Thanks, everybody, for joining. I'm Karl Keirstead on the UBS software team. Super happy to have Informatica here. Vic, thanks for arranging everybody to come. Amit and Mike really appreciate you joining. Amit and I were exchanging thoughts about our respective shoes outside. We are wearing the identical pair of shoes, although Amit's got the slight edge with the sheen. But I admire his taste in clothing. I wanted to start just by talking a little bit about the stickiness of Informatica. And I actually covered your stock in version one in the public markets a long, long time ago. Long time ago. And here we are. And Informatica is, like, here, still thriving, probably UBS still using you relative to 10 years ago. So maybe this is a little bit of a layup for you, Amit, but maybe just so that those that don't know the story as well, like, what's the essence of that stickiness to the story? I mean, to step back, as Karl said, obviously, we've been. This is 30 years as a company. But I would say that this is a completely different company, my 11th year. So the best way to kind of look at the new Informatica and its stickiness is if you basically go back in time. In 2015, we went private. And pre-2015, in that year, as we ended that year, we had become a billion-dollar on-premise licensed software company. Park that in your head. And when we went private, we had this thesis of what the growth is. And basically, I had a three-pronged outlook on the market. One is, if you believe the digitization that had started happening at that time, three things could come true. One is, it's not going to be around growth of data. It'll be around more use cases for data, which means more products and a bigger TAM than what Informatica had done before. Number two, the world will be cloud-only at one point, but it'll remain forever hybrid until then, and it'll become multi-cloud at that point. So it'll be a multi-hybrid. And the third was, in our market, very fragmented market. Opportunity, as the world is changing and cloud is going to become the new normal, for whosoever becomes the platform company can reap disproportionate economic benefits. Three bets we made as a company. And fast forward now, if you remember, so this is 2015. And in 2016, we started building the new Informatica, literally from scratch, started building new products in the new TAM. And where we are now is that, first of all, we broadened, and we are no more just an ETL company, which is what we did on-prem, which is what UBS also uses us for. But in the new world, we are ETL, ELT integration, app integration. We also do master data management, data cataloging, data governance, data privacy, many, many more things. So our TAM has become a $62-plus billion TAM. So we broadened the Informatica in a very different way. And of course, we started building out the cloud in parallel because the world was not cloud-only. And today, we are the only we only sell cloud. And all of our products are cloud-native, best of breed, where we are number one in every Magic Quadrant we competed because we invested in R&D. We also bet very big on being the platform, like I talked about. So IDMC is our platform. All of these products sit on one platform, Intelligent Data Management Cloud, single UI, one common pricing model of consumption-based pricing. And of course, we bet on AI way back. I'll come to that later. And that's what basically and again, in that world, we continue to focus on enterprise customers like yours and operational use cases. So our core thesis of going after operational use cases for enterprises did not change. Because we build the best products and we do this data-intensive work, we are very equally sticky in this new world. You can see that where our cloud platform, first of all, has grown from 2016 almost nascency to last earnings call, 101 trillion transactions per month. And our NRR is around 125%-126%. Our renewal rates are in the high 90s and so on and so forth. And we have scaled so well. And we have, in the world of data, the Switzerland of data working with everybody. So that's kind of like a huge fast forward. And I'll pause after this. Remember I said that in 2015, Informatica, when it went private, was a $1 billion revenue company? We don't sell anything on that old world anymore. We only renew it. In the new cloud world, we'll exit. And in 2016, January, we started building the new product. So you can see how in eight, nine years, we'll exit this year. And I'll keep myself very precise because I use. Don't get this wrong. Directional numbers. I get my hand slapped by Mike all the time. Use precise numbers. I'll use precise numbers. If you look at our guidance, part of the guidance, we'll exit this year at around $836 million of cloud ARR, Mike. I use $850 generically. He gets very annoyed at me. $836 million of cloud ARR in a matter of eight years with a run rate of a billion next year. Yeah. That's the new Informatica, equally sticky, much, much more diversified in the cloud world. Yeah. That's a great story. Amit, let's talk a little bit about some of the megatrends you're seeing. That's not just an easy segue to talk AI because maybe in addition to AI, there are some other interesting trends that everybody in the audience should keep track of. So in addition to this AI revolution, in addition to this continued migration to the cloud, are there other megatrends that you're shaping Informatica to seize? Look, obviously, we'll keep AI on the side because AI is such a megatrend that I don't think anything will capture that mindset in today's discussion. I see this is also a tech and AI conference. You notice? So I saw that. Look, step back. Remember I said digital transformation is not done yet. We tend to think that, oh, my gosh, that's such an old-school thing. And of course, it's no more as sexy as AI because AI is going to be the next 10 years. But in all honesty, every organization is still becoming an end-to-end digital organization. And by the way, that is a prerequirement or a prerequisite to get to AI. It's kind of like to do the AP course. I have a high schooler, so I live that world. To do that AP course, you have to do some foundational course. No organization can just become an AI company without being a digital company. I think that journey is still happening, and it actually is getting accelerated because of AI because people are realizing, I cannot get there if I have not digitized everything. The other one that has happened under the covers is that every company has more and more, as they become digital, they realize they've become a data company. And how do I use my data better? Great examples of that are, look at even during COVID, when the supply chain got upended, companies had to go through digging deep into the data to see how can I move my freight, where it's coming from. And today, eight out of the 10 semiconductor companies are basically standardized on Informatica to run the supply chains, including the number one GPU company that basically runs their GPU supply chain on Informatica or so on and so forth. When Katrina happened and you had to move all the drugs after Katrina happened, sorry, when you had to de-risk your supply chain for drugs, it happened through understanding where the atoms, molecules come from in a factory. So what is happening is that long story short is that revolution of digital and data first is still happening. And that is extremely, extremely important for every company. And we all live. I live in Silicon Valley, where we feel like that curve is over. But you go to the middle of the Midwest. Companies are still not done yet. When I go to Brazil, companies are still working on that. When I go to, for example, some countries in Asia, they're still working on that. That's a massive trend. And then, of course, AI. And migration, by the way, modernization is happening in that because people are realizing that, hey, I better modernize to then get to the benefit of AI. Those are all things happening right now. And amongst things like governance and privacy, not because of regulation, but also for the sake of data democratization, to make sure data is available to many people, I want to do it in the right way for an enterprise. And that's where governance and governance comes into play, less from compliance, more for democratization purposes. So there are many things like that that we see that are happening in terms of trends. So before moving to AI, one question I have about some of those more non-AI or traditional tailwinds for Informatica is that the transition of sort of trapped corporate data on-prem to the cloud has been building for years, obviously. It feels to me as if that pace of migration activity moderated somewhat in the last 18 months, given we've been in a very tight budget environment. I'm curious whether the two of you are seeing any evidence that on-prem to cloud migration activity for the data apps as well is starting to percolate up a little bit or too soon to tell? I think it's going to be for anything. I think too soon to tell. I think it'll happen. No doubt about that one, and I think we all end up sometimes simplifying things a lot easily. When you go, if you talk to your IT organization, when I talk to the CIOs or the CDOs, the reality is that they live in a what I call finite capacity, finite dollar capacity to spend. And finite human capacity to execute against projects. They can only do so much at a certain time. That's the trade-off they have to make. So, in that, they make trade-offs to doing one, maximum two transformational projects and forget running and some what I call are medium-value transformational projects. And it's there that they have to make trade-offs. And everybody makes trade-offs for different purposes. A great example would be in SAP, migration is happening. For some companies, that's like, jeez, everybody just gets sucked into that, and then you do two or three other projects. I'm taking that as an example. So I think it will pick up, but we all have to be careful because it'll be different for different customers because we live in a finite capacity model. That the law of physics or the law of dollars of enterprises don't have unlimited money to keep spending at the problem. So they'll pick and choose. But that pace will increase for sure over the future. Okay, so now let's talk about AI a little bit. I think one disappointment that investors have is that one could have maybe two years ago had this thesis that AI would serve as a key catalyst for organizations to modernize their data stack. Quote, “get their data estate in order.” Here we are, and you have to squint pretty hard, in my judgment, to see any obvious AI lift across all the independent data software firms. Amit, why is that? Why aren't we seeing it yet if data is such a close cousin of AI? I think we are mixing the time lag. I think what has happened is that just because ChatGPT came what, eight, 24 months ago? 24 months ago, actually, around this time, two years ago. And I think we've all felt like, well, that's the start of the AI, GenAI revolution. And that is just such a simplistic way to look at something. And I think we all get very, very because today at home, all of us can whip up ChatGPT, free available data on the internet, run it through that, get an answer. And like, of course, GenAI is available everywhere. But let me ask you, if you run a ChatGPT answer and it comes back and it's wrong, do you end up getting angry? You're like, you kind of like, I was never going to go believe this 100%. It gives me enough of an answer. It gives directional sense to go. But if you are like us, serving not that I'm going to tell you what we are doing for UBS, but I'll pick as an example. If you're printing 10-K, 10-Q reporting for UBS or for any company for that matter, and we're like, you know, we got it 1% wrong, somebody will go to jail for that. Somebody will get sued for that. That's not how enterprises work, so I think we oversimplify GenAI in the context that started over there, so tomorrow it can happen over there. That's not the way it goes. The other one is that people look at, oh, look at the semiconductor wave that's happening, and so hence the wave has started. But look, the reality over there is that four or five companies are the data centers of the world, and one company has the GPUs. It's a trade happening between four or five of them. We are looking left. We're looking right. If the world was not in these four or five data centers and all of us were supposed to buy GPUs, I'm not sure our companies would be spending it, build it, and it'll come. It'll be like, okay, I'll see the demand. I'll see the other. So I think we are seeing two very unique things, and we are taking that in the enterprise world, and hence it should happen. Enterprises work differently. They're like, okay, first they're trying to figure out what exactly should I do with GenAI. What is there? There's a strategy project that happens. Think through that. Then it's kind of like, okay, let's do a POC over there. Let's do a pilot over there. A lot of pilots are happening over there. And before I operationalize, how do I open it up? There's a governance compliance issue. If I get sued over there, all of those things have to be checked before I can put something into production. Security is a huge issue for some of the large companies, right? So on and so forth. The answers cannot just be if you give the chatbot GenAI and move on; it cannot be directionally correct. It better be precisely correct. We just have to give it the law of physics and some time for it to happen. Lastly, if you remember, when cloud came, infrastructure went to cloud first. Data went later because it takes some time for that. I think we're going to see that over here. I am seeing that over here. We just want it to happen sooner. It's, I think, the laws of emotion are taking over the laws of physics, and we just cannot. It's science. Okay. We'll stay patient, Amit. When it does come, where are we going to see it in Informatica's business? Will it be on the core data migration side? Or will your data governance offering start to perk up? Like, where are you looking for early evidence of an AI pull-through? What part of the suite? It's going to be in multiple different areas. We are seeing it already, for example. For example, our customers, like there's a large insurance company that is using our data integration, our data quality, and data catalog for them to basically take and they're running a pilot right now to take what used to take them 15 days for a claim processing to happen to convert that to 56 minutes. That's, and we've shared that publicly. That shows up in the integration layer because you have to bring data together to feed it into models and the transformation layer to support the transformation of the new RAG models, supporting vector databases, supporting LLMs, that part of the stack. And then as they go to production, governance will come into play. Right now in pilot, governance doesn't come into play. They're like testing this all out, laying out the data pipes. So we will see it over here. We'll see it in governance. And then at some point later, of course, migrations will happen at some point because people say, okay, I better migrate my production workload. So we will see it in these different pockets for sure. I'm seeing that in terms of the current POCs because we see them in the cloud, where the POC is happening, where the data is going, which vector data is being used. We see all of that stuff. We have those examples. That's where we expect it to show up. I mean, one idea I have. I'll bounce this off you. That could be a potential catalyst for Informatica and the other data software firms. You're hearing all kinds of buzz about scaling laws. So the incremental improvement in models is perhaps starting to diminish. When I think about what that means, it probably means that the last remaining set of data that has yet to be exposed to the models to make them more intelligent is all the extraordinarily valuable data that companies like UBS are sitting on. So I wonder if the rate of improvement with these general-purpose model flows could serve as a catalyst for organizations to spend more money fine-tuning those models on their corporate data as kind of the next leg up in those model performance. If that were to happen, it would seem to me that there's a bigger role for data software firms to play in that trend. Crazy or not? No, I think directionally, you're thinking about it the right way. I think that right now what is happening on training the models is that companies are actually not even training it on full data. They take a subset of the data. They basically make sure it's not mission-critical data, or they'll kind of clean up the data, or they'll mask it, so on and so forth. Because when it goes in the modeling, customers are very nervous about what data is going into the model. Whether regulators and what if the model learns from some of their data. They don't want that. So there's a lot of stuff. So it's not even all of the data is going into the model. Forget. We're even early on that. Forget even mission-critical data. So I think both have to happen. And that's where, as more and more comfort comes in, and we help customers will unlock definitely value for, in general, the data stack. Data stack is a sensitive stack for large companies, and they end up being more risk-averse before they basically end up being on the wrong side of anything that'll hurt them. Okay. Maybe we'll bring Mike into the conversation. I'd like to switch subjects and talk about this extraordinary makeover that's happening inside Informatica that Amit talked about. So when I used to cover the company, it was 100% on-premises, way, way back, version one. Now, I think latest quarter, 44% of your total ARR is coming from cloud. Extraordinary shift. So maybe the first question for you is, where is that cloud growth coming from? I presume there's some new logos. Is it expansion of existing clients that are still running Informatica on-prem? What's the source of that extraordinary cloud ARR growth if it's not pure migration, which I don't think it is? It's definitely not pure migration, Karl. Most of it, three-quarters of it, and we disclose this every quarter, is winning in the marketplace, winning net new. New workloads. New workloads and new logos. Customers that aren't migrating on-prem to the cloud, 75%. Of our 35 percentage points of cloud growth that we expect to deliver this year, whatever 75% is of 35, call it 27 percentage points, is winning in the marketplace head-to-head with the point providers, the cloud service providers who have tools that compete against us, roll your own. And that's the core part of the Informatica growth story. Is that we have the best products category by category in data management on the industry's only true cloud-native platform with a consumption-driven pricing model that serves the multi-cloud, multi-hybrid, multi-vendor needs of modern enterprise as the switch to limitless data, and so we're just winning in the marketplace. 25% of that NAR is from migrating on-premises PowerCenter or other subscription products to our cloud, and that's an important piece of the story, but it's. Not the story. Got it. Makes sense. But on that 25%, Mike, how is that likely to trend over the next year or so? Are we coming out of a period maybe where there was significant migration activity that might cool, or is it the opposite where perhaps due to end-market changes or even Informatica pushing clients somewhat, you could actually see an acceleration of that migration activity? How do you think it'll look over the next year? So on a longer trend line basis, I think it's going to be continual on trend, which is that the growth of the migration piece, the 25% of the 100, is going to grow more or less at the same rate as the 75%, the winning net new in the market. Now, more locally, we did see a blip, an acceleration of the migration growth rate for Informatica in Q4 of 2023 and Q1 of 2024. That was the result of a new migration mode, if you will, called PowerCenter Cloud Edition. That made it quicker, easier, less technical risk to begin the migration journey to the IDMC. We're about to lap that. I don't want to really call it a bubble, but we saw a surge in migration sign-ups. Because of the benefits of that tooling. It has since in Q3, and we expect Q4 of this year and beyond to go sort of back to trend where the migration part of our growth is relatively growing at the same rate as the net new part of our growth, so that mix of 75-25, or maybe as much as 70-30. To be the medium-term expectation for that. Now, is there anything we can do to push it? The customers, you know, migration is not a casual decision. You're doing it when you're moving an entire workload and all of the applications and the infrastructure to the cloud. It's not just about deciding I want to move my Informatica. It's about moving the entire workload, which in most cases is a workload that's been there for a long time, has a lot of tentacles into things. It probably works really well. And so you need the budget and the time and the bandwidth to do it. And so there's not much Informatica can do to push on that string. It's when the customers are ready, and when they are, we're there and we win the business. But if we frankly have no more ability to accelerate that than we do to accelerate someone who's buying net new. Okay. And Mike, on the way in which that makeshift translates to your reported revenue growth rate, not ARR? Yep. We've been waiting for that makeshift to essentially serve as an accelerant to the reported revenue growth. Yep. It's taking a little while. The growth rate's kind of sticky in that single-digit range. When are we going to hit the point where enough is cloud growing at a much faster clip that the mix starts to take Informatica past the double-digit point? Maybe that's venturing a little bit too much into guidance, so maybe you want to. No, it's not at all. And it's going to be next year. I'm happy to answer that question. Okay. Great. It's going to be next year. Which put another way, we expect 2024 to be the bottom of that curve in terms of total revenue growth and Total ARR growth. We expect total revenue growth and total ARR growth to be faster in 2025 than in 2024. We expect it to be faster in 2026 than in 2025. Simple math by that time will mean we'll have the cloud businesses circa 70% of the total versus almost 50% now. That's still going to be growing at a very attractive rate, we believe. The shrink piece is going to be smaller and only 30%. Simple math shows you that there should be continued acceleration from there into the teens. That's great news. Amit, back to you on the competitive front. And I won't ask you about, you know, traditional smaller Informatica rivals, the Fivetran of the world, but rather we all follow the Snowflake and Databricks a lot. And they've been, I don't think earnestly, so far gently, been stepping into what they're calling an ETL business. Do you view them as overlapping with you guys a little bit more than a year ago, or what they're doing so different than what Informatica is known for that you wouldn't really consider them to be a direct rival? Because I know you're actually an extraordinarily important partner to at least Snowflake. I think Databricks as well. Equally. Databricks is going fastest. And together we've talked a lot about it. We won the data integration partner of the year award with them. Congrats. No, we don't look at them as a competitor. I think, of course, the world of tech can be an area of gray, so the words can be very liberally used. I'll give you how it works out. First of all, one thing for the sake of clarity is that I think we're a very diversified business. I mean, if you look at our business today, 50% of our cloud ARR is integration, which is data integration and application integration, connecting the apps and all that stuff. By the way, when we say integration, it's not about moving data. It's about logical activity with that data. Moving, to me, is commodity, which is what 5,000 vendors do. The other 50% is MDM and data governance. So we're a very diversified business. Now coming to this, look, we are in a $62 billion TAM. And when we look at in some ways, some things have not changed. Databricks, Snowflake have to have certain very basic rudimentary capabilities of connectivity or ETLing, just like Microsoft has with ADF or Amazon has AWS has had with Glue for so many years. By the way, in the old days, it was similar with a Teradata or an Oracle or a Netezza. They would have their individual toolings too. If you covered Informatica back in the days, they had their own ETL back in the days. But the reality is that they're always meant for very, very, very narrow use cases, simple use cases confined only to that particular ecosystem. The reality is that when you step back and look at it from an enterprise perspective, like a UBS, the world is very different. The world is multi-platform, multi-app, multi it's a very fragmented world, and the use cases are complex. So we're very happy where somebody can just begin with some simple basic tooling, and they have to have it. I totally get it, fine with it. We're okay. We don't want that. But the moment it gets a little complex or it's multi-technology, we win all the time. So that's why its words can be the same, but we don't really compete more often than we don't. We partner a lot together. Yeah. Got it. I'll ask one financial question, Mike. So maybe back to you, Mike. When we look at Informatica's fourth quarter ARR guide and we run the simple math on what sequential ARR growth that implies in the quarter, it's actually very, very healthy and up nicely actually from 4Q last year. What is it that's happening in the fourth quarter that leads us to that miracle conclusion? It is the linearity of enterprise software at Informatica. We're a big fourth quarter business. And we expected it all year long. And at the beginning of the year, everybody was saying, "Wow, looks like you're really back-end loaded." Yep, we are. That was the narrative at the beginning of 2023, and we plodded through and we delivered the year as. Becoming a little bit more of a this year anyway, a little bit more of a 4Q skew? In terms of so what you can see is NAR. Correct. Right? What we start with is bookings, which we don't disclose because. NAR is the net of bookings and y ou know, and renewal rates and. Some other cats and dogs. On a bookings basis, the linearity is almost exactly to the dollar what it was in 2023. It's a typical year for us in that regard. It's a big quarter, for sure. December is the biggest month of a biggest quarter. So there's a lot of software to sell, but i t's not unusual, and we still feel comfortable with our guide. By the way, it's true for all 30 years. I think we are an annual fiscal. Q1 is the smallest, Q4 is the biggest, Q2, Q3 are same. It has never changed for us. And I think it looks big. Like Mike said, by the way, our NAR for Q4 this year is a portion of the NAR for this year is exactly the same as last year. And second is that, remember, because we are, that's how we've sold for 30 years. We have a lot of renewals this quarter as much as net new business to be sold. So it looks big to the outside, but this is how it's been for 30 years as a company. So that's just how we plan every year. Reps have an annual quota, and that's how it goes. Okay. Let's close with a question around your margin performance. That's been one of the bright spots for Informatica since you went public in the second incarnation. You've just consistently beaten your EBITDA, EBIT margin guidance. So looking forward, I can see puts and takes. On the positive side for a company at your maturity, I can actually, I'll be honest, imagine you running at margins considerably higher than what you're at now. It seems very conceivable to me if I just comp you against other mature software companies. On the other hand, you're investing heavily in a lot of new features, and you've got some growth initiatives. So I'd love to ask you how you're balancing those two and thinking about margins over the next couple of years. We do expect margins to continue to expand, not by leaps and bounds, which is how I would describe 2024 versus 2023. We had two restructuring actions in 2023 to take advantage of the cloud-only strategy that we've launched at the beginning of 2023 in terms of go-to-market efficiencies, only selling cloud versus two sets of products, R&D efficiency in terms of only developing to the cloud as opposed to two sets of platforms. So it'll be over 400 basis points of margin improvement in 2024 over 2023. It's not going to be anywhere near that. But it is our expectation and our commitment that we're going to grow non-GAAP OpEx and EBITDA faster than revenue. Which means that we're going to have expanding margins to some degree. But it's going to be linear and, you know, I would say modest. But we will continue to find opportunities for operating leverage. Okay. Makes sense. We've got one more minute, but that means we have one minute for a question from the audience if anybody has one. What's the one o'clock? No. Okay, well, we can end at 56.