I cover cloud software for Baird. It's my pleasure to introduce our next company, Informatica. Informatica, in case you didn't know, is a leader in managing data in the cloud, providing governance tools, et cetera. We're gonna hear a lot more about all those capabilities. Pleased to have Mike McLaughlin, who is the Chief Financial Officer. We're also joined by Victoria Hyde-Dunn, who heads up investor relations here, in the audience. So Mike, thanks so much for being here. You know, we have a number of generalists here, so I thought it'd be helpful maybe just to, you know, kick it off with 60 seconds on a little background on Informatica and the journey you've been on, you know, to the cloud, where you are today. Sure. Thanks, Will, and thanks to everybody for joining. I'm not sure I can do it in 60 seconds, but I'll shoot for maybe 180. Informatica is data management for enterprise customers. If you look at a typical scaled business, they've got hundreds of sources of data, applications, websites, operational sensors. They've got dozens of places where that data lives, where it's stored: data warehouses, data lakes, operational data stores, lake houses, both on-prem and in the cloud. And they've got numerous applications and business processes that use that data to generate business insights and drive operational value. Informatica is the information infrastructure software that knits all that together. We move the data between sources and targets using data pipelines, perform transformations either in root or in situ with ELT or ETL. We provide data quality as the data is moving and at rest. We provide data governance, we provide data catalog, we provide data marketplace, we provide master data management. All of those are the different features and subsets of data management as a category. And we are the, as I'll describe in a minute, you know, the clear leader in that undertaking. We basically invented the category of data management in the 1990s with a product called PowerCenter, which was the classic ETL, extract, transform, load, data pipelining tool that was the killer app for on-prem data management, and remained so for the following 20 years. In addition to PowerCenter, we developed data governance products called Axon, data catalog products, MDM, but again, all on-prem, prem, sold as a traditional licensed maintenance pricing model. Company went private in 2015. Permira and CPPIB were the two sponsors, and the thesis of that go private in 2015 wasn't go private or financial engineering or consolidation. It was reinvention. Permira... Permira. Informatica at that time was the undisputed leader in data management for on-prem workloads. But the world was changing, and our sponsors could see that to be successful in the next couple of decades, that the company needed to be reinvented from the bottom up with brand-new products that were cloud native, multi-tenant, API-driven. And so under the cover of being private for the following eight years, that's what we did. Spent more than $1 billion in R&D and created a new set of cloud products that are today what we believe are the undisputed leader in data management for the modern enterprise architecture. That's what's driving the cloud growth of our business, which is now $650 million of ARR, something more than 35% of our total mix, and growing at 35% this year, and what we've guided to a medium-term expectation of 31% to 33% CAGR through 2026. Now, because of where we came from, our 30-year history, it will be our 30th anniversary this year, we have roughly 2/3 of our business that is still on-prem. So a third of it, a third of the total business being maintenance revenue from on, from perpetual licenses that we sold in the past and we don't sell anymore, and a third from self-managed subscriptions, which are also on-prem, again, which are end of sale, and we don't sell anymore. So to understand our financial model, you need to realize that we have this high-growth, state-of-the-art, industry-leading cloud data management platform, and we'll talk more about that if, if you like. That's growing at 35% and growing in the 30s for years to come. And then we have 2/3 of our revenue that are on-prem customers that we don't sell anymore, and therefore, which are in gradual decline, and many of which we are moving from on-prem and migrating them onto our cloud at a healthy uplift multiple when we do that. That all adds up to the math, the puts and takes of that all adds up to a business which we're guiding to grow 6% or 6% or 7% in total this year, with operating margins that are 400 basis points or so better than last year, and therefore, in the low thirties, non-GAAP operating income margin and free cash flow margins similar to that. With a trajectory through 2026, our medium-term guidance is that as the cloud gets bigger, at the growth rates that I've described, our growth rate is going to accelerate from here to be double digits in terms of ARR growth in 2026, from 6% to 7% today, and double-digit revenue growth going into 2027, simply because the accounting difference between ARR and revenue recognition. While at the same time, increasing our non-GAAP operating income dollars, in the teens on a CAGR basis through 2026, which therefore implies additional operating margin improvement as we scale. So that's a quick what we do, the history of how we got here, and how to, at the very highest level, understand the financial model. That's a great overview. Thanks, Mike, for that. So maybe if we now kind of fast-forward, you've made a lot of progress already shifting to the cloud. You know, what, what are kind of your key priorities then, if we look over the next, you know, two, three years? You know, what, what's next on the horizon? And what kind of gives you confidence in getting to that 10% total revenue growth? I, I guess I'd start the answer to that by, again, going back to the history of how we got here. When the company went private in 2015, the vision to transform the company to the leader in cloud data management, led by, as product leader back then, Amit Walia, now our CEO, was based on three things. One, we had to have the best products, not just warmed-over, containerized versions of PowerCenter and the existing on-prem products. Built from ground up, using the latest technologies and the latest architecture, product by product. Data management is a broad category. It's ingestion, it's governance, it's quality, it's MDM. We needed to have the best products built from scratch for the cloud across all the categories of data management. We needed to deliver it on a platform. History of software has shown that it's the platform vendors that generally create the most value and have the most durable stories year in, year out. So we needed to knit all those best products together onto a cloud-native, multi-tenant, API-driven platform. And we had to be the Switzerland of data. We had to serve the multi-vendor, multi-cloud, and hybrid needs of the modern enterprise. Without vendor lock-in, without undue or excessive attachment to one particular cloud or particular application, we needed to serve the entirety of the enterprise's data management needs. So that was the priority in the repositioning, the reinvention of the company stage, and today, we're very proud that we have achieved those goals. We do have, if you look at the third-party vendor rankings by folks like Gartner and IDC and Forrester, the best products across each of the categories in data management. You're not compromising and getting B+ products by using Informatica just because we've got the breadth. We have the only platform that delivers them all on one single pane of glass with a simple, customer-friendly, consumption-based pricing model, with only one. And we do that all in a Switzerland of data way, serving the multi-vendor, multi-cloud, and hybrid needs. So we have today. Well, when you talk about priorities, we have what we need to deliver on what we think is a very attractive financial profile that we've guided to over the medium term. We will continue to innovate. Gen AI is a perfect example. At Informatica World, two weeks ago, we announced numerous innovations and enhancements to our products so that we can support all of the Gen AI data management needs of our customers, like supporting unstructured data types, like supporting all the vector databases, like supporting the LLMs, like doing embedding and chunking, like doing application integration to bring your, your, AI, into your data, into your data workflow. So we continue to innovate and build on what we have, but we've got the building blocks to do it without having to pursue aggressive M&A or, consolidate. Let me ask you, since Informatica World, it's pretty, pretty recent. I mean, you know, as you think about the conversations you and other senior members of management had with customers and whatnot, what's your sense for where their priorities are in getting their data to the cloud, right? 'Cause that's, you know, that's, you know, one of the big opportunities for you all as you think about the cloud business. You know, is there... Is Generative AI providing that catalyst yet? Or, you know, when do we, when, you know, can we start to see more accelerated push to get, you know, get that data in the cloud? The drive to modernize to the cloud has been a priority at some ranking in the list for enterprise for a long time. Not necessarily the top priority, but up there, and everybody understands that we've got to do it at some point. And companies have chosen to move at different rates of speed. And you'll hear from other software companies that hybrid is gonna be here for a long, long time. You know, we agree with that. Of course, we manage your hybrid data estate from our cloud platform. Let's be clear about that. But hybrid is gonna be here and the imperative to modernize has, has been important, and it will continue to be important. But Gen AI has definitely provided a push to a lot of companies. At Informatica World, which you attended, two weeks ago, you know, we organized many of our presentations on our main stage around the theme, "Everyone is ready for Gen AI except your data." I've been around tech for a long time and been to a lot of customer conferences for software companies, and I'll tell you, I've never seen as violent agreement between what the company was saying on stage and what the people in the audience were, you know, nodding and agreeing to. Every customer we talked to, every partner we talked to, agreed that the data is not ready for Gen AI in large enterprises for enterprise consequential use cases that aren't just writing marketing copy or summarizing a performance review. Our customers are using our products today in pilots for Gen AI enterprise-scale workloads, but they're pilots, and so the revenue contribution from those will be coming in future periods once those workloads are proven out and once they're ready for prime time. But it's coming, and it is acting as a catalyst for companies to accelerate their migration journey, in addition to re-platform their infrastructure. Yeah. No, I'm sure we'll probably have some more questions back on generative AI. I want to just kinda switch back, you know, from a broader standpoint, and generative AI as part of it. But you think about the cloud growth you've had—you know, mid-30s. It's been an impressive growth rate, and you're, you know, the guidance is to, you know, maintain that 30%+. Part of that is that NRR has been, I think, a hundred and—the cloud NRR is around 119%. What's the visibility on that? What's the kind of the driver that can enable you to kinda sustain that level, to help push that, you know, that overall cloud ARR growth? What does the product uptake look like? I mean w hat are the opportunities to, you know, maintain that kind of level? Yeah, we are very happy with that net retention rate, and it starts with having a collection of the best products that's delivered on the industry's only platform that serves the multi-vendor, multi-cloud, and hybrid needs of the enterprise. Once you buy the Informatica IDMC, Intelligent Data Management Cloud, for your first use case, you have the platform, and you have access to all of the 34 different services that it provides, using the IPU, Informatica Processing Unit, pricing token that you've already purchased on a use it or lose it basis. So your ability to experiment around the platform, to use other capabilities like quality, like catalog, like marketplace, is frictionless. And that's what our customers do, is that they land with us, and after 6 months, on average, they're using three services on the platform. After 18 months, they're using almost 7 services on the platform, in turn, without an expiration or renewal, 'cause our contracts are 2, typically 2 to 3 years, sometimes longer. The strength of the products, the breadth of the products, the ease of use on the platform, expansion on the products, and the pricing model all add up to that very healthy expansion rate, which, put another way, is a really, frankly, quite beautiful land and expand model. It feels like the other tailwind there is this IPU pricing. I think that could be worth, you know, talking about a little bit. I think close to 60%, maybe just under, your Q1 cloud bookings were based on this Informatica you know, this IPU pricing methodology. How is, you know, how is that impacting usage of the platform, and revenue? Where are you in terms of, you know, penetrating the base, I guess with that pricing model? So the IPU, the Informatica Processing Unit, is a fungible consumption token that you buy on a use it or lose it basis. It's monthly use it or lose it, except for a Flex IPU, which is a different style, which is an annual use it or lose it. But importantly, you buy 100 IPUs or whatever quantity on a multi-year basis. We bill you annually upfront, like most subscription software businesses do, and your bill is predictable. It's the same every year until renewal. So there's no upside or downside. It doesn't fluctuate with consumption, and you have extra IPUs lying around because we size you for peak usage, and so you, in any particular period, you'll have some extra IPUs that you can use to consume other products and expand yourself. Of our cloud sales, we sell everything today, everything, as either IPUs or MDM records. So one of the pieces of the data management landscape is Master Data Management, and that is the single source of truth about a customer, a product, or supplier, and that's a business that's sold on records basis. Folks are used to paying a certain number, certain fraction of a cent per MDM record, per customer record, per supplier record, et cetera. So we have decided not to upset that apple cart and sell that product of ours, on records. Everything else we sell is IPUs. Every other data management task that you execute with Informatica is IPU-based, so that 59% statistic is pretty steady state. That just is now in the cloud, how much is MDM records and how much is everything else? Okay. So it's not about that IPU penetration growing, because everything we sell now is IPUs. Of the on-prem maintenance and subscription, it's not IPUs. Maintenance is maintenance, but for the subscription, some of it is subscription to on-prem MDM records, some of it is subscription to on-prem, data quality, products and so forth. Okay, well, I guess the other big story and opportunity is the migrations, right? And trying to understand what the pace of that's gonna look like, and I know there's a lot of guesswork as to, you know, how that ultimately transpires. Maybe just an update as to how the PowerCenter Cloud Edition is faring in terms of accelerating that, and should we expect some sort of acceleration of activity, just given the need to get data to the cloud, right? To take advantage of generative AI. How are you all-- What are you seeing from customers, and what do you expect? So migration of our on-premise base, both maintenance and self-managed, is a really important part of the financial model going forward. But before I talk about migration at all, I want to make sure that you understand that it's the minority of our growth. Of our 35% cloud growth this year, probably 70% of it is going to be net new customers and workloads to the cloud, not migrations of our base. So 25 percentage points, ±, of growth this year is gonna be net new customers and workloads. Winning in the marketplace, not harvesting our base. The rest is gonna be migrations, and that's gonna be a source of continued cloud growth for a long time. We have $1 billion of that. Only less than 6% of that has been migrated to date. So it's a great opportunity, but it's by far not the whole story for Informatica. We really have the best products and the only platform, source of data. We're winning net new in the marketplace. Now, migrations. So moving your existing data management workload that's on-prem to the cloud, has historically been daunting. PowerCenter customer who's been running their workload for 20 years on us could have hundreds, if not thousands, of individual pipelines with custom transformations and scripts that have been written to support targets and sources that aren't supported by their vendors anymore. And so lifting and shifting that to the cloud is complicated, has technical risk, and could take, you know, 18 months to 2 years. Now, many of our customers did that and are in the final innings of doing that. But in August of last year, we introduced an entirely new way to migrate called PowerCenter Cloud Edition. And what PowerCenter Cloud Edition does is it takes IDMC, our cloud data management platform, and puts it on top, almost like a control plane, on top of your existing PowerCenter on-prem infrastructure. So you put it on top in a, you know, efficient way that you can do in 3 to 6 months, and folks have been doing that, I'll tell you about some of the results. And then from day one, you are managing all of your data estate from the IDMC platform. You have all the capabilities of the IDMC platform available to you. It's all based upon IPU pricing, but you don't need to move your existing on-prem data pipelines until you're ready. So you can move your data pipelines one by one, group by group, incrementally, while getting all the benefits of the, of the cloud without having to do a 2-year lift and shift, which was the prior mode. What that has led to has been a doubling of the number of migrations that we have signed up every quarter, year over year, since we introduced that in August, and we expect that to continue. It reduces the technical risk, it reduces the time to value greatly, and it opens up the opportunity for the customer to be on the platform, to be IPU-based, and therefore, to be subject to the net expansion rate that we've experienced with all of our cloud customers. That is the result of having the products, having the frictionless pricing model, et cetera. Okay. I've actually got a couple of questions from the audience, and if there are other questions, you can submit them via the instructions in front of you, and I'll try to get to them. I've got a bunch of others, time for me to try to get to. So, question here is: "In what stage are we in for generative AI data migration, if only 30% of the Fortune 500 are cloud-enabled? Will you see an inflection in data restructuring into LLMs?" I guess just trying to figure out, yeah, how generative AI is gonna, how that's gonna affect you. I wouldn't hold myself out as being the world's biggest expert on Gen AI or traditional AI, but I can tell you what we see. AI has been out there for a long time. Machine learning, predictive, prescriptive AI using structured data is known science, and we have customers doing that with Informatica tools all the time. What's new about Gen AI from a data management perspective is you need to support different data types, unstructured data, you need to do different transformations, you need to connect to different endpoint sources and targets, and, you know, we do that, we do that now, and we're fully ready for that move, as well. As I said, it is, I think, an increasing, you know, a bit of a catalyst for companies to move faster in their cloud transition than they may have otherwise, because they wanna get themselves, including their data, ready for gen AI. But in terms of moving from traditional on-prem to cloud, is gen AI itself gonna be the thing that's gonna accelerate that overall by 2x? I'm not the expert, but I think it's gonna be more incremental than that. Yeah. Okay. I've got another question here. It's worded as, you know, "If you can't talk about the Salesforce rumor, are you able to talk about partnerships with Salesforce, Snowflake, Databricks, et cetera, and what those, you know, mean to the business? One of the great things about where we sit today is that third leg of the stool, which is the Switzerland of data. We handle every vendor, whether it's a source or a target, an application or a data warehouse, or a data lake, or a cloud hyperscaler. We handle all of the clouds, and we do on-prem, hybrid and pure cloud all day long. So that makes us a great partner for all the folks that you mentioned. At Informatica World, two weeks ago, we had Scott Guthrie from AWS on the main stage, talking about how important we are to each other and the strength of that partnership. We had Snowflake's CEO on our main stage, talking about the importance of our partnership with them. You know, we will be... You know, we're participants in Snowflake World, or whatever it's called, this week, and, you know, you'll see additional announcements from us about deepening that partnership. Same with Databricks next week. There are areas where we overlap in terms of the capabilities that they provide to do data management within their walled garden, within the walls of Snowflake, within the walls of Azure. And in some use cases, that's sufficient. But for customers who actually need the best products, value having a platform that can do all the data management tasks in a unified way, as opposed to having this together, and that don't wanna have the vendor lock-in, that using proprietary tools, that's our customer, and that's where we compete, and that's where we win. Let me talk a little bit just about what you're seeing in the competitive environment. You know, on the one hand, you have companies that have been, you know, in the data integration space, data management, whether it's, I don't know, IBM or SAP, some bigger entities, then you've got a bunch of smaller private entities that, you know, target different parts of whether it's data quality or privacy. Kinda how do you assess the competitive landscape and how you differentiate yourself, I guess? We think of competition in three categories. The first, which is common to a lot of enterprise software companies, particularly infrastructure, which is roll your own. I've got a big IT budget and a big IT staff, or I'm a small, you know, born in the cloud company, and I've got hotshot engineers that want to use open source and create their own spaghetti that frequently they end up regretting later. That's always been there, and always will be there. I think that competitive intensity from roll your own is going down a little bit these days, as folks realize that data and data management is just getting more and more complex. The number of sources and targets you have to integrate is only growing. But that's always going to be there. Second one is either point products or legacy vendors. So in each of the individual product categories of data management that we serve, there are point product providers in integration, in catalog, in MDM, and they're good companies, typically private. We have just as good a products as they do, but we have a platform with the full breadth of services that they don't, so we compete effectively against those folks. There's also legacy vendors like IBM and SAP, who have tools of theirs, but frankly, they're not investing in them the way that we are, and the competitive intensity from those folks is not high. Then the third category is the hyperscalers and the cloud data warehouse providers themselves, that we talked about. And as I mentioned, they do have some services that overlap with us, and makes sense for them to do that, to make it easier for customers to bring data into their walled garden, and while it's in there, to do some of the simpler data management tasks. But again, we live happily side by side with those guys, and where use case with their internal product is the right solution, we support that, and we don't fuss about that. We focus on the customers that value what we have to offer, and that's what makes those partnerships so productive. Okay. Let me ask you just about M&A from the other side. You know, what are you evaluating? You've got, you know, a bunch of cash on, on the balance sheet. You know, how do you think about uses of cash and capital allocation, you know, from here? We do... we are have a lot of financial flexibility. Where we sit today, we're a little more than 3x gross levered and, you know, less than two on a net basis. We're double B-rated. We're cash generative, strongly cash generative, and will be as far as the eye can see. But we're not maintaining that flexibility because we have the desire or the need to swing for the fences with M&A. We have what we need in the portfolio to execute to our medium-term guidance today. We don't have a big product hole. We don't have a inferior market position in any of the product categories. Sure, there are opportunities to tuck in some capabilities here and there. Like last year, we bought a small company called Privitar, in data access management, and that product is now GA, and it's working really, really well. There could be other areas like that. Sure, there could be some consolidation opportunities in some of the categories, but we would only do that if it makes compelling financial sense because we don't have a burning need, 'cause we have good market shares everywhere we play, and we have the best products everywhere we play. I do think that the opportunities for M&A like that will only grow. We're seeing the number of inbounds we're getting from companies among the point provider crowd that are willing to sell themselves at somewhat more reasonable valuations is going up. So we may do that, but it's gonna be, you know, it's gonna be tactical, it's gonna be tuck in, and it's gonna make financial sense. Yeah. Okay, we're down to our last few seconds. Maybe just quickly touch on the importance of the global systems integrator relationships. I mean, just having been in Informatica, well, it seems like you have some really good relationships there. Those are kind of key go-to-market partners. You know, where does that stand? How important are those? How much does that differentiate you in the market, I guess? Yeah, it's really important, and it's really hard to build, so we're really fortunate to have it. 'Cause building it from scratch, if you don't, is a huge lift. Almost 30% of our closed bookings in any given quarter, anywhere between 25% to 30%, are sourced by our GSI and regional integrator partners. Sourced. That is incredibly valuable. In any given quarter, 2/3 to 75% of our new bookings are co-sold with GSI and hyperscaler partners, which means that we're side by side at the deal table with a Deloitte and an Azure and Informatica to solve the customer's problem. The depth and the strength of that partnership is really important, and it's really valuable, and it's really, frankly, unique in the data management space. Okay, that's great. I guess for time, we're gonna have to wrap there. Mike, please join me in thanking Mike for being here on stage. Thank you.