Q2 2024 Teradata Corp Earnings Call Transcript
Key Points
- Cloud ARR growth of 32% year-over-year in constant currency, reflecting strong performance in cloud services.
- Cloud net expansion rate remained robust at 123%, indicating high customer satisfaction and expansion.
- Teradata Vantage Cloud Lake launched on Google Cloud, expanding the company's cloud offerings.
- Recognition by Gartner as a customer's choice for cloud DBMS, highlighting customer satisfaction.
- Proactive measures to reduce operating expenses by $75 million to $80 million annually, aiming to improve profitability.
- Total ARR declined by 3% year-over-year, indicating challenges in overall revenue growth.
- Elongated deal cycles and delayed customer decision-making impacting revenue and ARR growth.
- Lower expansion activity and on-prem erosions contributing to the decline in total ARR.
- Revised financial outlook for 2024 and 2025 due to uncertain macro environment and longer deal cycles.
- Reduction in headcount by approximately 9% to 10%, which may impact employee morale and operational efficiency.
Please stand by for streaming text.
Good afternoon. My name is Matt, and I will be your conference operator today. At this time, I would like to welcome everyone to the Teradata Second Quarter 2024 Earnings Call. (Operator Instructions). I would like to hand the conference over to your host today, Chad Bennett, Senior Vice President of Investor Relations and Corporate Development. You may begin your conference.
Good afternoon, and welcome to Teradata's 2024 second-quarter earnings call. Steve McMillan, Teradata's President and Chief Executive Officer, will lead our call today. Followed by Claire Bramley, Teradata's Chief Financial Officer, who will discuss our financial results and outlook. Our discussion today includes forecasts and other information that are considered forward-looking statements.
While these statements reflect our current outlook, they are subject to a number of risks and uncertainties that
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