Good afternoon, everyone, and welcome to Informatica's Fourth Quarter and Full year 2021 Earnings Conference Call. My name is Tania, 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. Thank you. I would now like to introduce our host, Victoria Hyde-Dunn, Vice President, Investor Relations. Thank you. Good afternoon, and thank you for joining us to review Informatica's Fourth Quarter and Full Year 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 vary 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 most recent 10-Q and upcoming 10-K filing for the full year 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'll be discussing certain non-GAAP financial measures. These non-GAAP financial measures are in addition to and not a 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 today's press release and in our slide presentation available on Informatica's Investor Relations website. With that, it's my pleasure to turn the call over to Amit. Thank you, Victoria. Good afternoon, everyone, and thank you for joining us as we review our fourth quarter and full year 2021 results and strategic priorities and guidance for 2022. We concluded our first year-end as a public company, and I'm very pleased with the results that the team delivered. We met our commitments and established an all-time quarterly record for total revenue, supported by strong operational performance and profitability. Our success is driven by our strategy of cloud-first, cloud-native, with the secular tailwinds of digital transformation. Now let me turn to business highlights from the fourth quarter. Total revenues grew 8% year-over-year to a record $407 million, above the high end of guidance, driven by subscription revenue of $230 million, which grew 23% year-over-year. Total ARR grew 17% year-over-year to over $1.3 billion, with strong contributions from subscription ARR of $802 million, which grew 32% year-over-year, exceeding the high end of our guidance. Cloud ARR grew 40% year-over-year to $317 million and now represents 23% of our total ARR, up 3 percentage points year-over-year on a growing base. Q4 was also an impressive quarter of sales execution with our ability to sell large multi-year deals to new and existing customers. Remaining performance obligations, or RPO, grew 26% year-over-year to $1.2 billion. Our growth drivers were customer demand for Informatica's Intelligent Data Management Cloud platform, strong sales execution, and robust engagement with our strategic partners. We focused on and generated strong new customer additions and continued expansion and upsell activity from our existing customers. Our cloud platform differentiation continues to result in strong enterprise performance. I'll give you some examples here. We added 26 subscription enterprise customers that spent $1 million or more in subscription ARR, ending the fourth quarter with a record 153 customers, an increase of 47% year-over-year and 20% sequentially. At the end of Q4, we have 1,600 customers that spend greater than $100,000 in subscription ARR and 22% increase year-over-year. 55% of subscription customers are net new, and our average subscription annual recurring revenue per customer in the fourth quarter grew to over $221,000, a 21% increase year over year on an active base of more than 3,600 subscription customers. By leveraging our sizable billion-dollar-plus investment in R&D over the last five years, now 85% of our subscription ARR comes from the net new products on IDMC. Our AI engine, CLAIRE, is embedded in the IDMC platform to drive intelligence and automation at scale, enabling us to process 27.8 trillion cloud transactions per month as of December 2021. In summary, we are seeing great expansion across the board with our portfolio, both in large enterprises and an expanding commercial customer base. Now turning to go-to-market, let me highlight some customer wins to give you some color on our execution. Starting with North America. T-Mobile, which everybody knows is the second-largest wireless carrier in the U.S. and a long-time Informatica customer. We're excited to announce that we have signed a new multi-year agreement with them to use Informatica's MDM Customer 360 SaaS platform to support their initiatives around T-Mobile for business. Looking to the Asia Pacific region, a new public sector deal is with Petronas, a Malaysian oil and gas company wholly owned by the government of Malaysia and ranked among the Fortune Global 500. Petronas embarked upon a digital transformation initiative that had identified multiple new digital projects that required access to a single, complete, trusted view of technical master data within their upstream business. Because of the complexity, Petronas needed a master data management product designed for all architecture styles, including centralized, consolidated, and coexistence. Petronas chose Informatica as a long-term partner, beginning with an initial MDM implementation and growing globally across all Petronas group companies. Another notable new deal in our EMEA region is with the Alshaya Group, a leading retail franchise operator for international brands including H&M, P.F. Chang's, Starbucks, The Body Shop, The Cheesecake Factory, Victoria's Secret, and West Elm, to name a few. This Kuwait-based company operates more than 4,000 stores across the Middle East and North Africa, Russia, Turkey, and Central and Eastern Europe, as well as scaled online and digital businesses. Recognizing the depth of our Intelligent Data Management Cloud platform, Alshaya chose Informatica's end-to-end Business 360 platform. Our partnership with Microsoft and our Azure Marketplace presence added additional value to Alshaya in its long-term digital goals. Another great example of land and expand customer story is Rolls-Royce. I think everybody knows this 150-year-old company. They have four main operating companies: Civil Aerospace, Defense, Power Systems, and Electrical. Rolls-Royce is a long-time Informatica power sector customer, and they also have a strategic partnership with Microsoft as their preferred cloud vendor. Rolls-Royce is on an aggressive digital transformation where data is a key component to that digital transformation. They saw value in our IDMC cloud platform, selecting Informatica as a strategic partner with their initial investment in Axon, data quality, and the enterprise data catalog to solve their data challenges. Q4 was also highlighted by increased collaboration with our strategic partners. We had strong engagement with our ecosystem and global system integrator partners, winning new deals, a reflection of our sweet spot in the data management position in the market that customers really value. In the fourth quarter, the number of ecosystem co-sell wins grew over 2.5x year-over-year, and the marketplace transaction volume grew 4x year-over-year, indicating excellent traction with key ecosystem partners. On the product innovation side, we extended our partnership reach, where we were the launch partner for the Snowflake Governance Accelerated Program and earned Snowflake's Data Governance Ready badge, reflecting our ability to deliver data democratization, data protection, and data governance for the Snowflake Data Cloud. At AWS re:Invent conference, we announced new solutions for AWS in data governance and data democratization for databases and Delta Lake. We announced cloud modernization programs with AWS, Microsoft and GCP. We also announced an expansion of our strategic partnership with Google Cloud at Google Cloud Next. A great example of a strategic partner co-win is with the Bank of Montreal, the fourth-largest bank in Canada and eighth in North America by assets, serving 12 million customers. BMO had a goal for all of their decisions to be data-driven and realized that they had to elevate their data management practices and use of data and analytics. Limited by existing technologies, BMO recognized the need for a comprehensive end-to-end data management solution, and they are leveraging Informatica solutions, including Axon Data Governance, Enterprise Data Catalog, and Informatica Data Quality. In addition, BMO has partnered with Deloitte during the evaluation and continues to collaborate post-sale on the delivery. The strategic partnership of Informatica and Deloitte will allow BMO to be a digitally powered bank that draws on actionable insights. Now let me turn to product innovation, where we continue to democratize data and enable data-driven decision-making for our customers through real-time analytics, data governance, data sharing, and data intelligence. Beginning with the launch of an industry-first Informatica Cloud Data Marketplace that provides self-service data sharing with a seamless data shopping experience for consumers of all skills across a hybrid multi-platform enterprise. Powered by CLAIRE, our AI engine, we enable customers to easily find and share real-time data and AI analytical models more broadly and effectively, and we automate manual tasks. Second, we added more CLAIRE AI-powered automation, including self-integrating systems, automated app-to-app data synchronization, automated change data capture, automated MLOps and DataOps capabilities, automated inference for data quality rules, automated schema matching, and automated curation of data assets for improving customer productivity at scale. Third, we are helping data engineers and application developers accelerate development and increase the performance of data pipes for data warehouses, data lakes, and application modernization use cases. We extended our API management support for third-party APIs to enable customers to better govern, manage, and secure all of their enterprise data and business APIs. Next, as we noted earlier, we continue to see strong interest from our on-prem customers wanting to modernize to the cloud and leverage our cloud-native IDMC platform. We improved automation tools and expanded support for additional systems, including mainframe, enhancing feature support for Azure and AWS Redshift, real-time support, and handling of advanced transformation, including data quality transformations and configurations. To date, 2% of our install base has migrated to the cloud at a 1.9x conversion rate from maintenance ARR to cloud ARR. More recently, we achieved FedRAMP certification, meeting the most stringent global security standards and Fed regulations, giving our government customers peace of mind and a best-in-class cloud data management platform to help them modernize, drive efficiency, and deliver digital-first experiences for their employees and the citizens across the country. Lastly, Informatica's differentiated cloud technology platform is consistently recognized by industry analysts. Beginning with Gartner, we are proud once again to be named a leader in the Gartner Magic Quadrant for Master Data Management Solutions. This is the sixth time in a row and positions Informatica as one of the longest-running leaders in the MDM Magic Quadrant. We recently received a strong rating in Gartner's 2021 Vendor Rating Report in three categories, including strategy, products, and technology. We are fortunate to be one of the 32 companies that Gartner covers in this vendor rating across the globe. We were also awarded the 2021 New Product of the Year by the Business Intelligence Group for Informatica's IDMC platform. CRN recognized Informatica as a top 100 cloud company in 2022. We have strong momentum coming out of 2021, and we could not be more excited about the opportunities in front of us this year. Our strategic priorities and key areas of investment are threefold. It begins with product innovation to enhance capabilities and drive more use cases for our cloud IDMC platform. Second, continue to scale and expand our global enterprise sales motion. And third, strategic partnership expansion. Let me give you a brief explanation of all of them. First, around product innovation. The breadth of our IDMC platform is unparalleled, and no other product in the market today provides a suite of seven best-in-class, best-in-breed solutions powered by CLAIRE, our AI engine, and over 50,000+ metadata-aware connectors. We look forward to sharing a lot more on product innovation at Informatica World in May, which is our user conference. Second, we continue to expand our global sales motion. Our core sales motion is twofold: landing new customers into the IDMC platform and expanding the installed customer base through selling new cloud workloads across the seven best-of-breed products I talked about. With maintenance renewal rates of 95% and subscription renewal rate of 92% on a growing customer base, we have ample opportunity for land and expand with new use cases. As we scale our go-to-market internally with strategic partners, we are amplifying the focus on industry-driven go-to-market sales motion. We will create new routes to market through a combination of sales team organized by verticals in top-tier geographies and increased emphasis on industry-aligned, use case-based selling across the board. Additionally, we'll be investing more and more in high-velocity selling motion for departmental buyers. Our new consumption-based pricing model continues to provide more flexibility and allows us to attract new customers and drive increased adoption of the IDMC platform within existing customers. Third, turning to our strategic partners. This past year, we deepened our strategic relationships with our hyperscalers and cloud ecosystem partners, including AWS, Microsoft Azure, GCP, Snowflake, and Databricks. This year, we will continue to expand our co-sell and marketplace opportunities. With our GSI partners, we're doubling down even more on current engagements and forging new partnerships. Since 2020, when we launched our customer and partner certification program, today, we have certified more than 17,000 individuals across GSIs and channel partners. We're introducing a new selling motion to accelerate the migration of on-prem workloads to cloud through our GSI partners. Some of our largest strategic partners have built migration centers of excellence with access to our migration factory tools to help customers migrate their on-prem workloads to cloud seamlessly with less risk. We continue to deliver on our commitments. I'm proud of the execution from 5,500+ Informaticans across the globe to help us achieve a very strong 2021. We recently welcomed Jim Kruger as our Chief Marketing Officer. Jim has more than 25 years of experience driving high-velocity sales motion within enterprise cloud software companies, including demand gen, brand, product, and solution market. We believe the resiliency of our recurring revenue model and strong cash flows will help us to achieve double-digit revenue growth this year. The operating health of the business is solid. We are on track to deliver $1 billion in subscription ARR in 2022. Quite an impressive journey for Informatica, which, when I think back in 2015, we were less than $100 million in subscription ARR. With that, let me hand the call over now to Eric. Eric? Thank you, Amit, and good afternoon, everyone. Q4 was a strong finish to our first fiscal year-end post-IPO, and we delivered a very good quarter. Let me provide some commentary on the results before discussing our expectations for Q1 and full -year 2022. Turning to our Q4 results, we delivered $406.7 million in total revenues with 8% year-over-year growth, which was above the high end of our guidance range. Our results were driven by healthy expansion and upsell activity from our existing customers and new customer additions, including large enterprise deals. In fact, for the full year, we observed strong new customer momentum and grew new logo total contract value, or TCV, by 29% year over year. In terms of revenue contribution, 90% of total revenues are recurring and highlight the stability of our financial model. This drives the better-than-expected cash flow I will discuss later. Subscription revenues increased 23% year-over-year to $229.7 million and were better than our internal expectations. Subscription revenues represented 56% of total revenues as compared to 49% a year ago and reflect strong customer demand for our cloud solutions. Maintenance and professional services revenues were flat year-over-year as expected at $166.8 million and represented 41% of total revenues of the quarter. Standalone maintenance revenue represented 34% of total revenues. Consulting and education revenue make up the difference and fluctuates based on customer requirements, representing 7% of total revenues. Lastly, perpetual license revenue was $10.2 million in the quarter, down as expected 60% year-over-year, and represented about 2.5% of total revenues. As a reminder, we are not actively selling perpetual licenses to new customers and expect perpetual licenses to remain an insignificant percentage of total revenues. Our shift to a recurring revenue model is effectively complete. As Amit mentioned earlier, we had strong global sales execution in the quarter. Revenue from the U.S. grew 8% year-over-year to $247.4 million, representing 61% of total revenue. International revenue grew 7% year-over-year to $159.3 million, representing 39% of total revenue and up 2 percentage points sequentially. We continue to see opportunities in front of us as countries outside the U.S. look to the cloud as part of their digital transformation. Now turning to ARR. Total ARR increased 17% year-over-year to $1.36 billion in the fourth quarter. We added $200 million in net new ARR in 2021 versus the prior year. We are introducing total ARR as a new full year guidance metric for 2022 and are on our way to over $1.5 billion in expected total ARR this year. Subscription ARR increased 32% year-over-year to $802.3 million in the fourth quarter, above the high end of guidance and driven by new subscription customer growth and cross-sell from existing customers. Subscription ARR represented 59% of total ARR, up seven percentage points year-over-year and up 2 percentage points sequentially. As we guide to $1 billion in expected subscription ARR in fiscal 2022, we note that today there are only about 30 other public technology companies currently at this 1 billion+ scale of subscription ARR. Cloud ARR increased 40% year-over-year to $317 million in the fourth quarter and was in line with expectations. Cloud ARR represented 40% of total subscription ARR, up 3 percentage points from a year ago and up 1 percentage point sequentially. We added $90 million in net new cloud ARR in 2021 versus the prior year, and net new cloud ARR in 2021 increased 50% year-over-year in dollar terms as compared to 2020, indicating strong cloud momentum. We expect approximately 40% year-over-year cloud ARR growth in each quarter in fiscal 2020, maintaining this high growth while scaling the business. Lastly, maintenance ARR was flat year-over-year at $557.9 million, with strong renewal rates, and represented 41% of total ARR, down 7 percentage points from a year ago. As a reminder, we have significantly reduced sales of professional licenses in favor of cloud offerings, and this will naturally result in a gradual decline in maintenance ARR over time. As a result, we expect maintenance ARR of approximately $525 million for full year 2022. Subscription net retention rate, or subscription NRR, in Q4 was 114%, flat year-over-year. As I mentioned last quarter, we expect to see fluctuations in this metric due to the mix of new bookings from new customers versus existing customers and the timing of large initial deal sizes expanding in their first year. We remain focused on driving subscription NRR above 120% as a longer-term goal. Now turning to consumption-based pricing. 2021 marks the first full year of our consumption-based pricing model featuring Informatica Processing Units, also known as IPUs. IPUs allow our customers to dynamically and seamlessly choose how they use any of our cloud solutions and services. In 2021, IPUs represented approximately 20% of cloud ARR, and this percentage increased by approximately 3x compared to 2020. In the fourth quarter, approximately 43% of our cloud net new bookings were IPU-based, indicating accelerating uptake of this offering. Before moving to our profitability metrics, I'd like to point out that I will be discussing non-GAAP results for the fourth quarter unless otherwise stated. Our gross margin was 82.3%, and we maintained a stable level throughout the year notwithstanding the mix shift to cloud. Consistent with expectations, we accelerated investments in Q4 across all functional areas to capture the significant momentum we're seeing in the market as we continue to hire, make investments to support growth and prepare for public company operations. We have several strategic priorities in 2022 and view this as an important year to continue investing in sales and marketing, research and development, and partner ecosystem initiatives. Q4 non-GAAP operating income was $95.1 million, slightly above our expectations. Adjusted EBITDA was $101.3 million, and net income was $54 million. Net income per diluted share was $0.20 based on 275.4 million diluted shares outstanding. The basic share count for Q4 was 267.5 million shares. Capital structure and cash flow updates. We ended the year in a strong cash position with cash plus short-term investments of $496.4 million. Net debt was $1.38 billion, and with full -year Adjusted EBITDA of $377.4 million, this resulted in a net leverage ratio of 3.7x, down from 6.2x last year. Looking ahead, we expect 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 2x. Unlevered free cash flow after tax was $104.5 million in the fourth quarter, and for the full year, unlevered free cash flow after tax was $332.2 million, approximately $38 million above guidance midpoint. Operating cash flow in Q4 was $86.3 million, an improvement of 10%. Operating cash flow was $228.7 million for the full year, an increase of 36% year-over-year due to top-line revenue growth, strong renewals, and working capital efficiencies. RPO grew 26% year-over-year to $1.2 billion. We are pleased with the growth in RPO. However, we continue to believe ARR is the best metric to understand the business's performance, as it removes variability associated with billings and contract duration. Now, key modeling assumptions. Before guiding for the first quarter and full year 2022, I would like to provide some additional color on certain financial model assumptions. First, let me discuss our expectations for non-GAAP operating income. As we mentioned last quarter, total revenues and non-GAAP operating income ranges are in part dependent upon the mix of ARR additions of cloud versus self-managed subscriptions. Self-managed subscriptions are subject to ASC 606 upfront revenue recognition, as opposed to cloud subscriptions, which are recognized ratably over time. Cloud ARR represents 40% of subscription ARR. As customers purchase more cloud offerings on the IDMC platform, we expect the mix of cloud ARR as a percentage of subscription ARR to gradually increase. As Amit mentioned, we have ample high-quality business opportunities which require incremental expenses given the healthy cloud market environment. We are of the opinion that making these investments will position us even better to achieve our long-term non-GAAP operating income margin of 36%-39% of total revenues. Second, let me discuss our expectations for P&L tax rates. We reported 2021 non-GAAP net income at a non-GAAP tax rate of 22%. For 2022, we are estimating a 23% non-GAAP tax rate. Looking at fiscal 2023 and beyond, we continue to 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, let me discuss our expectations for shares outstanding. For the first quarter of 2022, we expect basic weighted average shares outstanding to be approximately 280 million shares and diluted weighted average shares outstanding to be approximately 286 million shares. For the full year 2022, we expect basic weighted average shares outstanding to be approximately 284 million shares and diluted weighted average shares outstanding to be approximately 288 million shares. Our IPO lock-up expires, and vested options and eligible shares can be traded starting February 28, 2022. We estimate that approximately 256 million shares of Class A common stock, including approximately 11 million vested options, will become eligible for sale in the public market at the opening of the market on February 28. Fourth, let me discuss our expectations for unlevered free cash flow after tax. Our outlook for full year 2022 takes into account three factors: improving net income, a discrete non-operational item, and an increase in investment in strategic growth initiatives. The one discrete non-operational item is the higher expected cash taxes of approximately $23 million, driven by U.S. federal tax requirements to capitalize R&D beginning in 2022 versus expensing those costs in period. While there's still a possibility that legislation will be enacted that defers the requirement to capitalize R&D, we are including higher cash taxes in our current outlook, as we'll be required to make these payments unless the existing law is amended by legislation before the end of March. Guidance. Taking all this into account, we are establishing guidance for the first quarter of 2022, ending March 31, 2022, as follows. We expect total revenues in the range of $357 million-$367 million, representing approximately 8% year-over-year growth at the midpoint of the range. We expect subscription ARR in the range of $830 million-$840 million, representing approximately 30% year-over-year growth at the midpoint of the range. We expect cloud ARR in the range of $333 million-$339 million, representing approximately 40% year-over-year growth at the midpoint of the range. We expect non-GAAP operating income in the range of $66.5 million-$73.5 million. We are establishing guidance for the full year 2022, ending December 31, 2022, as follows. We expect total revenues in the range of $1.585 billion-$1.605 billion, representing approximately 10% year-over-year growth at the midpoint of the range. We expect total ARR in the range of $1.510 billion-$1.540 billion, representing approximately 12% year-over-year growth at the midpoint of the range. We expect subscription ARR in the range of $990 million-$1.01 billion, representing approximately 25% year-over-year growth at the midpoint of the range. We expect cloud ARR in the range of $438 million-$448 million, representing approximately 40% year-over-year growth at the midpoint of the range. We expect non-GAAP operating income in the range of $325 million-$345 million, and we expect unlevered free cash flow after tax in the range of $323 million-$343 million. By the end of 2022, we expect to further deleverage to under 3x on our net debt to Adjusted EBITDA ratio. In summary, 2021 was an excellent year with 40% year-over-year cloud ARR growth, a quarterly record for net new cloud ARR dollar additions, better -than -expected total ARR growth, and predictable cash flow generation with proven unit economics. We believe we are well-positioned to achieve our guidance of $1 billion in subscription ARR and $1.5 billion in total ARR by the end of 2022. Before closing, I'd like to note an upcoming event. As Amit mentioned, we are planning to host Informatica World, our annual user conference, the week of May 23 in person and online. If you are interested in attending, please reach out to investor relations. Thank you very much for your continued support. Operator, you may now open the line for questions. Thank you. We will now begin the Q&A session. Please press star followed by one on your telephone keypad if for any reason you would like to remove a question. Please press star followed by two. Again, to ask a question, press star one. As a reminder, if you are using a speakerphone, please remember to pick up your handset before asking your question. We will pause here briefly while questions are gathered in the queue. The first question is from the line of Kash Rangan, Goldman Sachs. Your line is now open. Hello, guys. Congratulations on a really strong finish to the year. This is fantastic to hear the cloud momentum and the cloud partnerships, Amit; that intrigued me greatly, your comments on AWS partnership and the others. Where are we in the cycle of these partnerships and the ability of these partners to bring in Informatica into the kind of seven-figure deals Informatica and its own could generate, but obviously with the help of these partnerships, their cloud, and their warehousing is taking off? I'm curious to see the kind of leverage you can get from these partnerships in addition to the technical stuff. Could this lead to more leverage on the business side? Then the second and final follow-up for me is the composition of your product family as it represents new ARR. Where are you seeing the changes happening with new ARR and the different product segments that you have on the core IDMC platform? What is showing up increasingly? That's it for me. Thank you so much. Thanks, Kash. Hope all is well. To the partnerships, look, we are extremely happy about where we are with the partnerships. I think, as I said before, when we talk about the 85% of subscription ARR coming from new products, all of them and all of the data warehousing and the cloud workloads are all in the context of AWS Redshift or Synapse or GCP, Snowflake, Databricks. All of them are already creating new workloads over there. As you know, customers in that case are now moving into more complex workloads. We had done a fair bit of engineering work with these partners in the last many years to grow our business in that direction already. We are walking into more complex workloads, and which is where we are doing many, many more technical work as we speak, including migrations of PowerCenter to cloud with them. We're already seeing that traction as we go in together. Give you an example, there are many co-sell incentives that these partners have for their own salespeople. Marketplace seamlessness: customers can actually buy us through their marketplaces. All of those are being invested in as we speak, even when I spoke at Google Next with Thomas. As you, as we walk towards Informatica World, you expect to see many, many more of these announcements coming out, both on the product and go-to-market side. We are seeing that tailwind, and in some of the customer examples I mentioned where each of these ecosystem partners was involved with us. Again, as you know, in the context of cloud and consumption, once we land, then the expansion naturally takes over. We may begin. We already shared with you how the ASP has grown, and it has natural tailwinds to grow from there onwards. On the mix, I'll agree with Kash, but I'll thematically say, look, we talk about three journeys: data warehousing and data lakes, data governance and privacy, and Business 360. In fact, this year, we've added a fourth journey, which is all around app modernization and hyperautomation. When I look at the other three journeys, it's like I said, even in the roadshow process, 50% on the data warehouse, data lakes, the remaining is the other 50%, both MDM and data governance combined; all of them are growing. You saw so many examples of data governance deals, MDM deals, and data warehouse and data lake deals. We see tailwinds around all of them. Yeah. In regard to Kash, your question about, you know, the product family trajectory, and again, I'll reference this, the high growers relative to the overall subscription ARR growth rate of 32%. The callout for the product family is growing well above that 32% year-over-year in terms of sub ARR would be data quality and EDC. To Amit's point, any journey that one undertakes requires data quality in general as well as cataloging. We continue to see really strong growth from the DQ and EDC family. You know, MDM was also very strong for us in the quarter as well. Those would be the three product family callouts. Brilliant. Thank you so much. Thank you, Mr. Rangan. The next question is from the line of Mark Murphy with J.P. Morgan. Your line is now open. Thank you very much, and I'll add my congrats on the heels of Kash's comments. Amit, we've heard from some infrastructure software companies that they're mentioning a little slower consumption at year-end and, you know, kind of tying that in with more companies being shut down around the holidays, more vacation, more company shutdowns. Did you find a way to buck that trend, or is consumption still too early for you to really be noticeable? Mark, great question. I think, as Eric mentioned, we saw tremendous growth in consumption-based pricing this year, and you see the progress that we made. I think to build on that, the beauty for us in consumption is because we have these seven big product families sitting on the IDMC portfolio. We provide customers the flexibility to not only use consumption for a particular use case where they may begin, but naturally grow from a use case to another use case very seamlessly. That's what gives customers the peace of mind that they can. You know, a lot of times we find customers begin with a use case and discover that they want to do B, C, or they want to do C more than A than what we thought initially, and that's what we saw. We didn't see any slowdown per se, to be honest, in Q4 on anything related to that. If anything, it just gave us the feedback we kept hearing: that customers loved it. They liked the transparency. They liked the flexibility, and more importantly, they loved the ability that it brings down the barriers across all of the capabilities in the platform across which they can use. We continue to see a very healthy pipeline around cloud and consumption-based pricing in particular. Yeah. The thing that I would add on, is one of the operational metrics that we've provided is the number of, you know, total, you know, IDMC platform transactions, cloud transactions per month. We noted a 65% increase, you know, year-over-year. I think that's, you know, one of the highest, you know, year-over-year increases we've seen. Into the year, we see accelerated use of our platform. Okay, so it sounds like you completely bucked that trend in every way possible. Eric, the question I wanted to ask you on the financials is what would you say is the dynamic that is causing, I believe, a slightly higher expense load in 2022, while at the same time you're guiding above on, at least above our model on the unlevered free cash flow? Especially with you mentioned higher cash taxes, which would seem to make that tougher to accomplish. Is it possible to unpack that for us a little? Sure. I'll start with cash flow. First of all, we came off a really good 2021. We noted, you know, just over 35% growth in operating cash flow, you know, year-over-year. That's clearly well ahead of ARR growth and, you know, revenue growth, et cetera. The overall mechanics of the business are doing well. We've completely moved to a SaaS model, and we've maintained very high renewal rates. In fact, our maintenance renewal rates continue to be higher than our own internal expectations, for example, and subscription is in line as well. Cash flow in general is working out quite well, as we had planned. Against that for 2022, you know, Amit noted the areas where we're gonna have increased spend. It's the go-to-market specific industry verticalization is a good example there, and even more investment in the partner ecosystem. That's gonna take the form of go-to-market investments, and potentially also some R&D investments to bring us closer. It all orients around the IDMC, you know, advantage. Despite the higher cash spending that we're expecting in 2022, we're doing well enough in the mechanics of the business to, you know, to have that, the good opening guide on 2022 unlevered free cash flow. Okay. Well said, and very clear. Thank you for that. Thank you, Mr. Murphy. The next question is from the line of Alex Zukin with Wolfe Research. Your line is now open. Thanks, operator, and congrats on a great quarter, guys. I guess maybe just the first one for me is I wanna ask about the cloud consumption dynamics specifically. It was pretty impressive to hear there was 40% of new bookings for cloud coming from that motion in Q4. I guess I wanna ask, what do you anticipate that percentage being for fiscal 2022, and of the cloud business specifically, and maybe exiting that year as well? If you think about how much of that usage will be driven by net new customers versus migrations. Let me, Alex, good to talk to you again. Let me give you some color on new, existing, and then Eric will go through some of the more detailed numbers for you. Look, you saw 55% of our subscription customers are net new. We are focused on both customers. We are focused on existing customers where we have landed to grow more. Existing customers who are, you know, using our maintenance legacy products to use our new subscription products, as well as net new customers, and you saw the examples we gave you. We are equally focused on both. One of the beauties of our stack is use the renewal rates that Eric talked about is that once we land, it's a very sticky product. We basically drive a lot of operational workflows, so we are focused on both, white space as well as existing customers. We'll continue to go. You'll see us talk about both. Then I'll let Eric talk about some of the details on the net new growth over there in cloud, yeah, Eric. Yeah. I would say that again, Q4 is obviously, you know, a very active quarter in terms of overall net new bookings. You know, we have 43% of the cloud new bookings taking the form of IPUs, and I guess, the highest quarter ever. We also noted that the overall cloud ARR for the full year is about 20% IPUs. It's like the average stat. I would expect, you know, we'll see a quarter, you know, in the near future where, you know, IPUs are well north of 50%. It's really resonating with, you know, with customers. But I wouldn't try to estimate an overall average, you know, 2022 stat for IPUs relative to total ARR. I'll pass on that, but clearly we want to drive as much cloud sales to IPUs over time because we think the flexibility is really, really resonating. The 43% stat is something we wanted to share with this group so you can understand kind of the upward inflection in this key cloud trend. Thanks. Super helpful. I guess just the other one for me would be around DBNR. Clearly, sequentially, you know, a solid number, but a little bit lower, and then you mentioned the volatility that can jump around between quarters. Can you walk through kinda what maybe specifically was the tougher compare or anything else that kind of drove that number in the quarter? How should we expect it to trend, maybe into Q1 and maybe first half of the year? I wanna make sure I understand the question. You said DBNR. Could you- Yes, sorry, NRR. NRR. NRR. It's fine. You know, it's a great question. You know, 114% is what we had this year in Q4. It's basically identical to what we had in Q4 a year ago. One of the things that is important to understand about NRR is that, you know, we don't have a precise model to know in any given quarter how much of the net new bookings are gonna come from an existing customer, which will be additive to NRR, or whether the booking comes from a brand new net new logo. Because in that case, for example, in cloud migrations where customers have been maintenance only, you know, they take on subscription for the first time, they make no contribution to the NRR stat for a full year. I think that for us, it's really more of a mix of bookings from existing customers versus net new. We called out the fact that we had a significant increase in new logo TCV, you know, up 29% year-over-year. I think that, in fact, what we're doing is more business with net new logos, and unfortunately, they don't add to the NRR stat in the current period. We have to wait 12 months. Understood. Perfect. Thank you, guys. Thank you, Alex Zukin. The next question is from the line of Koji Ikeda with Bank of America. Your line is now open. Hi, this is Mary Lu for Koji. Just actually a follow-up on NRR. You guys have mentioned this IDMC, the Cloud Data Marketplace, as a new product, and it's categorized as data as service. I was wondering if that has any contribution to the decline of NRR. Let me clarify. No, data as a service is different from cloud marketplace. Totally different. Data as a service is a separate product category that, yes, you're right, we've talked about that, has a lower renewal rate, so it's always net dilutive to our NRR number. We've always said that as the cloud business grows, that is one of those things that will stay constant, and naturally, the NRR dynamics will grow. Data as a service and the data marketplace are two fundamentally very different things. Data marketplace is a very strategic product that we launched. We're very excited about it. It actually is an offering that builds on top of our data governance Axon offering, allows large enterprises to have one place where, in a very shopping cart experience go fetch data for any kind of user, adhering to all kinds of governance and access policies of an enterprise. And that definitely has been very well received. Two very different products and very different dynamics. Great. Thanks for clarifying that. Just follow up on that. That is leveraging the AI, the CLAIRE; that's my understanding. How can customers leveraging, like, use other alternatives for democratized data or just a kind of a synergy to use the platform that you offer here? Absolutely. CLAIRE is embedded in every product. In the context of a marketplace, to give you an example of what CLAIRE does. If you're a user, let's say you want access to a particular data, and you go to the marketplace, and like in an Amazon shopping cart experience, you drag and drop the datasets you want, and you don't have access to it. CLAIRE automatically knows that you don't have access to it, automatically knows under the covers who's the owner of that data, in an automatic way kind of runs a workflow where it goes to the owner of the data to give you access or not, and comes back to you and completes the workflow. Things like that could have never been done before. It integrates obviously with all kinds of governance, access management policies that exist within an enterprise. It obviously, in a very big way, automates the process. In terms of that, working with other providers. Look, our goal is that it is used by a chief data officer as a holistic capability on top of every place where the data sits. It could be sitting in a Snowflake data store, it could be sitting in any Azure, it could be sitting in anything on-prem. They need that on top of that because data is dispersed; they don't want wrong people to get access to wrong data, causing them challenges. That's how the value comes to bear. Great. Thanks for the clarification that. Thank you. Thank you. Just as a reminder, please limit your questions to one per participant. Our next question is from the line of Matt Hedberg with RBC Capital Markets. Your line is now open. Oh, hey, guys. Thanks for taking my question. I'll keep it to one here. You guys just delivered 40% cloud ARR growth, and you're guiding to 40% this year. You know, with no implied deceleration there, I guess I'm wondering what kind of visibility do you have to that business. And maybe as a—as sort of a question in conjunction with that, what sort of maintenance conversions does your guidance assume? Obviously, you saw a 1.9x uplift this quarter. I believe that's even better than the 1.8 that we've seen previously. But just sort of wondering what sort of assumptions you've made there for cloud ARR growth. You saw, I think, last year we talked about 1% of maintenance having migrated; now 2% has migrated. It's a big number, of course, maintenance overall half a billion dollars. We expect to see more and more momentum there. You saw I talked about more and more automation, more and more GSIs leveraging migration factories, going together with the ecosystem players. Expect that to grow also. We are gonna drive both to drive cloud ARR growth. Thanks, guys. Thank you, Mr. Hedberg. The next question is from the line of Andrew Nowinski with Wells Fargo. Your line is now open. All right. Thank you. Good afternoon. I just had a question on your FedRAMP certification that you mentioned. I was just wondering if you could provide any color around maybe the federal contribution in 2021 and what you're assuming or what kind of contribution you think the Fed could have as it relates to your guidance for 2022 now that you have that high level certification. Thanks. Hey, Andrew, how are you? I mean, we don't guide to a particular mix breakdown by how big is Fed, but I can tell you that Fed and the whole public sector is a big area of focus for us across the globe. U.S., U.S. Fed business, obviously so much to spend. Our goal was to make sure FedRAMP was a very critical part to make sure our federal customers who want to go to the cloud—a lot of them are existing customers. They want to start new workloads, and you see a lot of modernization and very early innings there. They needed that for them to be comfortable. And you know, we serve the data layer, which becomes extremely important. I fully expect FedRAMP to be a great tailwind for us for this year. Obviously we'll continue to put all of our portfolio over there. That should drive more and more. We are expecting more from there. Natural area for us to invest in with many customers. You know, we also have many flavors in the FedRAMP overall, and then each state has different flavors. For example, the state of Texas has a flavor of FedRAMP that we got certified. California has another one. All of those states have big spend, and we're expecting that to come from a SLED point of view as well this year. Okay, got it. Thank you. Thank you, Andrew Nowinski. The next question is from Karl Keirstead with UBS. Your line is now open. Thank you. Maybe to Eric. Eric, I'd love to press on your guidance for 10% revenue growth in calendar 2022. It's not that different than the 9% you just put up in 2021 despite the progress you've made on diversifying the portfolio, despite the mix shift to higher growth subscription, despite the fact that you're lapping the decline in perpetual license sales. Clearly there's an offset. My guess is that maybe the maintenance roll-off is accelerating in 2022, but maybe you could unpack that for us. Thank you. Yeah, no, it's a great question. Yeah, maintenance is part of it. We have, as of Q4 2021, you know, we have achieved what I'll call peak maintenance, right? With the level of perpetual license that we have, next year, 2022, is the first year where, you know, we're gonna have kind of a flat. We've arrested the decline of perpetual. We've hit the bottom. As a result, there's not enough net new adds of new maintenance to keep maintenance flat. That's why we gave the total ARR guide metric for the first time, so you could very explicitly see the maintenance ARR assumption of about $525 million at the midpoint. With that decline there, you know, it drives the decline in overall, you know, GAAP revenue as well. The other thing too, of course, is that we're expecting a higher relative mix of our net new bookings in cloud versus self-managed. Again, as we all know, the self-managed gets that ASC 606 revenue acceleration. With more net new business going into ratable cloud versus self-managed, and now the expected decline past peak maintenance, those are what causes the GAAP revenue growth year-over-year to be at that 10% level. Got it. Now, just as a follow-up to that, I would imagine that, as these trends continue into the following years and your mix of cloud goes up, that we should see this at least modest growth acceleration continue beyond 2022. Are you willing to go there, Eric? Yeah, in the fullness of time, over several years, we expect GAAP revenue to eventually catch up to a pure ratable cloud model. It's just that, you know, you have to flush through the decline. You have to find the natural bottom in perpetual, and then you have to kind of complete your mix shift on net new to cloud away from, you know, from six oh six. We've completed the first. We're still, again, increasing year-over-year our expected adds of cloud versus self-managed. Once we get through that, you know, the GAAP revenue year-over-year growth, we believe, can accelerate from where it is. I won't be specific, but it can be north of 10% year-over-year. Yeah. Okay. Great answer. Thanks a lot, Eric. Thank you, Mr. Keirstead. The next question is from the line of Patrick Colville with Deutsche Bank. Your line is now open. Hey, thank you so much for taking my question. I actually just wanna do a little follow on from Karl's just then, 'cause as I crunched the numbers for the quarter and then also for the guide, I guess where I lifted estimates most in my model was maintenance ARR, and where I didn't lift estimates quite as much was kind of the subscription ARR piece, you know, inclusive of the cloud ARR bit. I guess, you know, could you unpack that for us? 'Cause, you know, the comments you just made just now kinda suggest that fiscal 2021 kinda peaked maintenance. But as I unpack the guidance, to me it looks like actually maintenance kinda holds up pretty strong versus, you know, what we were maybe expecting three months ago in fiscal 2022. Yeah, I think it's a question of the decline that we're calling. Again, we're giving you the midpoint for Q1 at $530. A little bit of variability, obviously. You know, the midpoint is meaningful, but as is the range there since, you know, it's a large number that we're working off of, the $558. Again, the point is we're at the point where it's gonna decline. We've you know, clearly articulated that with the goalpost at $525. You know, beyond that, you know, we've got Q1, and then you'll just have to kind of fill in the other assumptions for Q2 and Q3. We would emphasize, of course, you know, we're expecting flat perpetual license year over year. I just wanna make sure you have that point. There's obviously no additional maintenance the first year going in to offset the expected maintenance decline. Can I just, I mean, just very quickly? I mean, is this an area where there might be upside risk in fiscal 2022, or not really? In maintenance, that is. We're very comfortable with the $525 midpoint of maintenance at the end of the year. Great. Thank you so much. Thank you, Mr. Colville. The next question is from the line of Phil Winslow with Credit Suisse. Your line is open. Hey, thanks guys for taking my question. I just wanted to unpack the net retention number, the 114%. Obviously, that's jumped around between, you know, 114%, 116%. Wondering if you could talk through just the gross retention trends that you're seeing with that. And then also, just in terms of upsell, is there anything that you've seen a trend in terms of contribution there over the past year that's, you know, driving the upsell component of that, and then how do you think about that into the coming year? Thanks. Yeah. Again, I just wanna kind of emphasize a really important point. You know, the NRR statistic is, you know, very dependent upon and very sensitive to the bookings mix of, you know, net new versus existing customers. One of the things we're very clearly called out was the fact that in Q4 of 2021, of our overall net new bookings, much more came from brand new customers, new logos, and those make zero contribution to the NRR, you know, statistic. As we look back over the trend lines, you know, we had 114% in Q4 last year, and 114% in Q4 this year. Q4, as you know seasonally, in terms of like, you know, net new bookings, it's the most activity for like, you know, net new, and so therefore, it's gonna have the most variability, in terms of the mix of Q4 activity that comes from new customers versus existing, subs customers, which would be additive to NRR. Thank you, Mr. Winslow. The next question is from Tyler Radke with Citi. Your line is open. Hey, thanks for taking my question. I wanted to ask you just about kind of your new logo performance. I know you've talked about some of the strength there, particularly on ACV, but could you just give us, you know, total customer number, how that's trending, and how should we just think about the pace of kind of new logos versus maybe some real old legacy, you know, maintenance customers moving off, just the dynamic that impacts total customer count? Thank you. Yeah. I'll maybe take the first part of that and then, you know, pass to Amit for comment. We reported the number of sub ARR customers greater than a million. You know, 153, you know, versus 104 in Q4 last year. That's an excellent growth rate in large enterprise customers. Just as important and as interesting is the breadth of the greater than 100K sub -ARR customers. We have 1,660 greater than 100K sub ARR customers as of the end of Q4 2021, compared to 1,361 a year ago. Then also, you know, the average ARR per customer is again up very nicely year-over-year to $221,000 versus $183,000. What we're seeing is great success with very large customers, you know, continuing to purchase either, you know, more as an existing customer or, you know, we're adding, you know, new $1 million-plus customers as well. The breadth of participation as well. The cohort behavior is very good as evidenced by, you know, that band of greater than 100K, the average ARR stat. I think, as Bill and Eric said, look, our goal has been to continue to drive the penetration of our IDMC platform. As much as important it is for us existing customers expanding, which we are maniacally focused on, we talk about our renewal rates, our focus on customer success. We know all the new selling motions we've done, you know, high -velocity selling, going to broader in the top end of the enterprise allows us to penetrate new customers also, which is equally very important. We're gonna stay focused on both because we, again, I go back to what I said before, we know our products solve very high value operational use cases, very sticky, very high renewal rates. We land, we naturally expand. We're gonna go focused on new customers as much as existing customer expansion. Great. Thank you. I guess just on as you think about, you know, the planning process for 2022, you know, are there any tweaks you're making to the go-to-market, you know, organization, either from a structure or incentive perspective, to accelerate cloud? Yeah, no, I think I mentioned that. Look, from what we were doing already, we're adding industry motions. We are absolutely gonna go focus down in terms of focused on key industry verticals, content around that, go-to-market motions, and so that's definitely an area we're investing in, and we're bringing in new leaders as well. The other one is, for us, high -velocity selling. You know, obviously cloud allows us the ability to now start small, very easy for departmental buyers, business buyers who want to buy small. In fact, as Jim has come on board, his experiences are gonna help us accelerate that. Lastly, tying the industry also with our GSIs and our hyperscalers partners. I mean, you see a lot of industry -related discussions happening with Accenture or a Deloitte or a, Azure or a Snowflake, bringing it all together. Then, of course, lastly is continuing to make sure we can make the whole migration of our maintenance base to the cloud a lot more seamless, bringing in more and more GSI partners in the mix so they can take that over with our customers. Those are the areas where we are investing and doing more this year. Thank you. Thank you, Mr. Radke. There are no additional questions waiting at this time. I will now turn the conference over to Amit for any additional remarks. Thank you. Well, look, thank you all for joining today. We, as you can hear from us, are very excited about the future of Informatica. We have an opportunity, and we are delivering on our commitments, and also we are differentiating ourselves in the marketplace with our IDMC platform, our best of breed products, our upmarket enterprise focus, and these multiple growth opportunities that I talked about in a $44 billion TAM. We're a unique company. We know how to run a business at scale. We're talking about $1 billion of subscription ARR this year with great unit economics, great cash flows, and great profitability. We know what running a business at scale is across the globe. Again, I'm extremely thankful to our employees across the globe, our customers, our partners, and our shareholders for their continued support. All of you have a great afternoon. Thank you very much. That concludes Informatica's Fourth Quarter and Full Year 2021 Earnings Conference Call. Thank you for your participation. You may now disconnect your lines.