Good morning, everyone, and welcome to Informatica's Q3 2021 earnings conference call. My name is Lauren, and I'll be your event specialist today. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question, please press star followed by one on your telephone keypads. I would now like to introduce our host, Victoria Hyde-Dunn, Vice President of Investor Relations. Victoria, please go ahead. Thank you, Lauren. Good morning, and thank you for joining us to review Informatica's Q3 2021 earnings results. With me on the call today are Amit Walia, Chief Executive Officer, and Eric Brown, Chief Financial Officer. Before we begin, we have a couple of reminders. Our earnings press release and slide presentation are available on our investor relations website at investors.informatica.com. During this call, we will be making comments of a forward-looking nature. Actual results may differ materially from those expressed or implied as a result of various risks and uncertainties. For more information about some of these risks, please review the company's SEC filings, including the section titled Risk Factors included in our IPO prospectus dated October 26, 2021. These forward-looking statements are based on information as of today, and we assume no obligation to publicly update or revise our forward-looking statements except as required by law. Additionally, we will be discussing certain non-GAAP financial measures. These non-GAAP financial measures are in addition to and not substitute for measures of financial performance prepared in accordance with GAAP. A reconciliation of these items to the nearest U.S. GAAP measure can be found in this morning's press release and on our slide deck available on our investor relations website. With that, it's my pleasure to turn the call over to Amit. Thank you, Victoria. Good morning, everyone. It is definitely early morning here for all of us on the West Coast. We are excited to host our first earnings call on the heels of a strong Q3 and a very successful initial public offering. I would like to thank our employees, customers, strategic partners, sponsors, and investors, all of whom helped us achieve this important milestone. Now, before I share our Q3 results, I would like to provide an overview of the market opportunity and our unique position in the market, driven by our product-led innovation. Informatica is a leader in the cloud data management, purpose-built for cloud native, multi-cloud and hybrid workloads. Our vision is to be a cloud neutral, single source of truth data management platform for the enterprise. The rise of digital transformation, the increase in data volume, data types, data latency, data fragmentation, and the adoption of multi-cloud and hybrid architectures have changed how organizations gather, share, and use data for decision making and running their businesses. Businesses today have tremendous fragmentation and complexity in a multi-cloud hybrid world. SaaS apps such as Salesforce, ServiceNow, Adobe and Workday, cloud platforms such as AWS, Azure and GCP, cloud data platforms like Snowflake and Databricks, and many cloud databases are all being adopted. Many on-prem legacy apps are still operational. A hand-coded or a limited single point solution simply cannot fulfill the needs of a modern digital enterprise that wants to move fast in its data-led digital transformation. Five years ago, we at Informatica undertook a product innovation-led approach to solve these complexities of data management and set out an ambitious strategy to transform our business from an on-prem, single product-centric software company to a cloud native technology platform supporting multi-cloud and hybrid work environments. We re-architected from ground up a modern metadata-centric data management platform that is cloud native, API-enabled, leverages many open source technologies, and uses a micro-services based architecture which can be deployed on-prem or in the public cloud. We built our AI engine, CLAIRE, that is embedded in the platform to drive intelligence and automation at scale. We call this platform the Intelligent Data Management Cloud, or IDMC. As we transformed our financial model from a perpetual license and maintenance revenue model to a subscription-based revenue model with cloud revenue as the fastest growing component. These significant initiatives were all completed ahead of the IPO. With that as background, I would like to now discuss how Informatica has emerged as a leader in data management and our strategies for continued growth. I will provide an overview of 5 key unique attributes and discuss our business updates. First, and most important, is product innovation. We've always had the clarity to focus on data management category and have dedicated significant resources, including over $1 billion in cumulative R&D spending over the last 5 years. These investments have resulted in best-of-breed solutions on the industry's only AI-powered data management platform, IDMC, for multi-cloud and hybrid workloads. We are a rare software company that is a leader in every Gartner Magic Quadrant it competes in. In 2021, it marked the sixth straight year that Informatica was named a leader in all of our 5 data management Magic Quadrants. IDMC platform runs at a substantial scale. We processed over 23 trillion cloud transactions per month as of September quarter end, with an unparalleled breadth of over 50,000 metadata-aware connectors. Our new product innovation represented 85% of our subscription ARR in Q3. Second, it's our vendor neutrality. We call ourselves the Switzerland of data, and we believe in winning together with our partners. Enterprises across the globe have invested in a heterogeneous infrastructure and expect vendor neutrality. We sell our solutions through a direct global sales team, which is enhanced and complemented by our relationships and collaboration with strategic partners, including hyperscalers, global systems integrators, and channel partners. Our partner strategy is focused on delivering a complete end-to-end solution for our customers, driving general awareness of our platform and broadening our distribution and reach to new customers. Third, we participate in a $44 billion addressable market, with cloud increasingly growing faster than on-prem workloads. Accelerated adoption of cloud, digitalization, expanded need for intelligent analytics, and large-scale disruption in data warehouses and databases is fueling the demand for data management solutions that are cloud-native and delivered on a platform versus siloed best-of-breed format. Fourth is our strong global customer base. The effectiveness of our go-to-market strategy is evident with our 5,000+ customers in more than 100 countries and territories worldwide. Our platform is used globally by organizations of all sizes across a broad range of industries, including government agencies and high-profile brands that trust us with their data management needs. We are well represented in 9 of the Fortune 10 and 84 of the Fortune 100. Our net promoter score is 55, and we are honored to be recognized recently for an outstanding customer service experience by J.D. Power in Certified Technology Service and Support Program 2021. Finally, we have the additional opportunity to migrate our maintenance customers to cloud subscription revenue. The majority of our $551 million of maintenance ARR comes from traditional data integration products. Three quarters ago, we started a cloud migration program to support customers' migration efforts based on their demand cycles. To date, only 1% of our installed base has migrated to the cloud, and we believe this is a long-tail incremental opportunity for us. With that as background, now let me share the summary of our Q3 results. In Q3, total annual recurring revenue or ARR growth accelerated 17% year-over-year to $1.3 billion. This was fueled by subscription ARR of $736 million, growing at 36% year-over-year. Now, as I said before, 85% of this subscription ARR comes from our net new products on IDMC. Cloud ARR growth accelerated to 44% year-over-year, and total revenue grew 11% year-over-year to $362 million, driven by subscription revenue of $194 million, growing at 31% year-over-year. Next, let me provide some business highlights from the Q3 to accentuate the numbers. Starting with product innovation. We extended our IDMC platform with several product releases. In Q3, we delivered a unified Cloud Data Governance and Catalog SaaS offering with integrated data and AI governance and CLAIRE, our AI engine-powered intelligent automation. Second, we accelerated our customers' MDM deployments with an enhanced no-code application composer and CLAIRE-powered customer record matching recommendations that simplify and enhance user experience and dramatically improve productivity. Lastly, in support of our data warehouse and data lake environments at our customer sites, we extended our Informatica Cloud Mass Ingestion solution, providing customers with a very simple wizard approach to ingest data from SaaS and on-prem apps to support application synchronization and analytics in the cloud. We also introduced Informatica's petabyte-scale ELT processing that now delivers up to 10 times faster performance for Snowflake, BigQuery, and Databricks SQL, enabling users beyond IT to leverage the performance and scale of these cloud-native platforms. We have additional plans to expand IDMC capabilities in the Q4 and look forward to sharing future updates. Now turning to our strategic partners. Our partnership with cloud hyperscalers, including AWS, Microsoft Azure, Google Cloud, Snowflake, and Databricks continues to grow. In Q3, we observed a 60% sequential quarter-over-quarter growth in core segments. IDMC is also available on AWS, Azure, and Google Cloud marketplaces, and in Q3, we achieved over a 150% sequential quarter-over-quarter growth in marketplace transaction volume. A very valued ecosystem partner is Snowflake. In September, we announced with an on-prem cloud modernization program to help our joint customers modernize our traditional PowerCenter ETL and EIT workloads to the cloud 12 times faster than before, with 90% greater automation conversion to the Snowflake Data Cloud. One of the largest global pharmaceutical companies intends to migrate 25,000 mappings, PowerCenter data mappings, to IDMC and repoint the data flows to Snowflake Data Cloud. Turning to customers. In Q3, we added 11 net new subscription customers that spent more than $1 million in subscription ARR, ending the quarter with a record 127 customers and 44% year-over-year growth. We're also introducing a new metric, customers that spend more than $100,000 in subscription ARR, which totaled 1,577 customers, an increase of 28% year-over-year. Enterprise demand remains strong in the selling to accounts. We win with our single technology cloud platform offering IDMC. 55% of subscription customers are net new with great results from our go-to-market strategy. As customers see the value of our offering for their initial use cases, they often expand into additional use cases across the organization, as we have seen that in our overall average ARR per customer roughly double over the last two years. This expansion is also aided by our recent introduction of consumption-based pricing for our cloud products. In fact, our average ARR per customer was $208,000 in Q3, double what it was two years ago, with an active base of more than 3,500 subscription customers. Let me give you three customer examples to enhance the views. One of the new logos this quarter was Prudential Financial. It's a Fortune 500 FinServ leader with more than $1.5 trillion in assets under management across the globe. Prudential chose Informatica's data governance solution and cloud data quality to help build Prudential's modern enterprise data platform hosted in the cloud. This trusted data foundation will help them drive strategic initiatives around customer centricity, application modernization, and cloud data analytics. Informatica was a critical component of Prudential's global data strategy. This partnership enables Prudential to discover and govern data wherever it resides, accelerating its cloud migration and unlocking new efficiencies across its high-performing organization. Now, we also continue to observe great traction among our customers who land and expand model. Give you two examples. CVS Health, a global Fortune 100 healthcare leader that operates an integrated model over 10,000 pharmacies, tens of millions of Aetna health insurance members, and a growing network of community health clinics. As CVS modernizes its IT infrastructure in the cloud, it needed a partner to help improve data quality and accelerate the migration of legacy systems with minimal impact on service times or business disruption. Informatica's data quality replaces work done by 20 full-time data managers using AI-powered quality checks to reduce potential errors by 99% and accelerate client reporting from 6 months to 2 to 3 days. CVS continues to invest in its partnership with Informatica, most recently in Q3, going for an expanded deal for data as a service, which enriches address and geocoding data. Finally, another customer of ours is our international customer, Gras Savoye, a leading insurance brokerage firm in France and a subsidiary of Willis Towers Watson. Their key challenges included manually intensive data quality checks, delayed delivery of reporting and analytics, and missing connections between cloud, on-prem, and partner data stores. Gras Savoye chose Informatica's cloud integration solution as a central platform for all its data management needs to improve operational efficiency and its alignment with Willis Towers Watson, eliminating layers of legacy tech debt and migrating essential services without business disruption. Now, Gras Savoye's recent subscription to our cloud solution follows their existing Business 360 partnership they have with us, which started in 2020, which helped them launch their KYC or Know Your Customer data foundation in less than 5 months while working remotely during the pandemic. Now in terms of our board, we are also excited to appoint Betsy Rafael to our board of directors and the chair of our audit committee. Betsy is a globally recognized finance executive with more than 30 years of experience in the technology industry, and we are excited to welcome, Betsy to our board. As I summarize, I believe Informatica is truly a unique company. We have fully completed our business model transformation to a recurring revenue business model. Q3 subscription ARR is growing at 36% year-over-year, and cloud ARR growth accelerating to 44% year-over-year. We have established ourselves as a clear leader of a $44 billion addressable market with a large innovation lead in the market, processing over 23 trillion cloud transactions per month on our IDMC platform. We have a proven land and expand model with more than 5,000 customers and up-market focus on large enterprises. Finally, we have solidified strong profitability through our innovation-led transformation and see strong momentum with multi-cloud and hybrid deployments as we continue to help customers with their cloud migration journeys. With that context, let me now turn the call over to Eric. Eric? Thank you, Amit, and good morning, everyone. We appreciate you joining us on our first earnings call following our October 27th IPO. Our Q3 results were better than what we initially forecasted and were consistent with the midpoint of the preliminary ranges we filed in our final S-1 last month. We had an excellent Q3 with strong revenue growth, increasing mix shift to ratable revenue and subscription expansion with cloud ARR growth accelerating to 44% year-over-year. Before discussing our Q3 earnings results and our financial outlook for the Q4 and full year 2021, I'd like to first review some important aspects of our financial model, considering that some of you may be new to the Informatica story. Let me start with the background on our revenue drivers. Our subscription revenue is recognized ratably for our SaaS offerings and partially recognized upfront for our self-managed offerings per ASC 606. We provide guidance and disclosure on ARR metrics to provide an enhanced view of our business as ARR closely tracks the recurring cash flow characteristics of our business. Maintenance represents the ratable revenue and support contracts for a pre-existing installed base of perpetual license. Our professional services revenue reflects typical consulting and education revenue, which is recognized as work is performed. Finally, perpetual license revenue has now become an insignificant% of our total revenue, declining from roughly $300 million annually several years ago to around $45 million today on a trailing twelve months basis. Prospectively, we have largely stopped selling perpetual licenses except for pre-existing contractual commitments and smaller distribution-led geographies like Southeast Asia. The majority of our product development and go-to-market efforts are focused on all things related to subscription and cloud. As of today, for example, we estimate that over 80% of R&D efforts are related to cloud products. As a result of this focus, subscription revenue grew 31% year over year, and now 92% of our GAAP revenue is recurring in Q3. This gives us P&L predictability and leverage at the bottom line. This is demonstrated by a non-GAAP operating income margin of 25% through the first 9 months of 2021. Our subscription products are sold with contracts primarily with a 1-, 2- or 3-year term, with an average new contract term slightly over 2 years, a duration that has been relatively constant over the last few years. Now, moving on to our Q3 financial results. Total revenues grew 11% year-over-year to $361.8 million. The increase in total revenue growth versus Q2 is driven by the strong growth in subscription revenue, increasing 31% year-over-year to $193.7 million, and representing 54% of total revenues. Total recurring revenues of $331.3 million is 92% of Q3 GAAP revenue. As Amit mentioned earlier, we saw strong demand for IDMC Cloud platform and continued execution on our land and expand strategy. Maintenance and professional services revenues were flat year-over-year and represented 46% of total revenues in Q3. Standalone maintenance revenue represented 38% of total Q3 revenues. Consulting and education revenue make up the difference and fluctuates based on customer requirements, representing 8% of total Q3 revenues. Professional license revenue is down to $2.8 million in Q3 and represented less than 1% of total revenues and only 3% of total revenues on a trailing twelve-month basis. Please keep in mind that we are not actively selling perpetual licenses to new customers and expect this to remain an insignificant percentage of total revenues. We also expect that maintenance will gradually decline as we continue to emphasize net new business in the form of subscription and cloud. From a growth standpoint, we believe the best way to think about our revenue growth is the trends in subscription revenue. As customers move to the cloud, we expect the current 58%, 42% mix between subscription and maintenance revenues will continue to improve over time, with subscription revenue growing faster as a percentage of total revenues. We continue to see strong demand for our solution offerings internationally. Revenue from the U.S. grew 9% year-over-year to $228.8 million, representing 63% of total revenue. Revenue from outside the U.S. grew 13% year-over-year to $132.9 million, representing 37% of total revenue. We are still in the early stages of our international expansion in the cloud, and we see a significant opportunity in front of us as countries outside the U.S. catch up in terms of cloud adoption. We also focus on ARR as an important metric for understanding our business, since it tracks the annualized cash value collected over 12 months for all our recurring contracts, irrespective of whether it is a maintenance contract, a ratable cloud contract, or a self-managed term-based subscription license. ARR expansion is a function of upsell, cross-sell on our large install base for sales to net new logos. For the Q3, total ARR increased 17% year-over-year to $1.3 billion. Subscription ARR increased 36% year-over-year to $735.7 million and represented 57% of total ARR, up almost 8 percentage points from a year ago and up 2 percentage points sequentially. This is a healthy growth rate for a three-quarters of a billion-dollar subscription business. Cloud ARR growth accelerated to 44% year-over-year to $287.2 million versus 39% year-over-year growth last quarter. Cloud ARR now represents 39% of total subscription ARR, up 2 percentage points from a year ago and up 1 percentage point sequentially. We intend to continue emphasizing cloud in favor of self-managed new ARR bookings to drive more overall cloud ARR mix over time. As enterprises extend their data management platform to the cloud, we believe we are well-positioned to capitalize on the secular trend of cloud migration. Lastly, maintenance ARR declined, as expected, 1% year-over-year to $551.7 million and represented 43% of total ARR. The decline is directly related to the fact that we have significantly reduced our perpetual license sales by design to $44.6 million on a TTM basis ending Q3 2021 compared to $94.3 million a year ago. We are past peak maintenance ARR as we have completed the shift to a recurring revenue model. Another important metric of customer success is the subscription net retention rate, or subscription NRR. In Q3, subscription NRR was 116% compared to 113% a year ago. This improvement was driven by strong renewals and upsells across our expanded subscription offering on the IDMC platform. We've seen quarterly fluctuations in subscription NRR in the past, and we expect the fluctuation to continue due in part to the timing of large initial deal sizes expanding in the first year and the transition of our cloud business to usage-based billing. Notwithstanding that, we are operationally focused on driving subscription NRR above 120% as a longer-term goal. Before moving to our profitability metrics, I would like to point out that I will be discussing non-GAAP results going forward unless otherwise stated. Q3 gross margin was 82.9% consistent with a long-term model between 82%-84%. Operating income was $94.7 million, resulting in operating margin of 26.2% compared to 30.6% a year ago. The year-over-year change is largely driven by the fact we've accelerated our investments in all functional areas to capture the significant momentum we're seeing in the market, and we had increased expenses heading into our IPO. Rounding out our profitability metrics, adjusted EBITDA was $100.9 million, net income was $57.1 million, and net income per diluted share was $0.23 based on 249.3 million diluted shares outstanding. The basic share count for Q3 was 244.7 million shares. Turning to the balance sheet, as of September 30, 2021, we had cash and cash equivalents of $417 million with another $34.8 million of short-term investments. After net proceeds from the IPO and the full exercise of the greenshoe, we raised $915.7 million net that was used to pay down debt versus a net cash utilization of $30.2 million. On a pro forma basis, as of September 30, 2021, we had cash and cash equivalents of $386.8 million. Factoring in short-term investments of $34.8 million, net debt was $1.45 billion, and with a trailing twelve-month adjusted EBITDA of $401.3 million, this results in a net leverage ratio of 3.6x. On a pro forma basis, as of September 30, 2021, this is a deleveraging of approximately two turns versus last year and in line with targets for post-IPO deleveraging that we communicated on the IPO roadshow. Going forward, we believe the business will naturally delever due to our healthy cash margins, and we intend to steadily reduce our net leverage ratio over the next two to three years to approximately two times. Unlevered free cash flow after tax was $62.9 million as of September 30, 2021, and it was $227.7 million for the nine-month ending period. Year-to-date GAAP operating cash flow is $142.4 million, an increase of 60% year-over-year due to top-line growth and working capital management. Now, before guiding for the Q4 and full year 2021, I would like to provide some additional color on certain financial assumptions. First, let me provide an update on shares outstanding. As I mentioned earlier, in Q3, we reported a basic and fully diluted share count of 244.7 million and 249.3 million shares, respectively. For the Q4, we expect weighted average basic and fully diluted shares outstanding of 269 million and 278 million shares, respectively, taking into account the post-IPO grants we made in mid Q4. Looking at the full year 2021, we expect ending basic shares outstanding to be 278 million shares. The year-end increase in share count includes Q4 post-IPO RSU grants for our global workforce, as well as the IPO, and the fully exercised greenshoe. Second, let me discuss our expectations for P&L tax rates. We reported Q3 2021 non-GAAP net income at a non-GAAP tax rate of 22% and expect to use the same 22% non-GAAP tax rate in Q4 2021, as we believe this is a good approximation for full-year cash taxes. We have also presented the 2020 non-GAAP P&L with the same 22% non-GAAP tax rate. Next year, we are estimating a 23% non-GAAP tax rate for the fiscal year 2022. Looking at fiscal 2023 and beyond, we expect a long-term steady-state non-GAAP tax rate of 24%, which reflects where we expect cash taxes to settle based on our structure and geographic distribution of operational activity. Third, we expect a sequential step down in GAAP net income due to the previously communicated grant of employee stock options post-IPO and debt refinancing activities in October. In terms of Q4 charges, we expect GAAP-only stock comp charges of approximately $30 million, one time GAAP-only fees of $31 million on the debt refinancing and $23 million of non-GAAP expense in the other income and expense line consisting primarily of interest expense. To assist with modeling, for Q4, we expect non-GAAP net income in the range of $51.7 million-$56.7 million. This considers the 22% non-GAAP tax rate and excludes refinancing and stock comp charges. We expect a GAAP net loss range of approximately $63 million-$68 million in Q4. Now, taking this all to account, we are establishing guidance for the Q4 of 2021 ending December 31, 2021 as follows: We expect GAAP total revenues in the range of $393 million-$398.5 million, representing approximately 5% year-over-year growth. We expect subscription ARR in the range of $795.5 million-$800.5 million, representing approximately 31% year-over-year growth. We expect cloud ARR in the range of $314.5 million-$319.5 million, representing approximately 40% year-over-year growth. We expect non-GAAP operating income in the range of $90 million-$95 million. Taking into account the overperformance in Q3 and flowing this through to the end of the year, the guidance for Q4 assumes a modest increase in our full-year expectations for subscription ARR, total ARR and GAAP revenue. This translates into the following full-year 2021 guidance assumptions. We expect GAAP total revenues in the range of $1,430.8 million-$1,435.8 million, representing approximately 8% year-over-year growth. We expect subscription ARR in the range of $795.5 million-$800.5 million, representing approximately 31% year-over-year growth. We expect cloud ARR in the range of $314.5 million-$319.5 million, representing approximately 40% year-over-year growth. We expect non-GAAP operating income in the range of $347.5 million-$352.5 million, and we expect unlevered free cash flow after tax in the range of $288.7 million-$298.7 million. Please note that Q4 revenue and non-GAAP operating income will in part be dependent upon the mix of Q4 ARR additions of cloud versus self-managed. A lower relative mix on new self-managed will lead to lower GAAP revenue and operating income. In closing, our strong Q3 results underscore our ability to execute against a large addressable market. We're excited to now be operating as a public company as we focus on building long-term success for our customers, strategic opportunities for our partners, long-term value for our shareholders, and making Informatica a great place to work for our global employees. With that, Amit and I are ready to take your questions. Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. If you change your mind, please press star followed by two. When preparing to ask your question, please ensure your phone is unmuted locally. Our first question comes from the line of Kash Rangan from Goldman Sachs. Kash, please proceed. Hi, good morning, and congratulations on the Q1 as a public company this go around and nice to see the transition of the business model. I had a question for you, Amit. When you look at the quarter, are there good tangible proof points for customers that are moving their data warehouses to the cloud? Because I think the perception is that there's a significant amount of on-prem technology, but if you could just disabuse that perception and talk to proof points in the quarter and also your broader view as to how we should be looking at Informatica as it pertains to data warehouses moving to the cloud, and how specifically is Informatica positioned for that opportunity? Secondly, if you do have the time, the maintenance installed base is a wonderful asset for the company. How should we be thinking about how you could find ways to monetize an install base and help those customers embark on a cloud journey so you could achieve a lift to your subscription revenues longer term? Thank you so much. Thanks, Kash. Good to talk to you again. If I take the first question, first of all, if you think about the modern data warehouses and the modern data lakes, pretty much all of our new products, which is 85% of the subscription ARR, is all tied to the new workloads that are happening in the cloud, whether it's Snowflake, whether it's BigQuery, whether it's, you know, Azure, whether it's Redshift. None of that is tied to any legacy data warehouse. The legacy data warehouse attach was our legacy product PowerCenter. Pretty much 100% of our new products on IDMC are geared towards that. There's none of that attached to anything legacy. Just one good thing to clarify. In that obviously sits not only new workloads, which is what pretty much 100% of the growth was in the last couple of years. Now starts the journey to migration, which is what we talked about that we started 3 quarters ago, very much in its infancy. I think to your question, look, I think we've done a great job of, first of all, making sure we get the tech ready. We make sure that it's heavily automated. You know, I talked about 90% automation. Make sure that it's as risk-proof for our customer, has reduced time to migration, so on and so forth, so that customers can, because these are operational workloads that customers are moving. In that context, obviously, we are making sure, you know, as we're working with the hyperscalers as well as Snowflake, I gave you the example of that pharmaceutical company that we moved to Snowflake Data Cloud with our cloud data integration offering at the same time, moving away from legacy data warehouse and a legacy PowerCenter. That, I think, is in its infancy, and I think, Kash, we are gonna do everything to make sure it's reduced the risk for our customers, but at the same time, meet the customer where they are. I continue to see accelerated momentum over there, but that's gonna remain a medium to long-term opportunity. As I said, we're gonna do our best to make sure the customer is risk-proof because it's not an ad hoc analytical workload, it's a true operational workload. Once again, I think in the context of all of the work that we do with IDMC and a new offering that's pretty much only tied to the next gen data warehouses of Snowflake, Databricks, BigQuery, Azure or AWS, none of that is tied to anything less. Great to clarify that. Thank you. The maintenance install base and programs where you could offer incentives for your customers to move to the subscription business model, not to mention the cloud as well. Thank you. [Crosstalk] Apologies. Kash's line is now muted. Our next question comes from the line of Mark Murphy from JP Morgan. Mark, please proceed. Yes. Thank you very much, and I'll add my congrats on a great performance. Amit, first of all, I'm wondering if you could update us on the effectiveness of your AI and machine learning capabilities, which are embedded into your CLAIRE product. I'm wondering about the amount of automation that can handle, right off the bat, and how important is that as a differentiator for Informatica when you are in competitive sales cycles recently? Thanks for the question, Mark. Hope you're doing well. First of all, I think a couple of dimensions. I think as I mentioned even during the roadshow, we conceived of CLAIRE many years ago when I think nobody even thought of what CLAIRE could be in the world of data management. It's a huge differentiator for us. I mean, first of all, I think again, to level set, CLAIRE is our embedded AI technology on the platform, embedded in every product, and it comes out in different ratios or form for automation and intelligence. You know, when I talked about, I'll give two different examples. When Kash was asking the question about maintenance, when we talk about 90% automation of migrating the traditional on-prem workload to cloud, that automation comes from CLAIRE. Because CLAIRE understands the metadata and it understands all the complex business logic that's written and which, to be honest, is practically impossible for anybody to keep opening one by one, the 25,000 mapping example I gave of a customer that's moving to the cloud and automates that migration to the cloud. That's a tremendous amount of automation, a tremendous amount of reducing the risk. That's one example. On the other hand, when I gave you the example of some of the customer examples, if you look at what I talked about, whether it was you know a CVS Health or whether it was Prudential, you know, when we think about reducing potential errors, you know, back in the old days, when you look at rules-based things, you know, you can only get to whatever 85, 90 or sometimes even less than 80%. With CLAIRE, we are able to get to 99% over there. That's the ability for CLAIRE to run at scale across an enterprise and with its massive amount of intelligence to not only first of all track things but fix it in the context of that particular use case. That's the kind of scaling with what we see. When you. When I talk about the IDMC platform and the 23.3 trillion cloud transactions per month running, all of them are basically CLAIRE is looking at it, processing it, helping customers get better at scale and intelligence. Those are the examples that we see. It becomes a huge differentiator for us in the context of customer use. As a quick follow-up, maybe for Eric and possibly Amit as well. When we observed this hypergrowth that you have in your cloud ARR, and that also accelerated, I'm curious, to what extent do you see signs of the major SIs such as Deloitte and Accenture increasingly recommending Informatica as part of their own standard digital transformation package or possibly advising that companies should be executing on a data transformation as a part of the digital transformation and kind of automatically pulling Informatica into those kinds of discussions? Is there much pull through there? Yeah. Mark, let me add color on that one. First of all, as I mentioned before, all the key large SIs have dedicated practices on Informatica, which includes tens of thousands of trained developers on all of our new technology. All of them have a next-gen reference architecture in which the IDMC platform and its core components are part of that reference architecture. When you think of the Accenture and Deloitte of the world, which are obviously very, very close strategic partners of ours, that's what it is. When they're talking to a customer about their data and digital transformation, and they're having a strategic dialogue, we are part of that business and technical reference architecture. Obviously, the other way where we see the relationship becomes really deep is, as I mentioned even during the roadshow, the trifecta of us with a systems integrator and a hyperscaler. In large transformation initiatives, customers want us to go together. That reduces their risk, that reduces the time to value. That's where also the SIs, the hyperscalers and us have a deeper partnership as we go in together. Understood. Thank you very much. Our next question comes from the line of Alex Zukin from Wolfe Research. Alex, please proceed. Hey, thank you guys for that. Congrats on a great IPO and Q1 out of the box. Maybe the first question. You mentioned NRR is being driven by broader product adoption across the entire IDMC platform, and you saw that improve 20 basis points in the quarter. Your goal is to get that north of 120%. Can you talk to maybe which products are resonating the most with customers and how you expect platform adoption to trend over the next few years? Let me take the first one and have Eric add more to the growth that you've seen over there. So, I think Eric could talk to you. First of all, it's the platform. For us, we have three journeys we talk about, analytics, Business 360, and data governance and privacy. You know, as I mentioned even during the roadshow, customers can land in any journey and expand in that journey as they expand the use case or expand across journeys. Pretty much every enterprise customer is doing all of those three journeys. If you are moving analytics to the cloud, let's say this example I gave with a large pharmaceutical company with us and Snowflake Data Cloud, they pretty much want some ability to do data governance on top of it across an enterprise. Those become very natural. Our expansion opportunities come from both increased use case of a particular use case a customer starts in, whether it's analytics or anything else, or going from a use case to another. We're ambivalent. Our goal is to help the customer adopt the platform, get business value from it across multiple products of ours. It is in that context also that we introduced consumption-based pricing this year to reduce the barriers for the customers to adopt any of the technology of the platform. That's how we see it. Even the customer examples I gave you, take Gras Savoye. They were a Business 360 customer from last year, and they expanded into modernization and analytics this year. That's literally how it goes. I'll let Eric add more to the growth of NRR. Yeah. The other thing I would point to is that it's this is kind of broad-based progress. You know, we highlight our million-dollar-plus subscription ARR customers as a metric. We've also introduced 100K or better subscription ARR customers as a metric, you know, just to punctuate the fact that you know, we have a broad base of participation here. The other thing that I would point to is just the overall average subscription ARR across the stock the entire installed base of 3,500-plus subscription customers. You know, that's over 200K, 208K to be more precise. It's basically you know, doubled over the last you know, several years. That gives you an indication of the ability of the IDMC platform. Amit's point, we can land in one particular use case, but invariably people will get into, you know, data quality, data governance, and most everyone is now excited about the, you know, the data catalog itself. Again, this advantage of having a best of breed products on one single integrated IDMC platform. That's very helpful. I guess, Amit, you touched on the consumption-based pricing. Talk to us a little bit about, you know, how relevant is that motion today within your customer base? How fast do you expect it to scale? And maybe which products or which SKUs do you find it having the most resonance on with customers? No, that's a great question again. Early days, we started it this year. I firmly believe in, I think one of the big differentiators for us as we've become a, the cloud-first company, is that we are very good about learning. We iterate, we try things, we learn, and we keep improving. Consumption-based pricing is something that we started this year. Great early traction. First of all, it's across the platform. Again, as I said, think of it this way, it's a great win for the customer. We all understand because they can begin from anything and go to anything. The other one importantly for us is that it reduces the barriers to consume any technology on the platform. You know, if you're the customer, you begin with some, you know, I want to ingest some data from SaaS apps into my data lake as an example. Oh, good, I did that. Now I actually want to use your, and for that I use your mass ingestion capability. You know, quickly I want to go into [NG start], and I suddenly feel like it's a good operational use case. I wanna do some data quality on top of it. Oh, by the way, I did that, but hang on a sec. Now I brought some more data from databases. I want to use some database integration, data integration capability. Oh, suddenly I want to put some governance on top of it or catalog. Completely reduces the barriers to use different technologies and of course drives more consumption because we have much more to offer on the platform for customers. Great early traction. We're learning from it. Fully expect that to continue to scale and grow in the coming years. We'll talk more about it, but so far, great learning from our customers and good adoption. Perfect. Thank you guys so much. We now have a question from Andrew Nowinski from Wells Fargo. Andrew, please proceed. Great. Thank you for taking the questions. So I want to start with a question on your announcement with Snowflake, where customers can use Informatica to, you know, make the conversion to cloud, I think 12 times faster. Is Snowflake bringing Informatica into deals, where the customer was already considering Snowflake, but since you make it easier to convert to their cloud-based solution, the customer also chooses Informatica? I'm just wondering if that relationship is more of a pull versus push, where Snowflake is pulling Informatica into deals. We have a very deep strategic partnership with Snowflake. You know, Frank and I chatted a couple of weeks ago. I think, in fact, we had a huge customer event where their Chief Product Officer, Christian, and my Chief Product Officer, Jitesh, did a joint webinar for our joint customers. In fact, the large pharmaceutical company I talked about was showcased on that webinar. We have two types of partnerships with them. Very strong between product technical partnership and, of course, a very strong go-to-market partnership. It's a bidirectional one. We're jointly going into customers. There's a lot of work happening in the field as we speak now, helping customers modernize at scale. We see great traction with them. We see great traction with that. It's a very strong mutual product and go-to-market collaborative partnership between the two companies. As I said, the other layer I'll add is that I keep saying I think the question was asked before. In a lot of cases, it becomes a trifecta. System integrators have practices on us, and they have practices on Snowflake, and they want to work with both of us because large digital transformation initiatives inherently require modernizing the data warehouse, modernizing the data management, infrastructure and larger systems and processes around it. The trifecta makes it even more deeper for us. Okay. Thank you, Amit. Maybe just another question as it relates probably more to competition. You know, I think you noted this morning that you had a 23.3 trillion transactions per month or the capability to process that many, up from about 13.6 last year. I guess as more customers join the platform and add more data to the platform, I guess we should assume that goes up every quarter. But I guess the question is really, is that metric important to prospective customers when they evaluate Informatica as a potential solution? Or are there other factors that they're looking at when they compare Informatica to other competitors? Multiple factors. Obviously that metric is a good indicator of the usage of our platform. I think that's a good way to understand because that's the scale at which it's not that we are selling. Our metric is customers are adopting and using. We are big believers in customer success and making sure customers get business value, not just technical value. When customers evaluate us, obviously they're evaluating us on, hey, this is the only at-scale cloud data management platform with AI and have the full breadth of all the offerings we need for data management, which are all best of breed also. I talked about the Gartner Magic Quadrant. That's product innovation. That's the one thing. Second is our huge focus on customer success. We just don't only focus on technical value, but business value creation. That's a big shift as a company that we've made in the last many years. The third one is partnerships. I think I touched upon that before. Deep partnerships with the hyperscalers and the SIs because customers want. These are complex initiatives, and they want value, and they want to make sure they can get to that faster. That's the neutrality. Customers are in a multi-cloud hybrid world. They will be in that. It's getting more and more complex over there. They expect us, want us to be the vendor-neutral player, and we are vendor-neutral, to make sure that they can manage this complex environment. That's what they look at us for. Got it. Thank you. Our next question comes from Koji Ikeda from Bank of America. Koji, please proceed. Oh, hey, Amit. Hey, Eric. Congrats on the journey back to the public markets and nice results here. Just a couple of questions from me. First one, you know, I recently saw a press release about this Cloud Data Marketplace solution announcement. I found it so interesting. It seems like it helps to unlock customer data even further. A couple questions on it. Number one, you know, how does IDMC and the CLAIRE AI engine help curate what data appears in that marketplace? And then number two, you know, was this a customer-driven product innovation? And then I guess lastly on the Cloud Data Marketplace, you know, how should we be thinking about pricing or maybe an ARR uplift potential there? It's a great innovation from the team, first of all. I think when we talked about, even in the roadshow, that we want to make sure we can help democratize data. One of the biggest challenges we heard from large enterprises that, you know, everybody wants tomorrow's data yesterday to make a business decision today. We want to democratize data. But the challenge for enterprises for democratizing data is that you can't make it a Wild West. Our goal has been there, we've been working on that for the last many years, actually. To your question, actually, it was both ways, customer driven as well as us seeing it. Marketplace, the vision is very simple, like an Amazon Marketplace. You go to Marketplace, and basically you can get access to any data across an enterprise. The UI and UX, if you see it, is extremely consumerized. It's meant for a user like you and I, Koji. We can go there and just literally shop for data. You have shopping carts, you can drag and drop data in it. But the beauty is under the covers sits all kinds of CLAIRE, all kinds of governance, because it knows what data access you are provisioned for or not. If you're not, you can ask for that access, and it can immediately route the operational workflow, all of that, completely automating it. As I said, the experience is extremely simplified. To us. In fact, I was talking to a large bank last week, and they're literally this is the biggest thing what they have, and they're actually looking forward to adopting this one as soon as possible. These are capabilities that are extensions of our overall data governance and privacy product heart mindset, because that's another last mile to, in a governed way, provisioning data. Expect more growth to come from these new capabilities. I mean, I go back again. We have a $44 billion TAM across these 7 product market categories. We'll keep adding more capabilities. That's tremendous room to continue to drive more growth through more capabilities of the platform. If you talk about AI, last question to you. Under the covers, what we have to clear is understanding the social graph of data, like a Facebook or LinkedIn. Understanding the full relationship of the data, where it's coming from, where it's going. Figuring out where data is sitting in different databases coded differently. When you ask for customer data or you type anything in plain English using natural language processing, it can go back and convert that into technical language. All of those things get simplified in a very consumerized UI through the marketplace. Got it. Thanks, Amit. And just one follow-up here for either Eric or Amit. You know, you mentioned longer term NRR goal of 120%. Just trying to understand or maybe I guess how should we think about the newer consumption-based pricing model playing as a driver towards that target? Thank you so much. Right. Yeah. Yeah, we're at 116% today. Under the covers, in self-managed, we have this interesting product category called DaaS or Data as a Service, which is oftentimes used just for discrete projects. As much as we'd like to renew it indefinitely, it tends to have a kind of, you know, a 12- or 24-month discrete project-based term. That represents, you know, $50-$60 million of total ARR. If we abstract DaaS from our overall subscription mix and then recompute NRR, we're already at approximately 120%. We know that our plans call for adding more net new cloud and more net new self-managed in areas other than DaaS. I think naturally over time, just given the characteristics of the higher, you know, NRR rates and everything other than DaaS, you know, we'll get to that 120. Got it. Thanks, Eric. Thanks so much. As a reminder, please limit yourself to one question. Our next question comes from the line of Karl Keirstead from UBS. Carl, please go ahead. Thanks a lot. Hey, Eric. A question on your subscription ARR guide for Q4, $801 at the high end. That implies sequential ARR growth of $65 million. That's in fact exactly what you did in Q4 last year, despite the greater scale. At first blush, that strikes me as a bit conservative. Perhaps you could just talk through that, and maybe there are some factors impacting that compared to that you'd like to highlight. Thanks a lot. Yeah, I think that, look, we're taking a kind of a realistic measured view. We're feeling, you know, good about the quarter. We feel like we have a better overall, you know, product portfolio, you know, year-over-year. I would say that, you know, the fact that it's sequentially about the same as last year is, I wouldn't read too much into that one way or the other. What we're looking for is to increase the mix of cloud relative to the overall subscription ARR add, and I think we've been making progress there. You know, one point of mix sequentially, two percentage points year-over-year. We look, as much to the cloud composition inside of subscription ARR as the overall kind of guide for total subscription ARR. Yeah. Okay. That's clear. I'll keep it to one question. Thanks a lot. Our next question comes from the line of Patrick Colville from Deutsche Bank. Patrick, please go ahead. Hey there. Thank you for squeezing me in. I just wanna double-click on the cloud AR growth, I mean, which, you know, undoubtedly was probably the star of the show this quarter. I mean, 44% growth is pretty impressive, which, if I'm right, is a 5-point acceleration sequentially on growth and, I think kind of mid-teens year over year. Just help me understand, versus last quarter or probably more personally versus a year ago, what is in that SaaS line that is causing this acceleration? In 2021, is the product suite broader than you had a year ago? Is the customer kind of demand, you know, at SaaS now, whereas a year ago they weren't there? Just help me understand that kind of acceleration dynamic. Thank you. Yeah, let me take that. All of the above, as you mentioned. Clearly, I think, as we even mentioned during the roadshow, we have been aggressively scaling our SaaS offerings on the IDMC platform. Obviously, maturity of that and more offerings on the SaaS platform, SaaS version of IDMC, and then customer demand. I mean, look, we serve enterprise customers. They are cloud first, multi-cloud, but they're also hybrids. Customers are also getting more and more aggressively moving to the cloud. All of that is playing into that growth number. Going forward, that's what we're looking at. We are basically investing more in cloud. We are absolutely cloud first for all measures. At the same time, I always say for enterprise customers, we're gonna meet the demand where the customer is, which is hybrid. We're gonna be cloud first, but help customers. As I said, I was just talking to a large bank last week, and they're like, "Hey, we wanna do these things in the cloud. We're gonna be hybrid, so make sure that we can get there in a hybrid way." We're just not gonna be leading. If I wanna catalog everything, I'm not gonna catalog it in the public cloud tomorrow. I'll get there over a period of time. That's what we see in our business cloud first, but with hybrid workload support. We see accelerated momentum towards all things cloud, which is what it is. You heard Eric say it. More and more of product innovation is centered towards that. You see all our announcements. All of those things are centered towards driving more cloud innovation and accelerating adoption of our cloud offerings within our customers, and demand is there as well. Excellent. Thank you so much for taking my question. Our next question comes from Matt Hedberg from RBC Capital Markets. Matt, please go ahead. Oh, hey, guys. Thanks for taking my question, and I'll offer my congrats on the IPO as well. You know, there's been some questions on the maintenance program here, and obviously it seems like one of your biggest sort of call options, I'd say converting maintenance to cloud. Do you foresee a time in the future where you know, you might get more aggressive with incentives or you know, investor education or whatever it might be to sort of drive a faster conversion of that maintenance base? Let me take that, and Eric, you can chime in as well. First of all, we're absolutely gonna be helping our customers move to the cloud, and in that context, move our maintenance to cloud. Period. Yes. Having said that, I think the biggest thing I reminded everybody in the roadshow is that these are operational workloads. Somebody's running a 10-K, 10-Q from that as an example. Some of you are big. I mean, these are real, running a proper business on that. When a customer thinks of migrating that, we want to make sure, and we continue to make sure that we can de-risk and reduce the time to migration, you know, by automating stuff, creating migration utilities. We went out there in the last three quarters, and we have not only seen great traction in selling, but also traction in implementing, making sure we learn from that. We're gonna work with GSIs like we talked a lot about to then accelerate that program. You saw announcements with Snowflake working with the hyperscalers to accelerate those. Absolutely, from our side, our goal is to accelerate the adoption of cloud from maintenance. Having said that, I think in the early days, we've, Eric and I, have been thoughtful and cautious about it because we wanna make sure that we learn and we help the customer get there without disrupting their business. Make no mistake, on this one, we are maniacal focused, and we're gonna continue to find every lever to accelerate that, make that an, maybe a German expressway where there are no speed limits ideally at some point. Yeah. I would just add two things. One, you know, what kind of incentives can we create is really through cloud based product innovation. So every quarter there's more features makes it that much more attractive for a customer to consider that cloud modernization, you know, opportunity, you know, itself. The other thing too is that in terms of our long range plans, since we can't predict the rate at which customers will want to voluntarily engage with us, we've taken a prudent view of what the conversion ratio is over time. You know, one of the things we've reported is the conversion ratio, you know, 1.8x. In other words, $1 of maintenance converts to $1.80 of cloud. In our internal modeling, you know, we're closer to a 1.3x assumption, which is, you know, pretty close to, you know, net margin neutrality. 'Cause if we can't forecast that rate accurately, we don't wanna be surprised in terms of margin impact. That's the way we're looking at this internally, over, you know, the next 3 to 5 years. Thanks a lot, guys. Our next question comes from the line of Tyler Radke from Citi. Tyler, please proceed. Hey. Thank you. Good morning. Thanks for taking my question. Wanted to just ask you about the hiring environment. Obviously, there's a lot of headlines just around the challenges out there. Looks like operating expenses grew pretty nicely here in the quarter. Curious if that's a good kind of barometer for head count growth and just what you're seeing on the hiring environment. Thank you. I'll touch on the hiring environment, and Eric, you can touch on the economic impact. I mean, look, we are hiring across the board. We're growing in every function across the company. I think, look, it is one of those environments we've created, we operate in a very innovative market. We have a lot to offer, and we are the most. I think we are obviously participating in a very aggressive hiring environment for sure. You know, I think in some ways we've been able to manage it relatively quite well because we are quite well dispersed across the globe. For example, take engineering. We have global centers of excellence across the globe, whether it's U.S. or Europe or India. We've been able to manage it well. Yeah, it is definitely I see when I talk to my peers across different companies, everybody is looking at that. So far, we've been able to manage it quite well and keep our fingers crossed and make sure that we keep executing. Yeah, we are growing across the board. Yeah. I'd say that, you know, the one kind of improvement or opportunity we now have as a public company is twofold. You know, we touched upon the fact that we've, you know, done broad-based, you know, equity grants, you know, across, you know, almost the entire organization. Not 100%, but, you know, pretty close to complete. That's something we have available to us now that we didn't have previously as a private company. We've also rolled out, you know, ESPP, which again is a big positive change for us. I think we've, you know, kind of quarter-over-quarter, we've improved our posture as far as that goes, notwithstanding that, you know, in tech, you know, it's, you know, there's a lot of competition for high-grade talent. We now have a follow-up question from Kash Rangan from Goldman Sachs. Kash, please proceed. My questions are answered. Thank you very much. I'll save you the time. Okay. We currently have no further questions, so I'll now hand back over to Amit for any closing remarks. Thank you. Well, look, thank you everyone for your time today. I'm pleased with our results. The team delivered. I believe we are very well positioned for future growth. We're off to a great start post IPO, and a huge thank you to our team here, our customers, and our shareholders for their support. Have a good day, everyone. Thank you again. This concludes today's call. Thank you for joining, and I hope you have a lovely rest of your day. You may now disconnect your lines.