Teradata Corporation (NYSE:TDC) Q3 2019 Earnings Conference Call Transcript

Nov 07, 2019 • 05:00 pm ET

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Teradata Corporation (NYSE:TDC) Q3 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Ladies and gentlemen thank you for standing by and welcome to the Q3 2019 Teradata Earnings Conference Call. [Operator Instructions]

I would now like to hand the conference over to your speaker today Nobel Elsheshai. Thank you. Please go ahead sir.

Executive
Nabil Elsheshai

Good afternoon, and welcome to Teradata's 2019 Third Quarter Earnings Call. Vic Lund Teradata's Executive Chairman and Interim CEO will lead our call today followed by Mark Culhane Teradata's CFO. Our discussion today includes forecasts and other information that are considered forward-looking statements. While these statements may reflect our current outlook they are subject to a number of risks and uncertainties that could cause actual results to differ materially. These risk factors are described in Teradata's 10-K 10-Q and other filings with the SEC. On today's call we will be discussing certain non-GAAP financial information which exclude such items as stock-based compensation expense and other special items described in our earnings release including acquisition reorganization-related cost asset impairments and capitalized software development costs.

We will also discuss other non-GAAP items such as free cash flow and constant currency revenue comparisons. A reconciliation of our GAAP results to our non-GAAP results and other information concerning these measures is included in our earnings release which is accessible at investor.teradata.com. A replay of this conference call will be available later today on our website. Teradata assumes no obligation to update or revise the information provided during this conference call whether as a result of new information or future results.

Now I will turn the call over to Vic.

Executive
Victor L. Lund

Good afternoon, everyone. Before Mark discusses our results I want to take a few minutes to talk to you about our recent announcement regarding our CEO change. As you are aware we announced that Oliver has stepped down as CEO. The Board of Directors and Oliver agreed that this was an appropriate time for a change in leadership. Oliver did a fantastic job of defining our strategy and developing our vision centered on customer success, Our strong ARR growth this quarter demonstrates our strategy is working and that our customers are embracing it. However the skills that make a great visionary are not always those that drive great execution. Our Board believes we are at a point in our transformation where strong executional skills are required to continue to drive through a successful completion of our strategy. It is for this reason that the Board decided a change was required at this time. The Board is immediately commencing a CEO search to propel Teradata forward. We have an excellent search committee who will dedicate their efforts to finding the best person they can for this important role. I will not be a candidate but I will support the new CEO through his or her onboarding to ensure that we have a seamless transition, We have the right strategy and vision a solid team committed to our customers' success and market-leading technology innovation all of the right ingredients for us to be successful. As interim CEO