Okay, thank you everyone for joining us, and most importantly, thank you, Amit and Mike, for joining us today. So we actually had the pleasure of speaking last year at this conference. That was March 2023. So let's think about what's happened since. Over $1.6 billion in ARR now. Cloud business is over $600 million+ in cloud subscription, growing 40%+. Cloud NRR of 125%. You continue to be the undisputed leader in numerous Gartner quadrants. You made progress on CLAIRE AI. You've announced numerous expanded partnerships with Microsoft, Google, Snowflake, and Databricks, and your stock has doubled since then. So coming to the conference is a great idea, it seems. Can you share more about the journey since that last year? What have you learned? What do you expect in the year ahead, and why has it been such a successful year for you? I wish I'd done a good recap like that for myself. I think, look, first of all, thank you for hosting us. Really appreciate it, and good to see everybody. I think what has happened since then, in all honesty, is that the hard work that we have put in. You know, Rome isn't built in a day. Technology companies are not built in a day. It's nothing else, but that execution has shone through. Because it's not like we just built the products in the last 12 months and suddenly they scaled overnight, and it's not like somehow our customer relationships somehow happened in the last, 6 and 12 months. I think what has happened is that the accumulation of everything, and I think the other one that has happened is a true recognition of some very simple things, and I'll put them in three categories. From an innovation point of view, ours is an extremely fragmented industry. There is just not anybody who has innovated to the scale we've innovated. We put more than $1 billion+ in R&D to build, number one, the best products in the industry. Every Magic Quadrant or wave you see, we lead. The only company that is a platform, which is driven by consumption pricing and powered by our AI, CLAIRE. And the third one is that we can support industrial-grade, multi-vendor, multi-cloud, hybrid workloads, so that's innovation. Second is, we have not skimped on our focus on customers. We serve the enterprise, the global G2K, complex companies, and whether you look at our NRR, you look at our renewal rates, you look at our customer sat, they're through the roof. We have made sure that our investments, not just in innovation, but customer success, our innovations and post-sale value creation is, is, high, and that has shown through in this. The third one is we pride ourselves in being distributed in the data. Our customers run a very complex IT environment, and we partner with everybody, not because partnership is important for us, but because partnership is important for our customers to be successful. Whether it's the three hyperscalers or the two, Databricks, Snowflake you talked about, but equally important are the GSIs. All the large GSIs have Informatica. By the way, for all the large GSIs, their fastest growing practice is data and AI. Mm-hmm. In that practice, they have an Informatica practice, and if you talk to any one of them, they'll have six partners. They'll have the three hyperscalers, the two guys we talked about, and Informatica. And guess who works with all of them? Us. So if you look at these three categories, the deliberate investment and execution has shown through, and we are extremely proud of it, and I think that we're just still scratching the surface. Maybe let's stick on that first one, which is about the platform, the Intelligent Data Management Cloud. Why has that been so differentiated in the market? Like, what is it in particular, for those who are less familiar, and why has it been able to scale in so many different categories that are sometimes related, sometimes even orthogonal? Yeah. So that's a big strategic bet we made. You know, 7, 8 years ago, when we were beginning the journey to build the new Informatica, you know, my belief was that in a very fragmented... By the way, any technology industry, the platform player takes disproportionate share. It's obvious. But to get there, our market landscape was very fragmented. There are hundreds of companies running around trying to solve point problems. But if you focus on the enterprise, they cannot become an integrator of their own, cobbling 300 tools to figure out some part of the landscape. It just doesn't scale. So to me, the biggest, important, important thing was that, how do you create a platform that creates three benefits for our customers? They don't have to do the hard work. We have pre-wired and pre-integrated all the key capabilities of data management in one place. One common front end, one common back end, and so that they don't have to worry about going from A to B, because those product categories are used to run many different workloads in a company, whether it's analytics, a warehouse, a lake, or running a Customer 360, or a Supplier 360, or data governance, any use cases. That's number one. Second is, that that platform should be so simple to use, not technologically, but from a pricing point of view, single consumption-based pricing. And by the way, we don't run one product. We run 7 product categories that are very different, they're 33 services. So we had to dramatically simplify the pricing so that one IPU, Informatica Processing Unit, can be used for anything. So you can literally, through one token, do anything with us. Thirdly is, this platform is open. It's not just focused on Informatica. We have open APIs, so for an enterprise, we can hook into anything else that exists over there, not just our partners, but even competitive tools. They can hook with us, and we can run with them. And that has allowed us to come to a point where the, at the last count, our platform is about 86 trillion transactions per month, which grew 62% year-over-year when we were at our last earnings call. And at that scale, we are growing 60%-65%. And run by CLAIRE, our CLAIRE AI engine, that runs on 40 PB of metadata. So that's the strategic premise that is now playing out. Can I add one thing to that? That oftentimes in the platform thesis, folks saying: You're competing best of breed versus platform. Best of breed versus platform. Who's gonna win? In our case, it's and, because we actually have the best of breed products as well as the platform. You don't get B-plus products when you choose our platform. Sounds boastful, but just look at the Gartner MQs, look at the Forrester Waves, look at the IDC reports. You actually don't have to compromise on the best of breed by getting the platform, too. I, I wanna dig into that point in particular. Like, you've just mentioned that growth in data, 60%+. The only way you're gonna get that many more transactions is you're winning new customers, and you've consistently, over this last year, shown us incredible new customer wins. Can you go a bit deeper and say, why do these customers come to you? Why do they take these point solutions out or don't even go look at them? And maybe walk through a specific example, and if you can name them, that'd be great, but just really make it tangible for us. So let's pick. I think everybody knows us for analytics, warehousing, ETL, ELT. I will not talk about that. Yes. So when we, the new Informatica, basically, by the way, it's not just tied to analytics, warehousing workloads. We basically serve the digital enterprise from the front end to the back office, whether it's data governance or 360s. And I'll pick a complex global implementation of Unilever. Unilever, basically, you all know Unilever, 96 countries, they wanted to make sure that they digitize the supply chain. So they wanted to make sure that across 96 countries, every supplier is onboarded and managed through one product, and this is an operational workload, through our MDM, Supplier 360. And that's what we set about to do for them, and right now, they run the whole world through that. From there, the natural extension for them was, now that every supplier... What does supplier do? Give you products. So the next extension was a Product 360, so I can understand every product that every supplier gives me, so I can understand that maybe this supplier is doing a great job with this product, let's say, in Malaysia, but good Lord, not a great job, let's say, in the U.K. Okay. And by the way, can I give them, based on the SLAs, maybe they get a credit here or a ding there, but maybe I have a relationship such that I can. So you can just see the complexity of use case. Yeah. That's a quintessential running a digital enterprise through an MDM that Informatica never did 7, 8 years ago. Or if I'm an Anthem, and I'm basically doing so much of, you know, what Anthem does, and I want to make sure my data is governed, so anybody who's doing processing of that information is governed for all kind of compliance purposes, as well as data democratization purposes. Those are the kind of use cases that customers are using, barring the ones that we typically know Informatica for, is supporting warehouses or lakehouse use cases. So, so maybe something like Unilever, how did they come to you to make that decision? Were they already an existing customer in another product, and they said, "I've got this transferable credit, and I can use it," and they call you in to pitch? Do you pitch out to them? How much is a mix of that? Unilever, I think, was not an existing customer. Wow! So we did have. I mean, I think, look, we have existing customers, but a good, and Mike will go through some of the numbers in a minute, but I'll just. This was a brand-new customer. They basically were looking at this use case, and they wanted to go out in the marketplace. Like any good large enterprise customers do, they look at references, they look at MQs. They basically, you know, figure out who are the top tools that they can work with, and, and they look around, and they bring some to the table. Then, basically, then they have the classic enterprise sales cycle that you go through. They also look at, by the way, the scalability, the longevity, the ability to work with the different partners. Like, in this case, you know, they had a very complex environment, as you know. They had certain other technology partners. They also had GSIs who bring us to the table or talk about us. Right. So multitude of things play into this. It's not just technology, but the ability to take that technology to convert to value, and the ability to work and solve that such an industrial grade, and also being able to work with a variety of partners that they depend upon. All of those things start playing a role. So that's how Unilever, and then from there, they became multi-use case customer of ours. Amazing. So if I can add some numbers to that. So Informatica has a reputation for being a little bit complicated in terms of our financials, many transition stories are. But it's as simple as we have three categories of ARR: Maintenance on perpetual licenses that were sold in the past. Informatica is 30 years old, and a lot of that was a perpetual license maintenance company. We don't sell any more perpetual licenses. That maintenance bucket is therefore declining and will forever. Self-managed subscription, which is modern product, but sold on a self-managed basis, so either on-prem or in the customer's private cloud or standing it up on Azure, AWS themselves. Subscription-based, modern product, but end of sale. At the beginning of 2023, we said end of sale because we're an entirely cloud-focused company now. And then the third category is cloud subscription, ARR. That's the IDMC, the Intelligent Data Management Cloud. That grew at 37% last year, and we've guided it to grow 35% in this year. So to understand Informatica, you need to understand the growth of the cloud business and how fast are those other two going to decline, to come up with the total growth of 7.3% ARR that we've guided to in 2024, and faster growth than that in the years ahead, as the cloud bit that's growing at 35% becomes a bigger and bigger portion of our total revenue, and that decline piece has become a smaller and smaller portion. So getting to the point of the, of the new customers, in the last 12 months, our cloud NAR, our net new ARR for the cloud piece, the growing piece, was 75% new customers or new workloads from existing customers. So brand new customers to Informatica or new workloads from customers that have another relationship with us, and 25% was migration of customers that have a on-prem maintenance relationship or an on-prem self-managed subscription relationship, taking that workload and moving it to the cloud at what is on average a 2x uplift. They were paying us $100 for one of those on-prem implementations. They choose to move to our cloud, they're paying us $200, on average. And of that 75%, that is net new customers and workloads, about 35% of that is brand new logos, people who've never done business with us before. The important thing to understand is, while we have this big base of on-prem business that will be migrated to a large extent over time, that's not what we're relying on for growth. We are winning in the marketplace net new business. 75% of our NAR is new workloads, new customers, not moving from left pocket to right pocket. Yeah. So look, it's incredible new customer story. Examples like Unilever, brand new, large enterprise-discerning customers, no existing relationship. But you did mention you've got a unique position in that you do have this billion-dollar on-prem install base. Can you talk a lot more about that opportunity? Because in one sense, you have the opportunity to migrate, which is great, 2x, but you can also upsell them on all the products Informatica didn't even have 10, 15 years ago, that are winning all these new enterprises... How do you look at that opportunity? You mentioned previously that you see it accelerating that migration. What's the long term? Will they all migrate? Will they all double? Where do you think it'll be medium, long term for that? They won't all migrate. Yeah. There will be some long tail, as there is in every situation like this, but we're a long ways from testing the boundary of who will migrate. And in terms of the future potential, you're absolutely right. We see that every day. You see it in our net retention rate, which on a global parent basis is 125, and on an end user basis is 119. And a big part of that is the first land from a migration customer or a new customer and new sales. I mean, just today, I was reading a win wire from our field of a customer that has had a maintenance relationship with us forever. Four months ago, we called him up, said, "Hey, we have this new thing called PowerCenter Cloud Edition, which enables you to move from PowerCenter onto IDMC in six months rather than two." He said, "That's super interesting, 'cause we were already in process of moving our data state to Snowflake, and we were gonna use one of your point product competitors." Four months later, we won the deal, and our CIO, our chief product officer, is with that customer today, talking about the second use case, the third use case, the fourth use case, because now that they have the platform, the expansion capability is so obvious to them. Amazing. So I know we spoke about the migration story, the new customer story. In the new customer story, you talked about MDM. The other big thematic right now is governance, security, privacy. You have a very unique play there. I wanted us to spend a bit of time saying, you know, what is Informatica doing in that space, and how is that driving the business right now? Yeah, so data governance, obviously, we all know, started years ago, when it was more compliance-oriented, especially in the regulated financial service sector. I think data governance right now for us is, when you look at the businesses, on a tear. And I would split the business equally between compliance-oriented use cases, as well as what we call data democratization-based use cases. Compliance, everybody gets it, like, you got to basically comply to all the different regulatory compliance, whether it's U.S. or Europe, and that's totally fine. I'll give you an example. Over there, a large bank, when they have to give their stress test report to the ECB, the ECB looks and say, "Just don't tell me, just show me exactly where this data is, and do you have those deposits over there, that much assets that I can count on?" That is a whole governance... It's not just governance of the last end. Managing the whole data workflow to say, "This- these particular $ billions actually come from here. This is truly a system of record, and you can see it, verify it, and you can file it in a system to say, 'Yes, check the box,' not a spreadsheet." On the other hand, every company wants to democratize data. Everybody wants access to data, but you don't want to make it to Wild West. So the same capabilities of governance now can be used to manage this Wild West problem into a regulated, complied, governed availability of data to anybody and everybody. And under the covers, you can track, "Hey, look, you want this data." For example, we also took it the last mile to create something called Data Marketplace. By the way, completely Amazon shopping cart-like experience. So even you, if you go there and use it, you can drag and drop the data you want into a shopping cart. Under the covers, the whole governance capability knows whether you have access to it or not. If you do, you get it. If you don't, it'll immediately send a workflow to the owner of that data, and that person can decide whether or not you get data or not. And by the way, only after full approval will you get provisioned that data. In the old days, this was a multi-month process. People used to beg, borrow people's spreadsheet, even never even get this. Those two use cases for governance are basically growing significantly for us. Yeah. So that's data governance, and that can be used by any company, whether it's an Anthem, a Mastercard, or a PayPal, or a Western Union, or any other-- or a Ford, so on and so forth, for... And different regions have different compliance purposes, so we see that as a pretty high-growth sector for us. Amazing. The other topic that's been top of mind for everyone in the last year has been AI, and you guys have a unique play there with CLAIRE. And so I thought maybe we'd start by, what is CLAIRE? What is Copilot? What's GPT? What have you been doing, and what are your customers doing with CLAIRE right now? We really have to talk about GenAI? Just AI. We don't have to bring the GenAI. Well, so, clearly, something happened in the world called GenAI. I think we all know that AI has been there before. So to give you, like, a little bit of a history lesson, we launched our AI called CLAIRE in 2018 at Informatica World in May. You know, we all knew that it was very obvious to us that AI is needed in the world of data. And by the way, CLAIRE is embedded in all our... By the way, you know how we came to the word CLAIRE? No marketing dollars were spent. Our engineers sat in a room, and our belief was this: What do we want our customers to become if they got Informatica CLAIRE in their hands? Clairvoyant with data. From clairvoyant came CLAIRE. It was literally a working session, and we came up with CLAIRE. Our goal there is that to take all the machine learning algorithms that exist in consumer world, like we all do photo tagging in Facebook, we converted, curated that to make a data tagging, data tagging. We all know Amazon shopping cart recommendations when you go there, data recommendations. So we took those thousands of machine learning algorithms and curated it within CLAIRE to make sure it's used for one purpose in data integration, another purpose in data quality, or another purpose in data catalog. That CLAIRE is already doing. So when the GenAI wave came, it was not like we had to start from scratch. We already have an existing AI-powered platform. By the way, CLAIRE runs on 40 PB of metadata in the cloud. So we had CLAIRE Copilot available right away. So CLAIRE Copilot was launched with GA last year at Informatica World. It's available in our product, sits there, and it basically guides users to do... It basically recommend them to do things, handhold them, tell them it's right or wrong, all that kind of stuff, as we sit here today. So when people are making these complex data pipes, in a warehousing use case, it'll tell you, "Do this, this, and this." It'll give you a starting point. Imagine the productivity when we have new IT users coming into play. They don't know where to begin, so it just makes it a lot easier. On the other side is CLAIRE GPT. We all know what GPT is. So it's in private preview. It's a complete chat interface on IDMC. Literally a chat interface. If you haven't had a chance, I would highly encourage, go to our investor website. We showcased a demo at Investor Day last year, so you'll be able to see a quick demo. In fact, on YouTube, we have an Informatica World demo. You can literally ask questions like, for example, "Give me the sales churn analysis of my Western region." Under the covers, it basically has to go - it has to understand for the last quarter. It has to understand sales, West region, last quarter. It has context from this date to figure out last quarter. It's doing all data management through context analysis. It goes into the right places, picks out sales data for Western region for this time period. Then it goes into our data quality move to make sure de - I can go on and on. You can see it's doing data management under the covers. It gives you certain results. And by the way, it shows you results. So you can say, "Ah, I like this. Maybe can you give me this data?" Now, it goes and says, "Oh, you're asking for this data." Now, it has to go to the owner of the data and say, "Can I provision this data? Sure." Well, if you don't have access to it, it'll say, "Well, I got to get a permission." So you can just see suddenly data governance system. So through CLAIRE GPT, we are putting a full-blown chat interface to the platform, and that's going to be transformative. 300-odd large enterprises are doing private preview right now, giving us tremendous feedback. Whether it is like one customer is doing what we call, you know, processing of claims. Two types of claims. It can be fraudulent claim, or it could be right claim, but the processor made a mistake in terms of this. Both of them can have revenue or leakage impact, right? So they're basically using CLAIRE to figure out how they can automate a lot of that work. So that basically... There are hundreds of millions of dollars worth of savings or revenue upside over there. Those are the kind of things that we think customers see. We're going to launch it next quarter, and obviously, we see that as the next big wave, big wave for IDMC adoption and expansion. If I can add one thing. The AI part of the Informatica story, everyone has to have an AI part of their story these days, really has two parts. One is AI from Informatica, which is what Amit just talked about, CLAIRE and all of its capabilities. That's the AI in our product that makes the data management user more productive, get time to value more quickly, have more insight from their data. That helps us win more in the marketplace. We win more deals because we have this capability as part of our product. We don't charge for it explicitly today. We may in the future, but it's a win rate advantage for Informatica. But then there's Informatica for AI, and we'll probably talk more about this. But to have an operational enterprise-grade AI use case, your data needs to be holistic, it needs to be connected, it needs to be governed, and it needs to be of high quality. And you need Informatica to do all that stuff to run your AI workload. And CLAIRE makes you accomplish all that more quickly. But the Informatica for AI is a key driver in the future. Revenue impact in 2024, we don't have anything in it, in our model, because the enterprise readiness to actually stand up those use cases is still in very, very early innings. But it's those two pieces for us, AI from Informatica and Informatica for AI. So let's talk a bit about that. So if you think about AI serving all these, you know, the data serving these AI and LLMs, they'll need the data from across the system. You guys have a unique play as the data enabler for that, but you do that with your partners. And so maybe we talk about both those things. Mm-hmm. What do you think about strategic partners? How is that changing under the AI sort of premise? And what do you think will, you know, in the near term, you're going to be doing or announcing in terms of partnerships, potentially? Yeah. So I think, I'll answer this question in two part. First is, as we talk about the platform, one core thesis, and by the way, that we had a big bet on that, that's going to become a very powerful moat for us in the world of AI. Google indexed the World Wide Web. We all know that. We all Google every day. What did Google do? Google basically created a central metadata repository. So when you all do a search, it hits the metadata. Through that, it gets the context of your search and goes and finds the right output wherever it sits and brings it and surfaces to you, and you can start accessing information. Pretty much search in a nutshell. Our belief was that nobody has indexed the enterprise metadata. So we wanted to be the Google for enterprise data. So when we set about building IDMC, we basically have every 50,000+ connector that we have are not dumb connectors. They have metadata. Metadata is data about data, rich context, which, by the way, is very hard to do. But today, we truly have, and we, I believe, are still scratching the surface, we truly have 40 PB of metadata. And by the way, 1 PB of metadata is multi-petabytes by the way. So in the world of AI, as more and more AI is used, Informatica for AI or CLAIRE for AI, you're basically going to leverage the metadata a lot more. Mm-hmm. Now, to build on the partnership part, look, enterprises are supremely fragmented. It's a myth that in the world of cloud, it's centralized. It's not. You ask a customer. When you go to any CIO and say, "Do you know where your customer data sits?" The answer is no. It sits in many systems. For the sales leader, it's in Salesforce. For somebody else, it's somewhere else. So ultimately, the fragmentation of the landscape is what we make sure we simplify our customers. So in that, we partner with the hyperscalers, we partner with the warehouse players, lakehouse players, we partner with the GSIs, we partner with many vendors that are the right ones. We partner with application vendors. And our goal is to be the Switzerland with data to make sure that we can bring it all together. Now, coming to partnerships, we, by the way, have been partnering. We partnered with Amazon, AWS, then Redshift came by. For all of them, any new technology comes, we're the first ones to partner. We know 18 months in advance because we are the only scale vendor that can help them and the large customer. For example, when Fabric is coming out, we've been partnering with them for more than 12 months to be the native service on Fabric. It's not that we were not native on Azure. Same goes with GCP, same goes with Snowflake or Databricks. Unity Catalog came out, we were there to support it. Snowflake, by the way, the first ones, they needed an SAP application to run on Snowflake. Who can do it but us? When Frank came to me, we chatted, and then our product team got into play. So same things working with them. And we just announced that a new, a new partnership with MongoDB, because obviously, as more and more transaction data goes over there, we want to make sure our customers get supported by that. Similarly, GSIs is a very important one. You all know GSIs play a big role in transformational projects. All of them have Informatica practices, and we make sure that they are enabled. We enable tens of thousands of their people every year. So partnerships are very important to us to make sure we can continuously drive innovation for our customers to drive their projects. And thinking about innovation, if you have this metadata, you have a deep understanding of your customers, you can build many products on it, and that's what you've done. You now have extremely amount of—you know, very multi-product. How do you think about the next product and where you go next? Is it sticking with this and expanding it, or could there be future stuff that we should be keeping an eye out for? Well, there's always more to do, but I tell you, we're scratching the surface. I look at it this way, that we have a $62 billion TAM. We are the biggest player in this market with 1.7, guided this year, right, Mike? of billion dollars of revenue. So clearly, we are scratching the surface. When I look at a particular customer, the number of services they use is still not-- They don't still use all my 33 services. And by the way, even if they use 17 of them, doesn't matter because the usage scale has to go up. It's the more and more intensity. So there is a growing up in the same service of more usage, and there is a growing this way of using many other services. We have tremendous room to grow with that. And I think one of the biggest strategic decision every company has to make is to have the impulse and the desire to say no, what not to do. I think we have tremendous room with the organic investment we made, with the leadership we have, with the partners we have, to scale it out both vertically and horizontally, as I gave you. And with the whole GenAI wave in front of us, I think there is a whole new... This is, by the way, my, my belief. My belief is data management or putting your data house in order is gonna become a business process in the next five years. Just like HCM is a business process, CRM is a business process. You cannot not have your data house in order to do GenAI, so you've got to think of it like a business process. I think we're still in the early days. I was talking to hundreds of CDOs last week in New York. We had a customer event, hundreds of customers, and that's what they have now realized. That's where the supply chain gap is, getting your data house in order. Very early innings. I think we're excited. We're still scratching the surface. So you spend a lot of time with CIOs, a lot of your customers globally. What are you learning the most from them in the last 12 months? What is the biggest feedback you're hearing? You know, what is, how is that shaping your thinking? Everybody's ready for AI, except the data. I think it's the biggest thing. I think everybody looks at what's happening in these 4, 5 things that are the whole infrastructure build-out, and everybody's just obviously getting so enamored by it. I think there is. Look, we are in the third leg of digital transformation. It was app-centric, it went infra-centric, now it's going AI-centric. Just started. Not that the infra-centric is done yet by any stretch of the imagination. I think this is the wave of digital transformation that gets supremely accelerated. It has tremendous amount of productivity and value. People are skills short. Enterprises are short. I believe that in the second half of this year, the first proper use cases are gonna get implemented. By the way, even them not fully operationalized, because if you're a large bank like Morgan Stanley, just imagine the complexity you have, right? So you can—you're gonna go do some experiment over here, run it, monitor it- Okay. And then scale it out, right? I think the next 18 months are gonna start seeing this curve. It's kind of like a Gartner cycle. Hype cycle is gonna be here, then people are like, "Hey, it's going slow." I think it's just because people don't have the skill sets. They're concerned about governance. They're concerned about, "What if a lawsuit comes? What if I get this wrong? What if my brand goes down?" There are so many concerns within it, and that's what I'm hearing. But they also realize that, good Lord, I was running, cleaning up my data for a project. Now, I—for to get the value of AI, which means holistic data, I got to get—do things at a large scale. So now I have to go cut somewhere else that budget to do... I think all of that stuff is happening right now. Very, very dynamic times. Good things, but I think it'll take some time for industrialization of AI in the enterprise world. You know, you spend time with the customers. You also have a unique vantage point across the whole cloud and data and AI landscape. So what are your predictions next 5, 10 years? What's gonna happen in these cloud wars, the data platform wars? Where do we end up in 5-10 years? I don't believe in wars. I mean, collaborative battles. I don't even believe in battles. I think... Look, I genuinely believe that... Look, the reason why we've been successful, I go back to the basic roots. As we rebuild the company, I never cared squat about competition or anything else. I care about what do customers want. Ultimately, that's what allows us to win. I think our customers are- They don't have the skill set. They don't have the know-how to go from A to B to C very fast. And I think whosoever focuses on getting our customers successful, will win. And what will happen over there is, whosoever focuses on giving them the right things to begin with, giving them right business value quickly. Because you know what will happen? Very quickly after people will make the investment, they'll say, "Okay, show me the value. The number 30% productivity, 50, give me the-- show me the value." If value doesn't create it, we'll hit the trough of this. So I think it's incumbent upon all of us playing in this AI world, is to create value and at the same time, make sure that we don't run into what I call some genuine concerns that AI has around ethical issues, governance issues, that basically doesn't run amok. I think those are very thorny and meaty things that we all have to work about. I think the ones who will get that right thoughtfully, enterprises are gonna bet them, bet big on them. So they need trusted relationships, not just any relationship to be successful. Can I make a prediction? Yes. Having only been here a year, I may not have the right to. But in many categories of tech, there's obvious choices and comparables. You're looking for a cloud data warehouse or data lake, there's a couple of choices. You're looking for a database, there's choices. Informatica is really unique. We are the only game in town. If you're looking for the best products, best of breed across every category, delivered on a platform with literally single-click, consumption-based pricing, that can solve all the multi-cloud, multi-vendor, and hybrid needs of the enterprise. There's nobody else that does that. My prediction is that we will continue to be the only person that offers that for years and years. Nobody is anywhere close to being able to realize what we have today. So as long as there is demand for a vendor to provide that, regardless of how fast AI accelerates or how fast cloud data modernization accelerates, we're gonna be the only game in town, and nobody's gonna catch us. Because since 2015, Amit and the team have invested $1 billion in producing what we have today, which is not replicable in our lifetime. Correct. I'm gonna open up to questions in a bit, so do raise your hand. We have some microphones around here. But maybe just, again, the predictions again, do you think we're gonna be more or less fragmented in five years' time within an enterprise? In the data scale, in general? In the data space. IT infrastructure will remain fragmented. Okay. Will remain fragmented. Will remain fragmented. I mean, there's always some consolidation of the old going away, but by definition, I, I think I have. I've seen enough technology curves come and go, and everybody feels like... Anybody remember Hadoop wave? Of course, I do. How much fragmentation did that create? It's still there somewhere, right? By the way, we haven't lost the mainframe yet, right? I think fragmentation will not go away. Cool. I have a very simple question. Your legacy customers who are on the perpetual license, just, you know, just take a swag and tell and give us how long do you think it'll take about 50% of them to convert to the cloud version? Yeah, we're not guiding on anything that specific, but you can look at some of the historical numbers that we do disclose in terms of the percentage of that base that has been migrated from period to period. We're still in the single-digit percentages in terms of how much of it is moved, and the move from year to year, you know, is a small portion of single digits. So while the migration is gonna accelerate, it's a billion-dollar-plus ARR base, and so there's a lot of runway before we not only hit the portion that will never migrate, which who knows how big that will be, but all we'll really guide you to is the pace is clearly based upon the trends that we've seen and the new products that we have in terms of PowerCenter Cloud Edition, which makes migration faster, easier, cheaper, that we expect it to be a growing contributor to our total ARR, 25% of our NAR in the past 12 months versus 75% new customers and new workloads. That 25% is gonna grow as a percentage, but it's gonna stay a minority for a long time. Other questions? Just one behind- Yeah, there's a microphone right there. All right. Did you guys do any recent price increases in the past three years, and what's your price increase cadence going forward? What we don't do is any blanket price increase, but we have a classic price increase that happens every year in general. But every deal that is negotiated for renewal goes through a proper price investigation look through from our renewals team, and we get a pretty, pretty decent uplift. We never just leave anything as is. But we don't do any blanket price increases that you may see from others across the board. Partly because we have multiple different products, partly because, remember, in the old world, there is also ELAs that were there, and we've got to be thoughtful about them. Just one blanket price increase won't just do it. But we get good price increases. Everything goes through a price increase check. Got it. Did your guiding philosophy change at all in the past year? Guidance philosophy? Yeah. No. No? Okay, cool. Thank you. Any more questions? So Mike, one of your probably favorite questions, capital allocation. Leverage commitments of that, you know, you met them ahead of schedule. How do you think about capital allocation, and what's the strategy at Informatica? Well, look, we have a fair amount of debt on a gross basis and less on a net basis because we have a lot of cash. A big reason for that is we are formerly LBO company, and so there was only a certain amount of that we could pay down with IPO proceeds. But look, I do believe that an enterprise software company with the revenue predictability, the cash flow conversion that we have, is optimized with a certain amount of debt on the balance sheet. That interest is tax deductible, and it increases the growth rate of EPS if you're levered to a prudent degree. So we will always have a prudent amount of leverage. Exactly where that's gonna settle, I don't want to make a prediction here, but we serve enterprise customers, so we need to have good credit quality, and our customers need to believe we're not gonna be put into financial distress because we have too much debt. I feel very comfortable with where we are now. Our net leverage is quite reasonable, and our gross leverage is also, I think, reasonable. So don't expect any dramatic actions, either in terms of more leverage, less leverage. We have a lot of cash, more than we would arguably need, certainly more than we would need to weather any sort of economic cycle, given the stickiness of our product and the predictability of our profitability. But for now, we like the flexibility of that cash that it gives us in terms of strategic flexibility, and potentially, as we announced in the third quarter, when there was a distribution of shares from our private equity owners into the hands of some big individual investors, we can use that to be opportunistic to buy private blocks if they're available, so that they don't cause disruption in the secondary market by an indiscriminate seller. So that's another piece of flexibility that that large cash balance gives us for now. Great. And then one other question for you, Mike, around pricing, and maybe for you as well, Amit, which is the single consumption pricing. You mentioned it had some advantages. Could you expand a bit more how much benefit you've seen from that? Has that led to more expansion within customers, given it's easier now to do everything? How has that journey been? Yeah. So just to explain, it's the Informatica Processing Unit, the IPU. When you buy from Informatica, regardless of what your use case is, you buy IPUs. And those IPUs are a fungible token that you can use to consume any of the 33 or 34 services that are made available to you through the single pane of glass, cloud native IDMC, and there's different scalars and multipliers that burn down your IPUs as you do different things. So it's a super simple model for our customers. It provides them visibility because of all the telemetry that they can see, and we can see about how much you're using today, how close you are to capacity, what your scalars are, and so forth. So it strikes a really good balance between the ability to consume across the platform in a visible and predictable way, so it doesn't have some of the downsides of surprises or being too technical for people to understand. The advantage that we're really seeing now, and we saw it in spades in the third and the fourth quarter, is that because you can expand yourself, once you buy for a little use case, maybe it's just a simple data ingestion use case into Snowflake. You have access to all the services because you already own the IPUs. You don't have to talk to us. You don't have to have another contracting event. And everybody, when they make their first purchase from us, they buy something more than what they think they will need on average, because they don't want to go over. So they've got tokens to play with so that they can experiment, and they can, on their own, come up with new use cases. And even if the use case they have, as their, their volume increases, it's super simple to expand themselves just by buying more IPUs. So what we saw in the third and the fourth quarter at an accelerating rate, was customers, IPU-based customers, coming to us or we going to them because we can see their utilization is going up, saying, "Hey, looks like you're using a lot of your IPUs. That's great. What's working for you? Do you need any more?" And they're saying, "Yes." And so we saw a really impressive and high ROI in term expansion of IPUs. So before the renewal date of people who have found new use cases because of the fungibility of the IPU and have expanded their uses of IPUs. It's a super high, like I said, ROI channel for us, and it's growing, and we're doubling our investment in that go-to-market team, which was only 6 people, and generated, on average, the highest quota in the company. Wow, incredible. I know we're nearly out of time. Maybe one final question. Most important takeaway for investors about Informatica in 2024? I think go back to what we began with. This is a very unique company. We're in a very fragmented market, something which is incredibly important in the world of GenAI, especially now, data management. We have this unique position of having the best products, the only platform powered by AI, and being able to serve this complex, fragmented workloads for enterprises being the citizen of data. That is such a unique position with such a sticky place of driving high 90s renewal rate, top quartile net retention rate. I think we just, we just feel extremely good about that, and we just feel that we have, we really have, tailwinds behind us to continue to execute. Incredible. Thank you, Mike. Thank you, Amit. Really appreciate it. Thank you.