的角度來觀察。因此，我們並沒有採用大型語言模型，而是使用了一個真正專業的小型語言模型，這對我們來說是真正令人興奮的事情。我們在本地端和雲端部署的大規模平行架構非常適合運行這些小型語言模型。因此，實際上在與美國銀行進行的一些測試中，我們實際上在平行 CPU 架構上運行了擁抱臉部模型，並且它的運行效果實際上比在 Nvidia GPU 上運行更好。

So this was clearly very exciting for our customer in terms of utilizing a small language model in in the [terraated] environment very effectively and efficiently to get some really great business outcomes. So yeah, we absolutely see the small language models as being a good opportunity for us, and it really emphasizes the words I used were open and connected. We don't want to be locked into any one particular language model as some of our competitors have done. We want to be able to enable our customers to have a full deployment choice and to use the language models in the right place, whether that's behind the firewall or in the cloud, and they can choose which language model to use both in terms of size but also in terms of what brand to use. Yeah, so that's the great thing about having that opening connected ecosystem.

因此，對於我們的客戶來說，這顯然是非常令人興奮的，因為我們可以在 [terraated] 環境中非常有效且有效率地利用小型語言模型來獲得一些非常好的業務成果。所以，是的，我們確實認為小型語言模型對我們來說是一個很好的機會，它確實強調了我使用的單字是開放的和連貫的。我們不想像我們的一些競爭對手一樣被鎖定在任何一種特定的語言模型中。我們希望能夠讓客戶擁有完整的部署選擇，並在正確的地方使用語言模型，無論是在防火牆後面還是在雲端，他們都可以選擇使用哪種語言模型，無論是在規模方面，還是在品牌方面。是的，這就是開放互聯生態系的偉大之處。

Fantastic. That's super interesting. The one follow up, John, for you, it's been around three months since you're appointed as CFO. What is one thing that's gone better than you expected and one thing that's been more challenging than you expected?

極好的。這太有趣了。約翰，我有一個後續問題，自從您被任命為財務長以來已經過去了三個月。哪件事比您預期的要好，哪件事比您預期的更具挑戰性？

Sure. Well, I'll start on the positive side of things, and I think that, you look at the Q2 results and, we obviously started off with a solid quarter, so that makes my job a little bit easier, coming in.

當然。好吧，我先從積極的一面說起，我認為，看看第二季度的業績，我們顯然以一個穩健的季度開始了，所以這讓我的工作變得輕鬆一些。

On the other side of the coin, it's just a matter of getting to know a new business and so there's a lot to learn when you come into any new company. And I do think there are some complexities to, what we do here at Teradata, both from a technology standpoint as well as from a business model standpoint. So getting up to speed on all of those elements, is something that I've been very focused on in the last few months.

另一方面，這只是了解新業務的問題，因此當你進入任何新公司時，有很多東西需要學習。我確實認為，無論從技術角度還是從商業模式角度來看，我們在 Teradata 所做的事情都存在一些複雜性。因此，了解所有這些要素是我在過去幾個月中一直非常關注的事情。

Great, thank you guys so much.

太好了，非常感謝你們。

Thank you.

謝謝。

Thank you. I can confirm that does conclude the Q&A session, and I would like to hand it back to Steve McMillan for his final remarks.

謝謝。我可以確認問答環節已經結束，我想將其交還給史蒂夫·麥克米蘭，請他做最後的演講。

Thank you very much, and thanks everyone for joining us today. We remain absolutely focused on profitable revenue growth, and we believe that our differentiated hybrid analytics capabilities are going to deliver that for us. We're super excited about the opportunities ahead as companies move into production with AI and agentic AI initiatives. It's a real additional opportunity for us. We're looking forward to executing. Thanks again all for joining us today.

非常感謝，也感謝大家今天的參加。我們仍然絕對專注於獲利收入成長，並且我們相信我們差異化的混合分析能力將為我們實現這一目標。隨著企業利用人工智慧和代理人工智慧計畫進入生產階段，我們對未來的機會感到非常興奮。這對我們來說是一個真正的額外機會。我們期待執行。再次感謝大家今天的參加。