Hey, everybody. Thanks for joining us. My name is Koji Ikeda. I'm one of the analysts on the enterprise software team at Bank of America. I am super thrilled to have Amit Walia and Mike McLaughlin from Informatica joining us today for a little fireside chat. Thanks so much for doing this. I guess, you know, just starting from the top, real high-level question, Amit, maybe to you, just, you know, for the people in the room and on the webcast that's unfamiliar with Informatica, maybe a minute or two on what Informatica does, your background, and then pass it over to Mike. You are new to the company. You just recently joined, so just maybe a couple minutes on yourself, your background, and, you know, what got you excited to come to Informatica, please. Well, first of all, thanks for hosting us, Koji. Pleasure to be here. It's morning. Hopefully, everybody's caffeinated themselves well. Informatica. I think the best way to describe it is that Informatica is the only platform provider of what we call data management solutions. Think of it this way: Data sits in many places. Data is used for many purposes. To take it from many places and put it to use, we call it put data to life. That's what we do. Whether it's bringing data from hundreds of places, cleaning the quality of it, mastering it for customer churn purposes, governance purposes, so on and so forth, that's what we do with one single cloud-native platform globally for enterprise customers. We'll dive more into that later, I'm sure. I've been with the company 10 years. I've been CEO four years. I was the Chief Product Officer, and then I was the President of the company, running products, marketing, and all of the ISV partnerships, so drove the whole transformation of the company to where we are now, and obviously, look forward to the continued growth. Thank you. Mike? You're right, relatively new. It's been about four months. Seems like, you know, four or five years, I'm not a career CFO. Most of my time was as an investment banker, 25 years, the last 12 of which was in the tech group at Morgan Stanley in New York and Menlo Park. Had the opportunity, about four years ago, in 2019, to become the CFO of Fair Isaac, publicly traded company, as you may know. Interestingly, under the hood at Fair Isaac is the FICO score, which is about half of their billion and a half in revenue, and the other half is an enterprise software business that has a lot of similarities to Informatica. About $700 million in revenue, direct sale, large ticket size, mix of professional services and software, and a transition from an on-prem business onto a SaaS-based cloud platform for analytics and decisioning. When the Informatica opportunity presented itself, what got me most excited, Koji, was really the products. In my years being either in the software business or advising the software business, it became obvious to me that when you have the best products, good things happen. I really became convinced that Informatica has the best products. Did a great job during its time as a private company, investing in R&D to create the only truly cloud-native multi-tenant platform for data management. That platform is underappreciated by the market, for sure, I think, and also to some extent, by our customers. I mean, we're encountering every day, Amit maybe can talk about it in his recent trip to Europe, but even some of our customers that have used Informatica for years and years and years, are just now learning about the exciting capabilities that they can realize using the breadth and the power of the Informatica IDMC. It was a kind of a no-brainer when the opportunity came along to transfer. Got it. Thanks, Mike. Thanks, Amit, for the introduction. I'm asking all the management teams, you know, a couple of boilerplate questions, one on the macro, one on the generative AI. Of course, very, very topical. On the macro front, you know, maybe could you characterize what you're seeing? You know, it's June. Right. It's the middle of 2023. How does the demand environment feel like June 2023 versus maybe January 2023, and then maybe a year ago? Does it feel the same? Does it feel different? Are the way customers thinking about Informatica different? You know, any sort of help there would be awesome. Yeah, I think so. I split the answer into two. I mean, the answer one is when you open CNBC every day, and you basically feel like, I don't know what's happening over there. Either it's as effect. That's one view of the world. I just was in Europe, as I was telling you, Koji, where I talked to hundreds of customers. I would say the environment has neither gotten any worse nor gotten any better as we exited the year and entered this year. January to June, stayed the same. Yes, Silicon Valley Bank, all that stuff happened, and we all felt like, oh. That didn't change most of it. Customers, I look at, when I was talking to customers, CIOs and CDOs, you just had Palo Alto before us, security, data and analytics, digital transformation are the top three funded projects in every company. Nobody is slowing them down. Having said that, no doubt, everybody is scrutinizing every last dollar, and everybody's trying to make pay attention to, hey, more review cycles are happening in deals. That we see, and I think that will probably continue, I see, for the rest of this year. That's in a nutshell. I see that consistently in all the developed world, in all of the big economies of the world, whether it's U.S., U.K. I was in U.K., France, Germany. I mean, obviously, U.S., I speak to a lot of customers. I see the same pattern across all of these big economies because this time, uniquely, the same trends are also hurting them, like whether it's inflation or liquidity coming out of the market. That's how I see it. In general, the top three investment areas I talked about, and that's what people are excited about. People are not slowing down on transformative projects. Got it. Got it. About a month ago, you had Informatica World. Nice, big conference in Vegas. I was there. A lot of people. Talked to a lot of your customers and partners. I wanted to ask you know, what are kind of the big announcements that came out of the conference? What are your big key takeaways from the conference? What are you most excited about coming out of the conference? Sure. If you may, Koji, I take, another 90 seconds to connect the dot of where we are coming from to this. Sure. Because a lot of people in the room know Informatica. Everybody probably knows Informatica. I begin by saying that, you know, we are a very unique company because, you know, there are very, very, very, very, very few companies in Silicon Valley, and I live in Silicon Valley, who are able to innovatively transform themselves. Silicon Valley is all about existing company becomes legacy, and a new company comes in, basically takes over the market. I think we model ourselves against a company called Microsoft. They're a great partner of ours, by the way, who were a great company on this side, and then they transformed to come out on this side. Think of this, Informatica was a classic on-premise license software company, $1 billion in revenue when we were public. We went private in 2015. That's when I was running products. We had a clear vision that we want to grow and innovate, we put a huge bet on building a new stack of products, cloud native. To give you two stats, we had $1 billion of business on this side, $500,000,000 of license, $500,000,000 of maintenance. We took that $500,000,000 of license, Today it's zero. That was the old products. We did not retrofit the old products. We started building a new stack, which we call IDMC, Intelligent Data Management Cloud, a platform on which every new product sits. Single platform, open platform. From 2015, when we started building it, you know, like a classic start-up, product, market fit and all that stuff happens. 2016 to what we've guided this year in 2023, that new product stack-related business has gone from zero to a $1 billion in subscription ARR that we've guided this year. If I asked you in the last seven to eight years, how many companies have been able to create, go from zero to a $1 billion, you'll count on your fingers. The challenge becomes that mathematically, you create a $1 billion, you lose $500,000,000. Somehow the mathematical model looks like, oh, it's not like a 30%, 40% explosive growth. Our cloud business is growing north of 35%. That's the Informatica. When we think about our growth business, we think about our cloud platform, our new products, and they are growing very, very handsomely. In that context, the cloud platform today, by the way, is used by 10 global customers. When you talk about Informatica World, which is our user conference, we announced tremendous amount of innovation, not only for each of those product categories, but the area where we were super excited, and I know you were kinda asking questions in that area, is all of the AI innovation. By the way, for the record, we launched our AI in 2017, called CLAIRE. It's on our platform, embedded in every product, which was doing a lot of ML-related work. We took that and now put generative AI with it. We announced CLAIRE GPT and CLAIRE Copilot. Effectively, by the way, if you all have a moment, go online. It'll take 10 minutes for you to see the demos. Koji was there. Beautifully, to a very chat interface, you can do complex data management things like: Can you bring me my customers from the Western region and my customers from a new company I want to acquire, and show me the white space analysis? Something that can take a lot of time, and it'll start doing things behind the scenes. Pretty excited about what we're gonna do with generative AI for our customers. Of course, we had a new partnership. We have pretty long-standing partnership with Microsoft, AWS and all, but we basically took our entire platform, and it's natively integrated on Azure now. We also took our developer capabilities, by the way, free capabilities, which Informatica is not much known for, and it's natively available through the AWS ecosystem. Developers can start using Informatica capabilities and go from free to pay-as-you-go to our consumption model. Many other capabilities, but those are some of the big ones that are actually gonna accelerate the adoption and growth of the business. You talked about CLAIRE GPT, the Copilot, and all these big customers out there, all trying to figure out how to handle AI, generative AI, the future. What sort of benefits do customers get from deploying CLAIRE GPT and Copilot from Informatica? Yeah. I think first, I think you asked me the question, too. What does Who are getting the tailwind of this AI world, and who are getting the headwind? First of all, there is no AI without data going into those models. There is no good answer coming from AI, but good data going into the models. There is a lot of infrastructural work that needs. Last I checked, every enterprise is super fragmented with data everywhere, actually more fragmented than it was 10 years ago. If you are gonna take a small model, by the way, you all, we all talk about LLMs on the world of internet. If I am a Unilever, if I am a Bank of America, I am not taking my data and putting it on the World Wide Web and saying: "Go, have at it, OpenAI, and run it in your LLM, and now you also know what I do, and I'm commoditized." No. Every customer wants to use that in their four walls. First of all, our belief is that that's what we're gonna help them with CLAIRE. We're gonna take all the LLMs and curate it for each customer's unique use case. Second is bringing data from hundreds of places, making sure you put the right quality on it, putting it in the models, getting the first answer, then scaling and operationally making it available everywhere, then putting governance on top of it. These are all what we call data management tasks, and that's what customers are talking to us: "How do I get there?" People are excited about what they see. I can chat and get type and answer, but hey, if I want to understand what is the churn rate analysis of my commercial, of my, let's say, credit card customer, that I want to do in my four walls. That's the kind of stuff that we are seeing. Second is democratizing the use of data. Everybody within an enterprise wants to access data. You all probably want to do data management activities, that in the old days, you went to IT. Through this Copilot and GPT, we're also making it so easy that the complex task, CLAIRE does it behind the scenes, and you are almost having an English language NLP chat-like conversation to say, "Can you do this?" CLAIRE understands. "Can you do this?" CLAIRE understands. One is, complex things are needed, and that's data management. Second is making it very easy for people to do different things, but still keeping the layer of governance on top and allowing each company to benefit from it. That would be the leader's analyst version of the answer of what, how I see the tremendous value of CLAIRE GPT and CLAIRE Copilot. Got it. Got it. Well, you know, as the investment community, always wants to know, how are you gonna make money out of this, right? This is a monetization question, right? Yep. You have GPT, you have Copilot, you have CLAIRE, you have a platform. You know, this is a little segue into IPUs. Correct. I mean, How do you plan on monetizing all of, you know, the CLAIRE GPT products, Copilot products? Is it embedded within the platform? Is it a premium SKU? How do you get access to it? You know, how do you guys monetize it? Terrific question. First of all, there is no separate product called CLAIRE GPT. When you think of our platform, there are seven product categories: data integration, application integration, data quality and observability, master data management, data governance, data catalog, and data privacy. CLAIRE, for each one of them, there is unique use cases of AI inbuilt into them. If I'm a data quality user, I want to do things in that context. If I am doing workflows on data integration, I want to use it in that context. CLAIRE GPT and CLAIRE Copilot will be embedded in each product for its unique use case. A data governance user is very different from a master data management user, so that's what it is. What it'll happen is that for each of those products, through AI, we first of all, are enabling more users to use it. We're actually creating more use cases to be used. We are increasing the adoption of it. Ultimately, boils down, as you all know, we have our entire platform is based on a consumption-based pricing model. We call it the IPU, as Koji was asking, he's heard from me many times, Informatica Processing Unit. The beauty of the platform is that you can buy the entire platform by buying a processing unit. You buy 1 IPU, you get everything. With this, more people can use, more uses, use cases can be used, and it drives more adoption. More adoption means more consumption. That's what we want. Ultimately, the all paths lead for more adoption, more consumption, doing many, many more things that people would not be able to do before. Hence, more and more consumption. All roads lead there. I know, look, this question comes. We're pretty good about managing our cost structure in that. By the way, we're one of the few companies. I go around telling customers the amount of waste I see in people's cloud cost. With this whole cloud transition, our gross margins have never gone below 80%, will never go below 80% because we are so good at managing our infrastructure. That's how we're gonna monetize. Very early days, every conversation around that, but I will see increased adoption. I know Mike will touch later, and we also want to clarify how our consumption model goes to rev because it's not the same as many companies, and we are very good about it, but we'll touch that later. Okay. earlier in the conversation, you talked about Europe, you talked about awareness, we talked about IPU. One thing we talked about, I remember at Informatica World, was awareness of. Yes. Being, having the platform available. As you guys think about, you know, growth and awareness of the IPUs and the IDMC platform, how are you bringing that message to the end customer out there, that you have this whole platform available? Yeah. No, another great question. First of all, what has happened very well, and we were very, very maniacal about it. To give you just some numbers, and I'll maybe get them somewhat imprecise. We guided this year to $1.1 billion in subscription ARR, and $609 million of cloud ARR, which is subset of subscription. Cloud ARR, we guided to 35% growth. In Q1, we exceeded that number. 90%-95% of that cloud ARR in the last seven, eight years has just come from net new workloads. While a company like Informatica was transitioning from being an old company to a new company, just imagine the headwinds we had in the last seven years, right? You're coming out with a new cloud platform, people said: "But you were that. How can you do this?" Because guess what? In Silicon Valley, a startup innovates till the day it goes bankrupt. What Mike said, the power of the products allowed us to get here, in spite of all of the baggage you have of a company that's going through a transformation. We are proud of it. Each Magic Quadrant, we are the number one. We invest hundreds of millions of dollars in R&D every year. Where we sit today, first of all, we are at a great spot. Many people know about the platform. They're using it. They see the power of that. We are best of breed also. I agree with you that I think the story is still not in. I tell my own marketing, "We gotta get even more bolder in saying that." I think the customer. We have changed the world game so much. When people say consumption, are you telling me that I can actually use every product on your platform? Yes. The classic consumption is companies want. Take Snowflake, great partner of ours, but it's a database. In our case, data integration is a separate product. Data quality is a separate use case. MDM, separate use case. It takes them a while to say: You're really telling me that I can do anything? I think this Informatica World was a watershed moment for us because the IPUs we launched about 18 months ago, because, like, you are really not kidding me. It's actually true. I was talking to, I can name a top four bank in the U.S., who actually are migrating their on-prem workloads to our cloud, modernizing. They bought the IPUs. They came to our office, Mike and I were sitting with them, the CTO said: "Are you really telling me that I can do everything with this platform through that IPU?" I said, "Yes." He turned around and told his guy, "Why am I not doing these five other things that I am randomly using other capabilities? I should just use it here." I said, "Yeah, you don't even have to talk to us. You have the product." You're right. Our job is to continue to make sure customers fully get that. I believe that we are at that moment where people have started to understanding that it is dramatically simplified, even to the point where we have taken it down from there to pay-as-you-go and even bringing free for small workloads. Long answer, I do believe that we have to continue to push the awareness of that point, but I think we're at a good spot right now, maybe, yeah. Yep. No, that makes sense. I'm gonna ask you one more question in a bit. Turn it over to Mike on the revenue recognition question. Yeah. Because I do think that's important. You know, you're talking about it, the Gartner Magic Quadrants. When you look at the Gartner Magic Quadrants, you guys are a leader in anywhere from four to five categories, given on the year, right? Yep. I think they, you know, they do their thing over there. You guys definitely screen very, very well when you look at the Magic Quadrants. Those are products, right? I heard you say it a couple of times today, use cases. Yes. When enterprises look at you, do they think of IDMC, the platform with use cases? How do you differentiate against the different product vendors within each Magic Quadrant? Another terrific question. I think one of the things that we've done as we become a platform is to talk use cases. When you think of what we do, actually, we go from the front end to the back end of an enterprise. I'll give you two or three examples. Unilever, 96 countries, the supply chain goes through Informatica. What does that mean? We have MDM, and MDM does something called many 360-degree views. They do a Supplier 360 with us, what means that every supplier in the world is onboarded to Informatica Supplier 360 MDM implementation. Tracking every supplier's, what do they bring to Unilever? Are they meeting their compliance? Are they meeting their this? Blah, blah, across 96 countries. From there, they moved into, "Good Lord, I also want to do a Product 360, but I also want to add governance above." When they were talking to us, the conversation was not about MDM. The conversation was, how do you create a nimble supply chain so you can actually onboard suppliers very fast, so you can create more revenue, as well as manage the supplier contracts very well? By the way, there's cost management in that also. That's the conversation. That allowed us to have a much broader conversation than a product-centric conversation. Of course, after a use case, you naturally get to a product. Similarly, when we talk to a customer about managing their customers. By the way, you can acquire new customers or manage the churn of your customers. Guess what? That's a Customer 360 use case. By the way, for an MDM, just so you know, while we're talking MDM, you need a data quality below it, because without data quality, there is no MDM. By the way, you need to use data integration to bring data from many places. It's a multi-product story. We are pushing very hard to have a use case-based conversation because it naturally opens up the platform, a multi-product use case, and that creates stickiness and a long-term adoption at a particular customer. Of course, the conversation comes to a customer at the end, that's on product, because that's what gets implemented, and that's what the Magic Quadrants measure us on. You got to go use case first for large customers. For certain smaller customers, we'll go product up also, we are more and more having a use case-based conversation. Got it. Got it. Mike, bringing you into the conversation here. The Informatica revenue model can be complex. Help us understand, you know, cloud ARR, IPUs, that walk from, you know, the great ARR growth down to recognized revenue. Sure. Two big parts to that question. One is how you should think about the categories of revenue, categories of ARR that Informatica has. The other is the consumption-based Informatica Processing Unit pricing and consumption model. I'll start with the components of revenue and ARR. Let's just talk ARR because it's simpler, and it's really a more meaningful metric for a subscription-based company like ourselves. It's pretty simple. There's three categories of ARR. They're roughly equal in size. We have the maintenance on PowerCenter, perpetual licenses that were sold over the last two and a half decades. That's about 1/3 of our $1.5 billion in ARR. It's extremely sticky, but we're not selling any new perpetual licenses, so the maintenance is never gonna grow. It's gonna decline gradually over time as we have natural churn out of that base. We guided to 6% reduction in the maintenance component this year. We're proud of that churn rate. We have very happy customers running mission-critical workloads. The second bucket is on-prem subscription. We call it self-managed. There's a little bit of that's technically not on-prem in there, so we call it self-managed. That's another third of our ARR. As of this year, we're not selling new into the top of that bucket either, as a cloud-only, consumption-driven company going forward. That third of our revenue is going to gradually decline at a natural churn rate for a business like that. We've guided to about 8% decline this year, and we expect that to be a similar rate going forward. Might be a little faster if some of those customers move into the third bucket more rapidly than they've been doing, and that third bucket is cloud subscription revenue, or that's our SaaS business. That's growing north of 35%. We guided to 35% growth for the year. It was closer to 40% in the last couple of quarters. If you're modeling Informatica's revenue or ARR, it's a simple three-line Excel spreadsheet. It's maintenance, and choose what the decline rate is on that. It's on-prem subscription, choose what the decline rate in that, and it's cloud SaaS revenue, and what the growth of that is. The three of that adds up to your total ARR growth or total revenue growth. The complication there that you also need to think about is how much of the on-prem subscription revenue, maintenance and on-prem subscription, is going to transition over time from those two buckets into the cloud bucket as customers of ours modernize either their PowerCenter implementation, which was the legacy perpetual product, or the IDMC on-prem or MDM and so forth, that we have in that subscription on-prem bucket. As Amit mentioned, the amount of that migration has been small. Less than 4% of our maintenance base has migrated to the cloud. It's a similarly small number, it's even smaller, of our on-prem subscription base has migrated to the cloud. Of the cloud ARR today, less than 10% of that comes from migration from previous customer relationships on-prem. 90%+ net new in the cloud business, which is driving that growth rate that we're proud of. In the future, we do expect that migration rate to accelerate. We have better tooling, we have more automation that enables people to move from the older products to the modern products, and have the benefits of the cloud platform. We're not pushing that aggressively. If customers are happy running their on-prem workload, good for them. Customer satisfaction is the most important thing to us, but it does provide a tailwind to that cloud piece. Some of that is gonna be just moving ARR from the left pocket to the right pocket. We get a very good uplift when we do so. Our average uplift on moving a maintenance customer from maintenance to cloud is north of two times, in terms of the ARR that we were receiving as a maintenance customer, to what we do receive as a cloud customer. There's, again, lots of goodness to come from that, but it's another variable you need to think about when you think about the long-term trajectory. Okay, IPUs. As a consumption-driven company, we're fortunate to not have invented the wheel. Prior to a couple years ago, when we introduced the IPU, there were many companies who had tried it, experimented with it, found out what works and what doesn't. Bills that come in unexpectedly high. Consumption metrics that don't connect to the business value. Informatica was very thoughtful in designing the Informatica Processing Unit, that we get the good stuff out of consumption and not necessarily the bad stuff. The Informatica Processing Unit is a token that you buy that is, as Amit said, good to buy services, any of the services across the platform. There's a rate card, so you pay, let's say, $200 for an IPU. You have a rate card that says, "It costs me one-tenth of an IPU to do data quality. It costs me half an IPU to do data integration," et cetera, et cetera. There's something like 30 different services that you can buy with your IPUs, they're all available to you on the cloud when you buy your first IPU and you turn on your first use case. These IPUs are monthly, use it or lose it. If you bought 1,000 of them, and you used 600 in the month, your counter sets to zero in the beginning of the next month. Our contracts with our customers for IPUs are multiyear, essentially subscription contracts for a number of IPUs. Typically three years, our average contract length is 2.6, 2.7 on new deals. It's a fixed minimum per year for the amount of IPUs. We bill that minimum upfront in advance, like most SaaS subscription companies do. We recognize that revenue ratably over the three years, like most subscription companies do. We don't have the direct drive up and down in consumption that you see from others, who quarter to quarter, month to month, even week to week, their revenue from a company can change materially as their consumption changes. This is more like the old-fashioned cell phone plan, where you bought 1,000 minutes, and you paid the same amount unless you went over. By the way, those overages were really expensive, so people buy enough minutes so that they don't expect to go over. That's how the IPU works. It gives us the revenue predictability and consistency that's good for us and our shareholders. It gives our customers the predictability of how much capacity they have to buy and know their bill's not gonna vary from month to month. It connects to the business value really well. On top of that, now we've introduced the Flex IPU, which is a yearly use it or lose it, as opposed to monthly use it or lose it, which is appealing to customers that have seasonality, for example, like a retailer, that needs a lot of data management capacity in November and December, but not so much in February. It's just another flavor of the model that allows it to be more tailored to our customers. We sell now more than half of our new deals on the IPU model. Basically, the other half, it's less than that, and we don't disclose exact numbers, is our MDM product, our Customer 360, Supplier 360, Product 360. Those are based on number of records, which is standard in the MDM industry. Everything else on the platform is IPU-based, and it's dramatically simplified the model. At the risk of over answering this question, I want to make one more key point, which is really important about IPUs. We didn't introduce IPUs to create this high frequency, short duration increase in revenue when consumption goes up. That's not why we did it. We did it to make it easier for the users to consume on the platform and to land and expand themselves. It's the top four bank example that Amit mentioned, that they already own the IPUs, they can use them on anything. They don't have to call us to create a new contract. They don't have to have a new pricing conversation. They just go to the rate card and see how many IPUs they need to use to solve their next use case. That's the reason why we did it, and that's why customers are so enthusiastic about it. Got it. Thank you. Last question for Amit or Mike. Partnerships. You guys have great partnerships. All the hyperscalers, AWS, Azure, GCP. You also have partnerships with Oracle, Snowflake, Databricks, the likes. Tell us about how the partner channel is a growth lever for you. You know, how big can deals come through the partner channels? How do you think about partnerships overall for the next three to five years? Sure. Yeah. Think of us, Tamra and I began with that, we are the Switzerland of data. We serve an enterprise, and an enterprise is in a fragmented space. No enterprise is like, I'm just settled on one particular provider, as we all very well know, and it's a multi-hybrid world, as I call it. AWS or Azure or GCP or any of, b ut I can Snowflake on AWS, but Databricks on, in Azure, so on and so forth. Our goal is, for the sake of our customers, partner with all of them, and we have done a fantastic job. Literally seven, eight years ago, we started from scratch with these guys. The partnerships are of two types. First of all, it's a native product, tech-to-tech partnership. As I said, you can just track us, like, whether it's natively running our product from them, pushing down, making it easy for the customers. Like, the whole IDMC is a native service on Azure. You open up Azure, and IDMC whips up, so on and so forth. MDM run natively on GCP, everything across the globe. Very important, because customers, we want to make it easy and frictionless for our customers to use the product and the tech. Second is go to market. First of all of those services are available through the marketplace. If I'm a customer who basically, let's say, cut a $100 million check to your favorite hyperscaler, drawing down Informatica services allows you to draw down the hyperscaler credits. The hyperscaler rep is incented, hyperscaler is incented, we are incented. We help drive adoption and consumption of their platform. They love us for that one. The third one is that, look, at the end of the day, large complex projects, customers want both. We, for us, they are a great partner. We don't depend upon them to do a deal. Our customers work with us directly. We are a pretty large-scale provider. Customer will be bringing us directly. They may be having a partnership, Snowflake or a Databricks, but ultimately, these are complex implementations. We hunt our own deals, we work with them. All of these things create a trifecta, by the way, not only the hyperscalers, the large GSIs, who have put practices on Informatica, a Deloitte or an Accenture. They have thousands of people who are trained, dedicated to Informatica. That trifecta reduces the risk in these transformation projects for our large customers. At our EDC, many a times we'll host the hyperscalers on these Snowflakes of the world with us in front of our customer. That's how we go do our own deals, but we have so much joint work in the field together because customers want us like that. That's the long and the short of it. Got it. We're all out of time. Amit, Mike, thanks so much for doing this. Really appreciate it. Thank you. Yep. Thank you. Thank you, sir.